Vanguard Group Inc. Trims Stake in First Mid Bancshares, Inc. $FMBH

Key Points

• Vanguard Group Inc. reduced its stake in First Mid Bancshares, Inc. by 1.1%, holding 1,294,245 shares worth approximately $45.17 million after selling 14,995 shares.
• In recent transactions, multiple institutional investors increased their stakes in First Mid Bancshares, with Dimensional Fund Advisors boosting their position by 6.5% and Wellington Management increasing theirs by 3.8%.
• First Mid Bancshares announced a quarterly dividend increase to $0.25 per share, representing a yield of 2.5%, up from the previous $0.24 dividend.

Vanguard Group Inc. cut its holdings in First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,294,245 shares of the bank's stock after selling 14,995 shares during the period. Vanguard Group Inc. owned approximately 5.40% of First Mid Bancshares worth $45,169,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in First Mid Bancshares by 16.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,959 shares of the bank's stock worth $72,000 after buying an additional 276 shares in the last quarter. Federated Hermes Inc. lifted its position in First Mid Bancshares by 35.6% during the first quarter. Federated Hermes Inc. now owns 1,295 shares of the bank's stock valued at $45,000 after purchasing an additional 340 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in First Mid Bancshares by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,016 shares of the bank's stock worth $479,000 after acquiring an additional 458 shares during the period. Two Sigma Advisers LP raised its position in First Mid Bancshares by 6.6% in the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the bank's stock worth $298,000 after acquiring an additional 500 shares during the period. Finally, PNC Financial Services Group Inc. bought a new stake in shares of First Mid Bancshares during the 1st quarter valued at $26,000. 47.57% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Clay M. Dean sold 1,553 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $37.64, for a total transaction of $58,454.92. Following the sale, the chief executive officer owned 11,229 shares in the company, valued at $422,659.56. The trade was a 12.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

First Mid Bancshares Stock Performance

FMBH stock traded down $0.07 during mid-day trading on Friday, reaching $40.44. The company had a trading volume of 55,024 shares, compared to its average volume of 70,751. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.39. The stock's 50-day simple moving average is $38.63 and its two-hundred day simple moving average is $36.50. First Mid Bancshares, Inc. has a one year low of $27.58 and a one year high of $43.86. The stock has a market capitalization of $970.56 million, a P/E ratio of 11.49 and a beta of 0.91.

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

First Mid Bancshares Increases Dividend

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

First Mid Bancshares Company Profile

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.