First Mid Bancshares, Inc. $FMBH Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in First Mid Bancshares, purchasing 23,356 shares valued at approximately $1.12 million, or about 0.09% of the company. Institutional investors collectively own 47.57% of FMBH.
• First Mid Bancshares exceeded quarterly earnings expectations, reporting $1.26 in EPS versus the $1.05 consensus estimate and revenue of $109.32 million. Analysts project $4.71 in full-year EPS.
• The company increased its quarterly dividend to $0.26, equating to a $1.04 annualized payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $54.62.

Bank of America Corp DE bought a new position in First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,356 shares of the bank's stock, valued at approximately $1,123,000. Bank of America Corp DE owned about 0.09% of First Mid Bancshares at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Clearstead Advisors LLC raised its stake in First Mid Bancshares by 147.2% in the 4th quarter. Clearstead Advisors LLC now owns 848 shares of the bank's stock valued at $33,000 after acquiring an additional 505 shares during the period. Deutsche Bank AG bought a new stake in shares of First Mid Bancshares during the 2nd quarter valued at $59,000. Quantbot Technologies LP purchased a new stake in First Mid Bancshares during the 2nd quarter worth about $62,000. PNC Financial Services Group Inc. lifted its holdings in First Mid Bancshares by 23.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,455 shares of the bank's stock worth $184,000 after purchasing an additional 848 shares in the last quarter. Finally, Pictet Asset Management Holding SA bought a new position in First Mid Bancshares in the 1st quarter worth about $209,000. Hedge funds and other institutional investors own 47.57% of the company's stock.

First Mid Bancshares Stock Up 1.4%

Shares of First Mid Bancshares stock opened at $49.98 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.03. First Mid Bancshares, Inc. has a 12-month low of $34.15 and a 12-month high of $53.36. The company has a market cap of $1.33 billion, a P/E ratio of 12.40 and a beta of 0.80. The company's fifty day simple moving average is $50.75 and its two-hundred day simple moving average is $46.69.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $1.26 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $107.42 million. Research analysts anticipate that First Mid Bancshares, Inc. will post 4.71 EPS for the current year.

First Mid Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were given a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is a boost from First Mid Bancshares's previous quarterly dividend of $0.25. First Mid Bancshares's payout ratio is presently 25.81%.

Wall Street Analysts Forecast Growth

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

First Mid Bancshares Company Profile

First Mid Bancshares, Inc is a financial holding company headquartered in Mattoon, Illinois. Through its principal subsidiary, First Mid Bank & Trust, the company provides community banking services to individuals, families, farmers, businesses and municipalities.

Its banking services include checking and savings accounts, certificates of deposit, consumer and commercial loans, agricultural lending, mortgage services, treasury management and online banking. The company also provides wealth management, trust and investment services through First Mid Wealth Management, as well as insurance products through First Mid Insurance Group.

First Mid traces its roots to 1865 and has expanded through organic growth and acquisitions.

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