First Mid Bancshares, Inc. (NASDAQ:FMBH) Sees Large Drop 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 target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 140,800 shares, a drop of 26.2% from the August 15th total of 190,700 shares. Based on an average daily volume of 70,400 shares, the short-interest ratio is currently 2.0 days. Currently, 0.6% of the shares of the company are short sold. Currently, 0.6% of the shares of the company are short sold. Based on an average daily volume of 70,400 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FMBH. Piper Sandler raised their target price on shares of First Mid Bancshares from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. 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. Finally, DA Davidson boosted their price objective on shares of First Mid Bancshares from $39.00 to $42.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Four 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.33.

First Mid Bancshares Stock Down 1.1%

First Mid Bancshares stock opened at $38.96 on Wednesday. First Mid Bancshares has a twelve month low of $27.58 and a twelve month high of $43.86. The firm has a 50 day moving average price of $39.03 and a 200-day moving average price of $36.63. The company has a market capitalization of $935.04 million, a P/E ratio of 11.07 and a beta of 0.91. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.39.

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

First Mid Bancshares Increases Dividend

The firm also recently disclosed 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 boost from First Mid Bancshares's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.00 annualized dividend and a yield of 2.6%. First Mid Bancshares's payout ratio is 28.41%.

Insider Transactions at First Mid Bancshares

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FMBH. PNC Financial Services Group Inc. bought a new position in First Mid Bancshares in the 1st quarter valued at $26,000. Meeder Asset Management Inc. bought a new stake in shares of First Mid Bancshares during the 1st quarter worth $29,000. Strs Ohio bought a new stake in shares of First Mid Bancshares during the 1st quarter worth $42,000. Federated Hermes Inc. lifted its holdings in shares of First Mid Bancshares by 35.6% during the 1st quarter. Federated Hermes Inc. now owns 1,295 shares of the bank's stock worth $45,000 after acquiring an additional 340 shares during the last quarter. Finally, State of Wyoming lifted its holdings in shares of First Mid Bancshares by 33.4% during the 1st quarter. State of Wyoming now owns 1,410 shares of the bank's stock worth $49,000 after acquiring an additional 353 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.