Wellington Management Group LLP Sells 6,494 Shares of First Mid Bancshares, Inc. $FMBH

Key Points

• Wellington Management Group LLP reduced its stake in First Mid Bancshares, holding 396,332 shares valued at approximately $13.83 million after selling 6,494 shares in Q1.
• A recent quarterly dividend increase was announced, with shareholders set to receive $0.25 per share, up from $0.24, resulting in a 2.5% annual yield.
• Analysts generally maintain a Moderate Buy consensus rating for First Mid Bancshares, with an average price target of $43.33, despite some price target adjustments.

Wellington Management Group LLP decreased its position in shares of First Mid Bancshares, Inc. (NASDAQ:FMBH - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 396,332 shares of the bank's stock after selling 6,494 shares during the quarter. Wellington Management Group LLP owned approximately 1.65% of First Mid Bancshares worth $13,832,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FMBH. Renaissance Technologies LLC boosted its holdings in shares of First Mid Bancshares by 12.5% during the 4th quarter. Renaissance Technologies LLC now owns 17,100 shares of the bank's stock valued at $630,000 after acquiring an additional 1,900 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of First Mid Bancshares during the 4th quarter valued at $488,000. Barclays PLC boosted its holdings in shares of First Mid Bancshares by 12.6% during the 4th quarter. Barclays PLC now owns 38,678 shares of the bank's stock valued at $1,425,000 after acquiring an additional 4,331 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of First Mid Bancshares by 6.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 891,154 shares of the bank's stock valued at $32,813,000 after acquiring an additional 54,285 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of First Mid Bancshares by 6.0% during the 4th quarter. MetLife Investment Management LLC now owns 13,737 shares of the bank's stock valued at $506,000 after acquiring an additional 776 shares in the last quarter. Institutional investors and hedge funds own 47.57% of the company's stock.

First Mid Bancshares Trading Down 0.2%

Shares of NASDAQ:FMBH traded down $0.07 during trading on Monday, reaching $40.44. The stock had a trading volume of 55,024 shares, compared to its average volume of 68,630. The firm's fifty day moving average is $38.71 and its 200 day moving average is $36.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.93 and a current ratio of 0.93. First Mid Bancshares, Inc. has a 52 week low of $27.58 and a 52 week high of $43.86. The stock has a market cap of $970.56 million, a price-to-earnings ratio of 11.49 and a beta of 0.91.

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

First Mid Bancshares Increases Dividend

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

Insider Activity at First Mid Bancshares

In other news, CEO Clay M. Dean sold 1,553 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $37.64, for a total value of $58,454.92. Following the sale, the chief executive officer directly owned 11,229 shares of the company's stock, valued at approximately $422,659.56. This represents a 12.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FMBH. Piper Sandler raised their price objective on First Mid Bancshares from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Wall Street Zen raised shares of First Mid Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, DA Davidson raised their price target on shares of First Mid Bancshares from $39.00 to $42.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.