First Mid Bancshares, Inc. (NASDAQ:FMBH) Plans Quarterly Dividend of $0.26

Key Points

• First Mid Bancshares declared a quarterly dividend of $0.26 per share, payable on September 1 to shareholders of record on August 18. That’s a 4% increase from the prior quarterly dividend of $0.25.
• The dividend implies an annualized yield of about 2.1%, and the bank’s payout ratio of 25.5% suggests the dividend is well covered by earnings. Analysts also expect future earnings to comfortably support the payout.
• The company recently beat quarterly earnings estimates, reporting $1.26 per share versus the $1.05 consensus, while revenue also topped forecasts. Shares traded higher on the news and are near their 52-week high.

First Mid Bancshares, Inc. (NASDAQ:FMBH - Get Free Report) announced a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, August 18th will be given a dividend of 0.26 per share by the bank on Tuesday, September 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. This is a 4.0% increase from First Mid Bancshares's previous quarterly dividend of $0.25.

First Mid Bancshares has increased its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 3 consecutive years. First Mid Bancshares has a payout ratio of 25.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Mid Bancshares to earn $4.93 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 20.3%.

First Mid Bancshares Stock Performance

Shares of FMBH traded up $1.55 during mid-day trading on Thursday, reaching $50.05. The company's stock had a trading volume of 237,669 shares, compared to its average volume of 126,118. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.03. First Mid Bancshares has a 1-year low of $34.15 and a 1-year high of $50.51. The business has a 50-day simple moving average of $46.18 and a two-hundred day simple moving average of $43.44. The stock has a market cap of $1.33 billion, a P/E ratio of 12.61 and a beta of 0.79.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.21. First Mid Bancshares had a return on equity of 10.44% and a net margin of 19.95%.The business had revenue of $109.32 million for the quarter, compared to analyst estimates of $107.42 million. As a group, equities research analysts anticipate that First Mid Bancshares will post 4.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on FMBH. Weiss Ratings reiterated a "buy (b)" rating on shares of First Mid Bancshares in a report on Friday, May 1st. Piper Sandler restated an "overweight" rating and set a $55.00 target price (up from $52.00) on shares of First Mid Bancshares in a research note on Friday, May 1st. Raymond James Financial reaffirmed an "outperform" rating and set a $48.00 target price on shares of First Mid Bancshares in a report on Friday, May 1st. DA Davidson upped their price target on shares of First Mid Bancshares from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods increased their price target on shares of First Mid Bancshares from $46.00 to $48.00 and gave the company a "market perform" rating in a report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $49.50.

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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