First Mid Bancshares, Inc. (NASDAQ:FMBH) Sees Large Decrease in Short Interest

Key Points

• First Mid Bancshares experienced a significant drop in short interest, falling 26.2% to 140,800 shares by August 31st, indicating reduced bearish sentiment.
• Several analysts have raised their price targets for the stock, with a consensus rating of "Moderate Buy" and an average target price of $43.33.
• The company recently introduced a quarterly dividend increase, raising the amount from $0.24 to $0.25, marking an annualized yield of 2.6%.

First Mid Bancshares, Inc. (NASDAQ:FMBH - Get Free Report) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totaling 140,800 shares, a decline of 26.2% from the August 15th total of 190,700 shares. Approximately 0.6% of the company's shares are sold short. Based on an average daily trading volume, of 70,400 shares, the short-interest ratio is presently 2.0 days. Based on an average daily trading volume, of 70,400 shares, the short-interest ratio is presently 2.0 days. Approximately 0.6% of the company's shares are sold short.

First Mid Bancshares Stock Down 3.1%

FMBH traded down $1.25 during midday trading on Friday, hitting $39.19. 293,994 shares of the company's stock traded hands, compared to its average volume of 55,811. The company has a market cap of $940.44 million, a PE ratio of 11.13 and a beta of 0.91. The stock's fifty day simple moving average is $39.05 and its 200-day simple moving average is $36.68. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.93 and a quick ratio of 0.93. First Mid Bancshares has a one year low of $27.58 and a one year high of $43.86.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.99 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 company had revenue of $88.23 million for the quarter, compared to the consensus estimate of $64.42 million. As a group, equities analysts anticipate that First Mid Bancshares will post 3.61 earnings per share for the current fiscal year.

First Mid Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.25 dividend. This is a positive change from First Mid Bancshares's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 15th. First Mid Bancshares's dividend payout ratio (DPR) is presently 28.41%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FMBH shares. Piper Sandler lifted 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 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 report on Saturday, July 26th. Finally, DA Davidson lifted their price target on shares of First Mid Bancshares from $39.00 to $42.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, First Mid Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $43.33.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FMBH. Bank of America Corp DE raised its holdings in shares of First Mid Bancshares by 28.6% in the fourth quarter. Bank of America Corp DE now owns 27,531 shares of the bank's stock valued at $1,014,000 after buying an additional 6,120 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of First Mid Bancshares by 72.3% in the fourth quarter. Deutsche Bank AG now owns 19,073 shares of the bank's stock valued at $702,000 after buying an additional 8,002 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 valued at $479,000 after buying an additional 458 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of First Mid Bancshares by 7.6% in the fourth quarter. Nuveen Asset Management LLC now owns 54,480 shares of the bank's stock valued at $2,006,000 after buying an additional 3,830 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of First Mid Bancshares in the fourth quarter valued at about $237,000. 47.57% of the stock is owned by institutional investors.

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.