First Mid Bancshares (NASDAQ:FMBH) Reaches New 52-Week High After Strong Earnings

Key Points

• First Mid Bancshares hit a new 52-week high after reporting stronger-than-expected quarterly results, with earnings of $1.26 per share versus the $1.05 estimate and revenue of $109.32 million topping forecasts.
• The company also raised its quarterly dividend to $0.26 per share from $0.25, implying an annualized dividend of $1.04 and a yield of about 2.1%.
• Analysts remain generally positive, with a Moderate Buy consensus rating and a median price target of $49.50, while several institutional investors recently increased their holdings.

First Mid Bancshares, Inc. (NASDAQ:FMBH - Get Free Report)'s share price hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $50.56 and last traded at $50.04, with a volume of 7722 shares traded. The stock had previously closed at $50.05.

The bank reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.21. The business had revenue of $109.32 million for the quarter, compared to the consensus estimate 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $0.26 dividend. This is a boost from First Mid Bancshares's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, August 18th. This represents a $1.04 annualized dividend and a yield of 2.1%. First Mid Bancshares's payout ratio is 25.19%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of First Mid Bancshares in a report on Friday, May 1st. DA Davidson lifted their price objective on First Mid Bancshares from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Monday, May 4th. Raymond James Financial restated an "outperform" rating and set a $48.00 target price on shares of First Mid Bancshares in a research note on Friday, May 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 target price (up from $52.00) on shares of First Mid Bancshares in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods lifted their price target 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. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FMBH. Vanguard Group Inc. grew its position in First Mid Bancshares by 3.4% during the third quarter. Vanguard Group Inc. now owns 1,366,627 shares of the bank's stock worth $51,768,000 after buying an additional 44,319 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in First Mid Bancshares by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,101,095 shares of the bank's stock valued at $45,354,000 after acquiring an additional 56,997 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of First Mid Bancshares by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 546,389 shares of the bank's stock worth $21,313,000 after acquiring an additional 12,484 shares during the period. State Street Corp lifted its position in shares of First Mid Bancshares by 0.9% in the 4th quarter. State Street Corp now owns 530,875 shares of the bank's stock worth $20,704,000 after acquiring an additional 4,808 shares during the period. Finally, GW&K Investment Management LLC grew its holdings in shares of First Mid Bancshares by 7.3% during the 4th quarter. GW&K Investment Management LLC now owns 474,651 shares of the bank's stock worth $18,511,000 after purchasing an additional 32,301 shares in the last quarter. Institutional investors and hedge funds own 47.57% of the company's stock.

First Mid Bancshares Price Performance

The company has a market cap of $1.33 billion, a price-to-earnings ratio of 12.58 and a beta of 0.79. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.03. The company has a fifty day moving average price of $46.34 and a two-hundred day moving average price of $43.52.

About First Mid Bancshares

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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