First Mid Bancshares (NASDAQ:FMBH) Announces Quarterly Earnings Results

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) announced its quarterly earnings results on Thursday. The bank reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.08, Zacks reports. The business had revenue of $88.23 million for the quarter, compared to the consensus estimate 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 Stock Down 0.4%

Shares of NASDAQ FMBH traded down $0.15 during midday trading on Wednesday, hitting $38.78. The company's stock had a trading volume of 9,470 shares, compared to its average volume of 64,046. The business's fifty day simple moving average is $37.28 and its two-hundred day simple moving average is $36.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.94. First Mid Bancshares has a 1 year low of $27.58 and a 1 year high of $43.86. The firm has a market capitalization of $930.21 million, a price-to-earnings ratio of 11.02 and a beta of 0.87.

First Mid Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from First Mid Bancshares's previous quarterly dividend of $0.24. First Mid Bancshares's dividend payout ratio is currently 27.27%.

Wall Street Analyst Weigh In

Several analysts have commented on FMBH shares. Raymond James Financial reiterated an "outperform" rating and set a $40.00 target price (down previously from $43.00) on shares of First Mid Bancshares in a research report on Friday, May 2nd. Piper Sandler upped their target price on shares of First Mid Bancshares from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday. DA Davidson increased their price objective on shares of 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 shares of First Mid Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Stephens reiterated a "positive" rating 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FMBH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First Mid Bancshares by 4.2% during 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 during the last quarter. Strs Ohio acquired a new position in First Mid Bancshares during the first quarter worth about $42,000. Jones Financial Companies Lllp boosted its position in shares of 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 purchasing an additional 3,991 shares during the period. Empowered Funds LLC boosted its position in First Mid Bancshares by 31.5% during the 1st quarter. Empowered Funds LLC now owns 72,134 shares of the bank's stock worth $2,517,000 after acquiring an additional 17,266 shares during the period. Finally, Jane Street Group LLC lifted its holdings in shares of First Mid Bancshares by 494.1% during the 1st quarter. Jane Street Group LLC now owns 32,755 shares of the bank's stock valued at $1,143,000 after buying an additional 27,242 shares during the last quarter. 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.