First Mid Bancshares (NASDAQ:FMBH) Releases Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• First Mid Bancshares (NASDAQ:FMBH) reported earnings of $0.99 EPS for the quarter, exceeding analyst estimates by $0.08 and achieving revenues of $88.23 million compared to expectations of $64.42 million.
• The bank announced an increase in its quarterly dividend to $0.25 per share, up from $0.24, with a current dividend yield of 2.58%.
• Investment ratings for FMBH show a consensus of "Moderate Buy" with an average price target of $43.00, reflecting optimism among analysts regarding the bank's growth potential.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) issued its earnings results on Thursday. The bank reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.08, Zacks reports. The business 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%.

First Mid Bancshares Trading Down 0.4%

Shares of FMBH opened at $38.78 on Friday. The stock's 50-day moving average price is $37.19 and its 200 day moving average price is $36.27. 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 has a market capitalization of $930.33 million, a price-to-earnings ratio of 11.02 and a beta of 0.87. First Mid Bancshares has a 12-month low of $27.58 and a 12-month high of $43.86.

First Mid Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.58%. 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 currently 28.57%.

Wall Street Analysts Forecast Growth

FMBH has been the topic of a number of recent research reports. Stephens restated a "positive" rating on shares of First Mid Bancshares in a report on Friday, May 2nd. Wall Street Zen upgraded First Mid Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday. Raymond James Financial reissued an "outperform" rating and set a $40.00 price objective (down previously from $43.00) on shares of First Mid Bancshares in a research report on Friday, May 2nd. Finally, DA Davidson lifted their price objective on First Mid Bancshares from $39.00 to $42.00 and gave the company a "neutral" rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Hedge Funds Weigh In On First Mid Bancshares

Several large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Mid Bancshares by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,566 shares of the bank's stock valued at $473,000 after acquiring an additional 550 shares in the last quarter. Strs Ohio acquired a new position in First Mid Bancshares in the 1st quarter valued at approximately $42,000. Jones Financial Companies Lllp raised its holdings in First Mid Bancshares by 1,662.9% in the 1st quarter. Jones Financial Companies Lllp now owns 4,231 shares of the bank's stock valued at $148,000 after acquiring an additional 3,991 shares in the last quarter. Empowered Funds LLC raised its holdings in First Mid Bancshares by 31.5% in the 1st quarter. Empowered Funds LLC now owns 72,134 shares of the bank's stock valued at $2,517,000 after acquiring an additional 17,266 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in First Mid Bancshares by 494.1% in the 1st quarter. Jane Street Group LLC now owns 32,755 shares of the bank's stock valued at $1,143,000 after acquiring an additional 27,242 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, 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.

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