First Mid Bancshares (NASDAQ:FMBH) Announces Earnings Results

Key Points

• First Mid Bancshares beat quarterly expectations, reporting EPS of $1.26 versus the $1.05 consensus estimate. Revenue also came in above forecasts at $109.32 million, with return on equity of 10.44% and net margin of 19.95%.
• The stock rose slightly after the report, trading up 0.8% to $48.88. The shares remain near their 52-week high of $50.51 and trade with a market cap of about $1.30 billion.
• The company maintained a shareholder-friendly dividend, paying a quarterly dividend of $0.25 per share, or $1.00 annualized. That works out to a 2.0% yield and a payout ratio of 25.19%.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) released its earnings results on Thursday. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.05 by $0.21, FiscalAI reports. The company had revenue of $109.32 million during the quarter, compared to analysts' expectations of $107.42 million. First Mid Bancshares had a return on equity of 10.44% and a net margin of 19.95%.

First Mid Bancshares Trading Up 0.8%

Shares of FMBH stock traded up $0.38 during trading hours on Thursday, reaching $48.88. The company had a trading volume of 35,919 shares, compared to its average volume of 124,596. First Mid Bancshares has a 1-year low of $34.15 and a 1-year high of $50.51. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 12.31 and a beta of 0.79. The company has a 50 day moving average of $46.18 and a 200 day moving average of $43.44.

First Mid Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.0%. First Mid Bancshares's dividend payout ratio is 25.19%.

Institutional Investors Weigh In On First Mid Bancshares

A number of institutional investors have recently made changes to their positions in FMBH. EP Wealth Advisors LLC acquired a new position in First Mid Bancshares in the fourth quarter valued at about $212,000. Empowered Funds LLC boosted its holdings in First Mid Bancshares by 10.7% during the fourth quarter. Empowered Funds LLC now owns 98,917 shares of the bank's stock worth $3,858,000 after buying an additional 9,582 shares during the last quarter. Wellington Management Group LLP grew its position in shares of First Mid Bancshares by 12.2% during the 4th quarter. Wellington Management Group LLP now owns 441,366 shares of the bank's stock worth $17,213,000 after buying an additional 48,013 shares during the period. Millennium Management LLC grew its position in shares of First Mid Bancshares by 115.2% during the 4th quarter. Millennium Management LLC now owns 20,957 shares of the bank's stock worth $817,000 after buying an additional 11,217 shares during the period. Finally, Bridgeway Capital Management LLC increased its stake in shares of First Mid Bancshares by 6.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 150,417 shares of the bank's stock valued at $5,866,000 after acquiring an additional 9,582 shares during the last quarter. 47.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on FMBH. DA Davidson upped their price target on First Mid Bancshares from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods lifted their price objective on First Mid Bancshares from $46.00 to $48.00 and gave the stock a "market perform" rating in a research report on Friday, May 1st. Raymond James Financial reissued an "outperform" rating and set a $48.00 price objective 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 report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Mid Bancshares in a research note on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $49.50.

First Mid Bancshares Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.