First Mid Bancshares (NASDAQ:FMBH) Stock Price Passes Below 200-Day Moving Average - Here's Why

Key Points

• First Mid Bancshares (NASDAQ:FMBH) shares have dropped below their 200-day moving average of $36.92, trading as low as $34.75 recently.
• The company reported earnings of $0.99 per share for the last quarter, beating estimates, and has raised its quarterly dividend from $0.24 to $0.25.
• Analysts maintain a consensus rating of "Moderate Buy" for First Mid Bancshares, with the average price target set at $43.33.

First Mid Bancshares, Inc. (NASDAQ:FMBH - Get Free Report) shares passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $36.92 and traded as low as $34.75. First Mid Bancshares shares last traded at $34.98, with a volume of 66,851 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Piper Sandler increased their target price on First Mid Bancshares from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, July 28th. DA Davidson upped their price objective on First Mid Bancshares from $39.00 to $42.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Wall Street Zen raised First Mid Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of First Mid Bancshares in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, First Mid Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $43.33.

First Mid Bancshares Stock Performance

The firm has a fifty day simple moving average of $38.64 and a 200-day simple moving average of $36.92. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.39. The company has a market cap of $839.52 million, a PE ratio of 9.94 and a beta of 0.89.

First Mid Bancshares (NASDAQ:FMBH - Get Free Report) last posted its earnings results on Thursday, July 24th. The bank reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.08. The business had revenue of $88.23 million during the quarter, compared to the consensus estimate of $64.42 million. First Mid Bancshares had a return on equity of 10.09% and a net margin of 18.32%. On average, research analysts forecast that First Mid Bancshares, Inc. will post 3.61 EPS for the current fiscal year.

First Mid Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from First Mid Bancshares's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. First Mid Bancshares's dividend payout ratio is currently 28.41%.

Insider Activity

In other news, CEO Clay M. Dean sold 1,553 shares of First Mid Bancshares stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $37.64, for a total value of $58,454.92. Following the transaction, the chief executive officer directly owned 11,229 shares of the company's stock, valued at $422,659.56. The trade was a 12.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 7.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of First Mid Bancshares by 0.4% during the second quarter. Geode Capital Management LLC now owns 557,725 shares of the bank's stock worth $20,912,000 after buying an additional 2,021 shares during the period. American Century Companies Inc. raised its stake in First Mid Bancshares by 7.1% during the 2nd quarter. American Century Companies Inc. now owns 532,170 shares of the bank's stock valued at $19,951,000 after acquiring an additional 35,282 shares during the last quarter. GW&K Investment Management LLC lifted its position in First Mid Bancshares by 2.2% during the 1st quarter. GW&K Investment Management LLC now owns 460,197 shares of the bank's stock worth $16,061,000 after acquiring an additional 9,695 shares during the period. JPMorgan Chase & Co. grew its stake in shares of First Mid Bancshares by 3.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 245,565 shares of the bank's stock valued at $9,206,000 after purchasing an additional 8,169 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of First Mid Bancshares by 5.7% in the 2nd quarter. Bridgeway Capital Management LLC now owns 130,630 shares of the bank's stock valued at $4,897,000 after purchasing an additional 6,996 shares during the last quarter. 47.57% of the stock is currently owned by institutional investors and hedge funds.

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.

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