Zacks Investment Research Upgrades First Mid-Illinois Bancshares Inc. (FMBH) to “Hold”
First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “First Mid-Illinois Bancshares, Inc. is a financial holding company. The Company is engaged in the business of banking through its wholly owned subsidiary, First Mid-Illinois Bank & Trust, N.A. It operates in three lines of business: community banking and wealth management through First Mid Bank, and insurance brokerage through First Mid Insurance Group. The company’s deposit products include demand, savings, money market, and time deposits, as well as NOW accounts. Its loan portfolio primarily comprise commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans. The company also offers estate planning, investment, and farm management services; and employee benefit services. In addition, it provides commercial lines insurance to businesses; and homeowner, automobile, and other types of personal lines insurance to individuals. First Mid-Illinois Bancshares, Inc is headquartered in Mattoon, Illinois. “
Separately, Stephens initiated coverage on First Mid-Illinois Bancshares in a research note on Friday, August 26th. They issued an “overweight” rating on the stock.
The business also recently announced a dividend, which will be paid on Thursday, December 8th. Investors of record on Thursday, December 1st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. First Mid-Illinois Bancshares’s dividend payout ratio is currently 32.61%.
In related news, Director William S. Rowland sold 2,000 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $29.97, for a total value of $59,940.00. Following the transaction, the director now directly owns 46,876 shares of the company’s stock, valued at approximately $1,404,873.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary W. Melvin bought 9,869 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The stock was bought at an average cost of $25.59 per share, for a total transaction of $252,547.71. Following the completion of the acquisition, the director now owns 618,755 shares in the company, valued at approximately $15,833,940.45. The disclosure for this purchase can be found here. 19.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in FMBH. Cornerstone Capital Management Holdings LLC. bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth approximately $198,000. Context BH Capital Management LP bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth approximately $1,240,000. Spark Investment Management LLC bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth approximately $202,000. Northern Trust Corp boosted its position in shares of First Mid-Illinois Bancshares by 460.3% in the third quarter. Northern Trust Corp now owns 57,113 shares of the company’s stock worth $1,557,000 after buying an additional 46,920 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of First Mid-Illinois Bancshares by 39.0% in the third quarter. California State Teachers Retirement System now owns 16,739 shares of the company’s stock worth $456,000 after buying an additional 4,700 shares in the last quarter. 14.25% of the stock is currently owned by institutional investors.
First Mid-Illinois Bancshares Company Profile
First Mid-Illinois Bancshares, Inc is a financial holding company. The Company is engaged in the business of banking through its subsidiary, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank). It provides data processing services to affiliates through its subsidiary, Mid-Illinois Data Services, Inc It offers insurance products and services to customers through its subsidiary, The Checkley Agency, Inc, doing business as, First Mid Insurance Group (First Mid Insurance).
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