First Mid-Illinois Bancshares, Inc. (FMBH) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) from a buy rating to a hold rating in a report released on Wednesday.
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. “
FMBH has been the subject of a number of other research reports. BidaskClub upgraded First Mid-Illinois Bancshares from a sell rating to a hold rating in a research note on Thursday, August 3rd. DA Davidson began coverage on First Mid-Illinois Bancshares in a research note on Friday, June 9th. They issued a neutral rating and a $37.00 target price for the company.
Shares of First Mid-Illinois Bancshares (NASDAQ FMBH) opened at 34.99 on Wednesday. First Mid-Illinois Bancshares has a 1-year low of $24.87 and a 1-year high of $37.78. The stock has a market capitalization of $437.83 million, a price-to-earnings ratio of 15.79 and a beta of -0.06. The company has a 50-day moving average of $35.07 and a 200-day moving average of $34.15.
First Mid-Illinois Bancshares (NASDAQ:FMBH) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.10. The company had revenue of $31.92 million during the quarter, compared to analyst estimates of $29.90 million. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. On average, equities research analysts expect that First Mid-Illinois Bancshares will post $2.38 EPS for the current fiscal year.
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In other news, Director William S. Rowland sold 4,960 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $34.24, for a total value of $169,830.40. Following the completion of the sale, the director now owns 48,407 shares in the company, valued at $1,657,455.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Laurel G. Allenbaugh sold 1,260 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $34.37, for a total value of $43,306.20. Following the completion of the sale, the insider now owns 3,497 shares of the company’s stock, valued at approximately $120,191.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,320 shares of company stock valued at $655,850. Insiders own 20.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of First Mid-Illinois Bancshares by 11.9% in the second quarter. California State Teachers Retirement System now owns 17,839 shares of the bank’s stock valued at $611,000 after buying an additional 1,900 shares in the last quarter. State Street Corp grew its stake in shares of First Mid-Illinois Bancshares by 40.2% in the second quarter. State Street Corp now owns 153,658 shares of the bank’s stock valued at $5,264,000 after buying an additional 44,028 shares in the last quarter. Voya Investment Management LLC acquired a new stake in shares of First Mid-Illinois Bancshares in the second quarter valued at about $201,000. OxFORD Asset Management LLP acquired a new stake in shares of First Mid-Illinois Bancshares in the second quarter valued at about $299,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of First Mid-Illinois Bancshares by 24.1% in the second quarter. Dimensional Fund Advisors LP now owns 36,742 shares of the bank’s stock valued at $1,258,000 after buying an additional 7,137 shares in the last quarter. Institutional investors and hedge funds own 20.11% of the company’s stock.
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 subsidiaries, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank) and First Clover Leaf Bank, N.A. (First Clover Leaf Bank). The Company provides data processing services to affiliates through another subsidiary, Mid-Illinois Data Services, Inc (MIDS).
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