Bank of New York Mellon Corp Invests $5.52 Million in First Mid Bancshares, Inc. $FMBH

Key Points

• Bank of New York Mellon purchased 114,770 shares of First Mid Bancshares, valued at approximately $5.52 million, giving it a 0.43% stake. Institutional investors collectively own 47.57% of the company.
• First Mid Bancshares exceeded quarterly earnings expectations, reporting $1.26 in EPS versus the $1.05 consensus estimate and revenue of $109.32 million versus $107.42 million expected.
• The company raised its quarterly dividend from $0.25 to $0.26 per share, equivalent to an annualized $1.04 dividend and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $54.62.

Bank of New York Mellon Corp purchased a new position in First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 114,770 shares of the bank's stock, valued at approximately $5,519,000. Bank of New York Mellon Corp owned approximately 0.43% of First Mid Bancshares as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of First Mid Bancshares by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,366,627 shares of the bank's stock valued at $51,768,000 after acquiring an additional 44,319 shares in the last quarter. Dimensional Fund Advisors LP grew its position in First Mid Bancshares by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,101,095 shares of the bank's stock worth $45,354,000 after purchasing an additional 56,997 shares in the last quarter. Geode Capital Management LLC grew its position in First Mid Bancshares by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 546,389 shares of the bank's stock worth $21,313,000 after purchasing an additional 12,484 shares in the last quarter. State Street Corp raised its stake in First Mid Bancshares by 0.9% during the 4th quarter. State Street Corp now owns 530,875 shares of the bank's stock valued at $20,704,000 after purchasing an additional 4,808 shares during the period. Finally, GW&K Investment Management LLC raised its stake in First Mid Bancshares by 7.3% during the 4th quarter. GW&K Investment Management LLC now owns 474,651 shares of the bank's stock valued at $18,511,000 after purchasing an additional 32,301 shares during the period. Institutional investors and hedge funds own 47.57% of the company's stock.

First Mid Bancshares Stock Performance

Shares of NASDAQ FMBH opened at $51.33 on Friday. The business's 50-day simple moving average is $50.25 and its 200-day simple moving average is $45.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.95 and a current ratio of 0.95. First Mid Bancshares, Inc. has a 52 week low of $34.15 and a 52 week high of $53.36. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 12.74 and a beta of 0.78.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.21. The firm had revenue of $109.32 million during the quarter, compared to analyst estimates of $107.42 million. First Mid Bancshares had a return on equity of 10.86% and a net margin of 19.76%. As a group, equities research analysts expect that First Mid Bancshares, Inc. will post 4.69 earnings per share for the current fiscal year.

First Mid Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were paid a $0.26 dividend. The ex-dividend date was Tuesday, August 18th. This is a positive change from First Mid Bancshares's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. First Mid Bancshares's dividend payout ratio is presently 25.81%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FMBH shares. Weiss Ratings reiterated a "buy (b)" rating on shares of First Mid Bancshares in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price objective on First Mid Bancshares from $50.00 to $54.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. DA Davidson lifted their target price on First Mid Bancshares from $47.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Finally, Piper Sandler upped their target price on First Mid Bancshares from $55.00 to $62.50 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, First Mid Bancshares currently has an average rating of "Moderate Buy" and an average target price of $54.62.

First Mid Bancshares Profile

First Mid Bancshares, Inc NASDAQ: FMBH, headquartered in Mattoon, Illinois, is a financial services holding company that offers a comprehensive suite of banking products and services through its main subsidiary, First Mid Bank & Trust. The company's primary business activities include commercial and retail banking, mortgage origination and servicing, wealth management and trust administration, as well as treasury and cash management solutions.

Through its branch network, First Mid provides consumer deposit products such as checking and savings accounts, certificates of deposit and online banking services.

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