First Mid Bancshares (NASDAQ:FMBH) Given New $48.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target to $48 (from $46) and kept a "market perform" rating, implying about a 10.5% upside
• First Mid topped quarterly estimates with EPS of $1.14 vs. $0.95 and revenue of $98.54M vs. $96.45M, reporting a 19.95% net margin and 10.86% ROE; analysts forecast ~4.49 EPS for the fiscal year.
• Shares traded at $43.43 (up 3.2%) with a market cap of $1.16B and a P/E of 10.96; an EVP sold 6,000 shares and institutional ownership is ~47.6% after recent stake increases by firms including AQR and Goldman.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) had its target price lifted by Keefe, Bruyette & Woods from $46.00 to $48.00 in a report released on Friday,Benzinga reports. The firm presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price target points to a potential upside of 10.52% from the stock's previous close.

Several other analysts have also issued reports on the company. Zacks Research lowered First Mid Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, January 5th. DA Davidson lifted their price objective on shares of First Mid Bancshares from $45.00 to $46.00 and gave the company a "neutral" rating in a research report on Monday, February 2nd. Piper Sandler reissued an "overweight" rating and issued a $55.00 price objective on shares of First Mid Bancshares in a research report on Friday. Finally, Raymond James Financial reissued an "outperform" rating and issued a $48.00 price objective on shares of First Mid Bancshares in a research report on Friday. Four 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 company currently has a consensus rating of "Moderate Buy" and an average price target of $47.60.

First Mid Bancshares Trading Up 3.2%

FMBH traded up $1.34 during mid-day trading on Friday, hitting $43.43. The stock had a trading volume of 17,964 shares, compared to its average volume of 114,056. The stock's fifty day simple moving average is $41.69 and its 200-day simple moving average is $40.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.96. First Mid Bancshares has a 1-year low of $33.67 and a 1-year high of $44.85. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 10.96 and a beta of 0.82.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.19. The company had revenue of $98.54 million during the quarter, compared to the consensus estimate of $96.45 million. First Mid Bancshares had a net margin of 19.95% and a return on equity of 10.86%. As a group, research analysts forecast that First Mid Bancshares will post 4.49 EPS for the current fiscal year.

Insider Activity at First Mid Bancshares

In related news, EVP Bradley L. Beesley sold 6,000 shares of First Mid Bancshares stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $44.00, for a total transaction of $264,000.00. Following the completion of the sale, the executive vice president owned 12,378 shares of the company's stock, valued at approximately $544,632. The trade was a 32.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 6.00% of the company's stock.

Institutional Trading of First Mid Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of FMBH. AQR Capital Management LLC raised its stake in First Mid Bancshares by 256.9% in the 1st quarter. AQR Capital Management LLC now owns 105,648 shares of the bank's stock worth $3,687,000 after purchasing an additional 76,050 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of First Mid Bancshares by 63.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 161,024 shares of the bank's stock valued at $6,100,000 after buying an additional 62,404 shares in the last quarter. Tudor Investment Corp ET AL increased its position in First Mid Bancshares by 421.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 71,260 shares of the bank's stock worth $2,699,000 after purchasing an additional 57,600 shares in the last quarter. Goldman Sachs Group Inc. increased its position in First Mid Bancshares by 43.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 188,473 shares of the bank's stock worth $7,350,000 after purchasing an additional 57,320 shares in the last quarter. Finally, American Century Companies Inc. increased its position in First Mid Bancshares by 9.8% during the 3rd quarter. American Century Companies Inc. now owns 584,286 shares of the bank's stock worth $22,133,000 after purchasing an additional 52,116 shares in the last quarter. Institutional investors and hedge funds own 47.57% of the company's stock.

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.

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