First Mid Bancshares (NASDAQ:FMBH) Raised to “Strong-Buy” at Zacks Research

First Mid Bancshares (NASDAQ:FMBH) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.

A number of other analysts have also recently commented on the company. Piper Sandler upped their price target on First Mid Bancshares from $62.50 to $64.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings cut First Mid Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on First Mid Bancshares from $50.00 to $54.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, DA Davidson boosted their price objective on First Mid Bancshares from $53.00 to $56.00 and gave the company a “neutral” rating in a research note on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.50.

First Mid Bancshares Trading Down 1.2%

Shares of FMBH stock opened at $50.84 on Monday. First Mid Bancshares has a 1 year low of $35.33 and a 1 year high of $53.36. The firm has a fifty day moving average price of $50.00 and a 200-day moving average price of $46.17. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 11.71 and a beta of 0.80.

First Mid Bancshares (NASDAQ:FMBH) last announced its earnings results on Thursday, October 29th. The bank reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $107.43 million for the quarter, compared to analysts’ expectations of $108.47 million. First Mid Bancshares had a return on equity of 11.55% and a net margin of 20.87%. As a group, equities analysts predict that First Mid Bancshares will post 4.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in First Mid Bancshares in the 2nd quarter worth $114,252,000. The Manufacturers Life Insurance Company bought a new stake in First Mid Bancshares during the second quarter valued at about $9,906,000. Bank of New York Mellon Corp purchased a new position in shares of First Mid Bancshares in the second quarter valued at about $5,519,000. Empowered Funds LLC purchased a new position in shares of First Mid Bancshares in the second quarter valued at about $5,502,000. Finally, Wellington Management Group LLP lifted its position in shares of First Mid Bancshares by 13.7% in the second quarter. Wellington Management Group LLP now owns 503,186 shares of the bank’s stock valued at $24,198,000 after acquiring an additional 60,733 shares in the last quarter. Institutional investors own 47.57% of the company’s stock.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc is a financial services holding company headquartered in Mattoon, Illinois. Through its principal subsidiary, First Mid Bank & Trust, N.A., the company provides banking and related financial services to individuals, families, farmers, businesses and governmental entities.

First Mid Bank & Trust offers deposit accounts, consumer and commercial lending, agricultural loans, mortgage services, treasury and cash-management services, online and mobile banking, and other traditional banking products.