Bank of New York Mellon Corp Takes $39.89 Million Position in First Mid Bancshares, Inc. $FMBH

Key Points

• Bank of New York Mellon acquired a new 1.15 million-share stake in First Mid Bancshares worth approximately $39.9 million, representing about 4.33% of the company. Institutional investors collectively own 47.57% of FMBH.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $54.62. Recent targets range from $48 to $62.50.
• First Mid Bancshares exceeded quarterly earnings expectations, reporting $1.26 in EPS versus $1.05 expected, while revenue reached $109.32 million. The company also increased its quarterly dividend to $0.26 per share, implying a 2.1% yield.

Bank of New York Mellon Corp bought a new stake in First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,152,844 shares of the bank's stock, valued at approximately $39,888,000. Bank of New York Mellon Corp owned about 4.33% of First Mid Bancshares as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of FMBH. Clearstead Advisors LLC increased its holdings in shares of First Mid Bancshares by 147.2% during the 4th quarter. Clearstead Advisors LLC now owns 848 shares of the bank's stock worth $33,000 after acquiring an additional 505 shares during the last quarter. Strs Ohio bought a new stake in First Mid Bancshares in the 1st quarter valued at $42,000. Aquatic Capital Management LLC lifted its holdings in First Mid Bancshares by 272.5% during the 3rd quarter. Aquatic Capital Management LLC now owns 1,438 shares of the bank's stock valued at $54,000 after purchasing an additional 1,052 shares during the last quarter. Federated Hermes Inc. boosted its position in First Mid Bancshares by 32.0% during the second quarter. Federated Hermes Inc. now owns 1,710 shares of the bank's stock worth $64,000 after purchasing an additional 415 shares during the period. Finally, Quantbot Technologies LP boosted its position in First Mid Bancshares by 113.0% during the second quarter. Quantbot Technologies LP now owns 2,394 shares of the bank's stock worth $90,000 after purchasing an additional 1,270 shares during the period. Institutional investors and hedge funds own 47.57% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. DA Davidson increased their price objective on shares of First Mid Bancshares from $47.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of First Mid Bancshares in a report on Wednesday, July 29th. Piper Sandler raised their price objective on shares of First Mid Bancshares from $55.00 to $62.50 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their price objective on First Mid Bancshares from $50.00 to $54.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $48.00 target price on shares of First Mid Bancshares in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, First Mid Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $54.62.

First Mid Bancshares Trading Up 0.1%

Shares of First Mid Bancshares stock opened at $50.34 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a 50-day moving average of $49.93 and a 200-day moving average of $45.27. First Mid Bancshares, Inc. has a 52-week low of $34.15 and a 52-week high of $53.36. The stock has a market cap of $1.34 billion, a PE ratio of 12.49 and a beta of 0.78.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.21. First Mid Bancshares had a net margin of 19.76% and a return on equity of 10.86%. The business had revenue of $109.32 million for the quarter, compared to analyst estimates of $107.42 million. As a group, sell-side analysts forecast that First Mid Bancshares, Inc. will post 4.69 EPS for the current year.

First Mid Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.26 per share. This is a boost from First Mid Bancshares's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. First Mid Bancshares's payout ratio is 25.81%.

About First Mid Bancshares

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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