Piper Sandler Increases First Mid Bancshares (NASDAQ:FMBH) Price Target to $49.00

Key Points

• Analysts at Piper Sandler have increased their price target for First Mid Bancshares from $47.00 to $49.00, suggesting a potential upside of 25.27% from its previous close.
• First Mid Bancshares has a current average rating of "Moderate Buy", with consensus target prices ranging from $40.00 to $49.00 from various analysts.
• The company experienced a positive earnings report, posting $0.99 earnings per share for the quarter, surpassing estimates of $0.91, with revenues reported at $88.23 million.

First Mid Bancshares (NASDAQ:FMBH - Free Report) had its price objective increased by Piper Sandler from $47.00 to $49.00 in a research note published on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the bank's stock.

A number of other research firms have also recently commented on FMBH. DA Davidson lifted their target price on First Mid Bancshares from $39.00 to $42.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wall Street Zen upgraded First Mid Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Stephens reiterated a "positive" rating on shares of First Mid Bancshares in a research note on Friday, May 2nd. Finally, Raymond James Financial restated an "outperform" rating and issued a $40.00 price objective (down from $43.00) on shares of First Mid Bancshares in a research note on Friday, May 2nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.33.

First Mid Bancshares Stock Down 1.0%

NASDAQ:FMBH traded down $0.38 during trading hours on Monday, hitting $37.97. 78,161 shares of the company traded hands, compared to its average volume of 64,460. The company has a market cap of $910.86 million, a PE ratio of 10.79 and a beta of 0.87. First Mid Bancshares has a one year low of $27.58 and a one year high of $43.86. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.25. The firm's 50-day simple moving average is $37.33 and its 200-day simple moving average is $36.35.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.08. The company had revenue of $88.23 million for the quarter, compared to analysts' expectations of $64.42 million. First Mid Bancshares had a return on equity of 10.19% and a net margin of 18.32%. Equities analysts predict that First Mid Bancshares will post 3.61 earnings per share for the current year.

First Mid Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from First Mid Bancshares's previous quarterly dividend of $0.24. First Mid Bancshares's payout ratio is presently 28.41%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FMBH. PNC Financial Services Group Inc. purchased a new position in First Mid Bancshares during the 1st quarter valued at about $26,000. Sterling Capital Management LLC grew its holdings in shares of First Mid Bancshares by 804.9% during the fourth quarter. Sterling Capital Management LLC now owns 733 shares of the bank's stock worth $27,000 after purchasing an additional 652 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of First Mid Bancshares during the first quarter worth about $29,000. Federated Hermes Inc. grew its holdings in shares of First Mid Bancshares by 1,226.4% during the fourth quarter. Federated Hermes Inc. now owns 955 shares of the bank's stock worth $35,000 after purchasing an additional 883 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of First Mid Bancshares during the first quarter worth about $42,000. Hedge funds and other institutional investors own 47.57% of the company's stock.

About First Mid Bancshares

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.