Hovde Group Begins Coverage on First Mid Bancshares (NASDAQ:FMBH)

Hovde Group assumed coverage on shares of First Mid Bancshares (NASDAQ:FMBH) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $35.00 target price on the bank’s stock.

Separately, Piper Sandler cut their price target on First Mid Bancshares from $39.00 to $38.00 and set an overweight rating for the company in a report on Monday, April 29th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $36.60.

First Mid Bancshares Trading Up 2.9 %

Shares of First Mid Bancshares stock opened at $32.88 on Wednesday. First Mid Bancshares has a 1 year low of $23.54 and a 1 year high of $35.83. The company’s fifty day simple moving average is $31.72 and its 200-day simple moving average is $31.83. The company has a market cap of $785.83 million, a price-to-earnings ratio of 10.61 and a beta of 0.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.46.

First Mid Bancshares (NASDAQ:FMBH) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.07. The company had revenue of $79.95 million for the quarter, compared to analyst estimates of $80.20 million. First Mid Bancshares had a net margin of 17.01% and a return on equity of 10.56%. As a group, sell-side analysts expect that First Mid Bancshares will post 3.23 EPS for the current year.

First Mid Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 15th were paid a $0.23 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $0.92 dividend on an annualized basis and a yield of 2.80%. First Mid Bancshares’s payout ratio is currently 29.68%.

Institutional Investors Weigh In On First Mid Bancshares

A number of institutional investors have recently added to or reduced their stakes in the stock. Ballentine Partners LLC acquired a new stake in First Mid Bancshares in the 4th quarter valued at $65,151,000. Endeavour Capital Advisors Inc. acquired a new stake in shares of First Mid Bancshares during the 3rd quarter worth about $10,895,000. Vanguard Group Inc. lifted its holdings in First Mid Bancshares by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 1,292,218 shares of the bank’s stock valued at $42,230,000 after purchasing an additional 85,434 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in First Mid Bancshares by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 678,953 shares of the bank’s stock valued at $23,533,000 after buying an additional 34,401 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in First Mid Bancshares by 21.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 176,704 shares of the bank’s stock worth $6,125,000 after buying an additional 31,164 shares during the last quarter. 47.57% of the stock is owned by institutional investors and hedge funds.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc, a financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans, as well as construction and land development, 1-4 family residential properties, and multifamily residential properties loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.