First Mid Bancshares (NASDAQ:FMBH) Posts Earnings Results, Beats Estimates By $0.21 EPS

First Mid Bancshares (NASDAQ:FMBH) released its quarterly earnings results on Thursday. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.21, FiscalAI reports. The company had revenue of $109.32 million for the quarter, compared to analyst estimates of $107.42 million. First Mid Bancshares had a return on equity of 10.44% and a net margin of 19.95%.

First Mid Bancshares Stock Up 0.4%

Shares of FMBH traded up $0.19 on Friday, hitting $50.24. 9,890 shares of the stock traded hands, compared to its average volume of 125,272. First Mid Bancshares has a one year low of $34.15 and a one year high of $50.56. The company has a market capitalization of $1.34 billion, a PE ratio of 12.65 and a beta of 0.79. The business has a 50 day simple moving average of $46.34 and a 200 day simple moving average of $43.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 0.97.

First Mid Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is an increase from First Mid Bancshares’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, August 18th. First Mid Bancshares’s payout ratio is 25.19%.

Institutional Trading of First Mid Bancshares

Several institutional investors have recently added to or reduced their stakes in FMBH. Strs Ohio purchased a new position in shares of First Mid Bancshares in the first quarter worth $42,000. Aquatic Capital Management LLC increased its holdings in First Mid Bancshares by 272.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 1,438 shares of the bank’s stock worth $54,000 after buying an additional 1,052 shares in the last quarter. Federated Hermes Inc. increased its holdings in First Mid Bancshares by 32.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,710 shares of the bank’s stock worth $64,000 after buying an additional 415 shares in the last quarter. Quantbot Technologies LP raised its position in First Mid Bancshares by 113.0% in the 2nd quarter. Quantbot Technologies LP now owns 2,394 shares of the bank’s stock worth $90,000 after buying an additional 1,270 shares during the last quarter. Finally, Quadrant Capital Group LLC purchased a new position in First Mid Bancshares in the 3rd quarter worth about $128,000. 47.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on FMBH. Keefe, Bruyette & Woods increased their price objective on First Mid Bancshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Raymond James Financial restated an “outperform” rating and set a $48.00 target price on shares of First Mid Bancshares in a report on Friday, May 1st. DA Davidson upped their target price on shares of First Mid Bancshares from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 target price (up from $52.00) on shares of First Mid Bancshares in a research report on Friday, May 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Mid Bancshares in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, First Mid Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $49.50.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc (NASDAQ: FMBH), headquartered in Mattoon, Illinois, is a financial services holding company that offers a comprehensive suite of banking products and services through its main subsidiary, First Mid Bank & Trust. The company’s primary business activities include commercial and retail banking, mortgage origination and servicing, wealth management and trust administration, as well as treasury and cash management solutions.

Through its branch network, First Mid provides consumer deposit products such as checking and savings accounts, certificates of deposit and online banking services.