First Mid-Illinois Bancshares Inc. (FMBH) Downgraded by Zacks Investment Research
First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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 assumed coverage on shares of First Mid-Illinois Bancshares in a research report on Friday, August 26th. They set an “overweight” rating for the company.
Shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) traded down 0.44% on Friday, hitting $31.83. 4,935 shares of the company were exchanged. The firm’s 50-day moving average is $27.86 and its 200-day moving average is $25.89. The stock has a market capitalization of $396.51 million, a PE ratio of 16.15 and a beta of -0.29. First Mid-Illinois Bancshares has a 52-week low of $22.56 and a 52-week high of $33.53.
The company also recently disclosed a dividend, which will be paid on Thursday, December 8th. Shareholders 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 payout ratio is 32.61%.
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In other news, Director Mary Westerhold acquired 1,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The stock was bought at an average price of $26.77 per share, with a total value of $26,770.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary W. Melvin acquired 9,869 shares of the business’s stock in a transaction on Tuesday, September 20th. The stock was purchased at an average cost of $25.59 per share, with a total value of $252,547.71. Following the acquisition, the director now directly owns 618,755 shares of the company’s stock, valued at approximately $15,833,940.45. The disclosure for this purchase can be found here. 19.30% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Capital Management Holdings LLC. bought a new stake in First Mid-Illinois Bancshares during the third quarter worth approximately $198,000. Context BH Capital Management LP bought a new stake in First Mid-Illinois Bancshares during the third quarter worth approximately $1,240,000. Spark Investment Management LLC bought a new stake in First Mid-Illinois Bancshares during the third quarter worth approximately $202,000. Northern Trust Corp boosted its stake in 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 stake in 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 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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