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

Hovde Group started coverage on shares of First Mid Bancshares (NASDAQ:FMBH) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued an outperform rating and a $35.00 price objective on the bank’s stock.

Separately, Piper Sandler decreased their price target on shares of First Mid Bancshares from $39.00 to $38.00 and set an overweight rating on the stock in a research note on Monday, April 29th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $36.60.

First Mid Bancshares Trading Up 2.9 %

Shares of FMBH stock opened at $32.88 on Wednesday. First Mid Bancshares has a 12-month low of $23.54 and a 12-month high of $35.83. The company has a market capitalization of $785.83 million, a PE ratio of 10.61 and a beta of 0.89. The firm has a 50 day moving average price of $31.72 and a two-hundred day moving average price of $31.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.46.

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

First Mid Bancshares Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Ballentine Partners LLC acquired a new stake in First Mid Bancshares during the fourth quarter worth about $65,151,000. Endeavour Capital Advisors Inc. acquired a new stake in shares of First Mid Bancshares during the 3rd quarter worth approximately $10,895,000. Vanguard Group Inc. increased its stake in First Mid Bancshares by 7.1% in the first quarter. Vanguard Group Inc. now owns 1,292,218 shares of the bank’s stock valued at $42,230,000 after acquiring an additional 85,434 shares during the last quarter. Dimensional Fund Advisors LP increased its stake 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 acquiring an additional 34,401 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position 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 valued at $6,125,000 after purchasing an additional 31,164 shares in the last quarter. Institutional investors own 47.57% of the company’s stock.

About First Mid Bancshares

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.