Zacks Investment Research Lowers First Mid Bancshares (NASDAQ:FMBH) to Hold


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First Mid Bancshares (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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. “

NASDAQ FMBH traded down $0.01 on Tuesday, hitting $44.34. The company had a trading volume of 33,992 shares, compared to its average volume of 43,971. The company has a market capitalization of $799.76 million, a PE ratio of 16.99 and a beta of 0.90. The company’s fifty day moving average price is $43.68 and its 200-day moving average price is $35.98. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.91 and a quick ratio of 0.91. First Mid Bancshares has a 12-month low of $21.14 and a 12-month high of $45.00.

In related news, Director Ray A. Sparks sold 30,757 shares of the company’s stock in a transaction dated Wednesday, February 24th. The shares were sold at an average price of $36.00, for a total value of $1,107,252.00. Also, Director Ray A. Sparks sold 4,825 shares of the company’s stock in a transaction dated Monday, February 8th. The shares were sold at an average price of $35.00, for a total transaction of $168,875.00. Following the completion of the sale, the director now directly owns 188,850 shares of the company’s stock, valued at approximately $6,609,750. The disclosure for this sale can be found here. Insiders have sold 41,570 shares of company stock valued at $1,486,520 in the last ninety days. Insiders own 13.50% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its holdings in shares of First Mid Bancshares by 38.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,800 shares of the bank’s stock valued at $61,000 after purchasing an additional 500 shares during the period. Citigroup Inc. lifted its position in First Mid Bancshares by 45.2% in the fourth quarter. Citigroup Inc. now owns 3,093 shares of the bank’s stock valued at $104,000 after buying an additional 963 shares during the last quarter. SG Americas Securities LLC acquired a new position in First Mid Bancshares in the fourth quarter valued at about $132,000. Denali Advisors LLC lifted its position in First Mid Bancshares by 436.8% in the first quarter. Denali Advisors LLC now owns 3,060 shares of the bank’s stock valued at $134,000 after buying an additional 2,490 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its position in First Mid Bancshares by 8.3% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 5,337 shares of the bank’s stock valued at $180,000 after buying an additional 409 shares during the last quarter. 33.32% of the stock is owned by hedge funds and other institutional investors.

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; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.

See Also: Special Purpose Acquisition Company (SPAC)

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