First Mid Bancshares, Inc. $FMBH Stake Boosted by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P increased its stake in First Mid Bancshares, Inc. by 17.6%, acquiring an additional 7,154 shares to own 47,769 shares valued at approximately $1.67 million.
• First Mid Bancshares has raised its quarterly dividend to $0.25, reflecting an annualized yield of 2.5%, up from the previous dividend of $0.24.
• The company's latest earnings report showed EPS of $0.99, exceeding the forecast of $0.91, with revenues reaching $88.23 million compared to expectations of $64.42 million.

Martingale Asset Management L P grew its holdings in shares of First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) by 17.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,769 shares of the bank's stock after acquiring an additional 7,154 shares during the period. Martingale Asset Management L P owned about 0.20% of First Mid Bancshares worth $1,667,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. acquired a new position in First Mid Bancshares in the first quarter valued at approximately $26,000. Sterling Capital Management LLC boosted its stake in First Mid Bancshares by 804.9% in the fourth quarter. Sterling Capital Management LLC now owns 733 shares of the bank's stock valued at $27,000 after acquiring an additional 652 shares during the period. Meeder Asset Management Inc. acquired a new position in First Mid Bancshares in the first quarter valued at approximately $29,000. Federated Hermes Inc. boosted its stake in First Mid Bancshares by 35.6% in the first quarter. Federated Hermes Inc. now owns 1,295 shares of the bank's stock valued at $45,000 after acquiring an additional 340 shares during the period. Finally, Aquatic Capital Management LLC acquired a new position in First Mid Bancshares in the fourth quarter valued at approximately $65,000. 47.57% of the stock is currently owned by institutional investors and hedge funds.

First Mid Bancshares Price Performance

FMBH traded up $0.05 during trading on Friday, reaching $40.56. The stock had a trading volume of 16,042 shares, compared to its average volume of 64,911. The firm has a market capitalization of $973.32 million, a price-to-earnings ratio of 11.52 and a beta of 0.91. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.39. First Mid Bancshares, Inc. has a 1-year low of $27.58 and a 1-year high of $43.86. The stock has a 50 day moving average of $38.53 and a two-hundred day moving average of $36.49.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.08. The firm had revenue of $88.23 million during the quarter, compared to the consensus estimate of $64.42 million. First Mid Bancshares had a return on equity of 10.09% and a net margin of 18.32%. As a group, equities analysts anticipate that First Mid Bancshares, Inc. will post 3.61 EPS for the current fiscal year.

First Mid Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.25 dividend. This is an increase from First Mid Bancshares's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 15th. First Mid Bancshares's dividend payout ratio is currently 28.41%.

Insider Activity

In other First Mid Bancshares news, CEO Clay M. Dean sold 1,553 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $37.64, for a total value of $58,454.92. Following the transaction, the chief executive officer owned 11,229 shares of the company's stock, valued at approximately $422,659.56. This represents a 12.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FMBH. Raymond James Financial reaffirmed an "outperform" rating and set a $40.00 price target (down previously from $43.00) on shares of First Mid Bancshares in a report on Friday, May 2nd. DA Davidson lifted their price target on First Mid Bancshares from $39.00 to $42.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Stephens reaffirmed a "positive" rating on shares of First Mid Bancshares in a report on Friday, May 2nd. Wall Street Zen raised First Mid Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Piper Sandler lifted their price target on First Mid Bancshares from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.33.

About First Mid Bancshares

First Mid Bancshares, Inc, a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans, as well as construction and land development, 1-4 family residential properties, and multifamily residential properties loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.