First Mid Bancshares (NASDAQ:FMBH) Sets New 12-Month High at $38.92

Shares of First Mid Bancshares, Inc. (NASDAQ:FMBH) hit a new 52-week high during trading on Tuesday . The company traded as high as $38.92 and last traded at $38.81, with a volume of 21530 shares traded. The stock had previously closed at $38.16.

Analysts Set New Price Targets

FMBH has been the topic of a number of research reports. Piper Sandler cut their price objective on shares of First Mid Bancshares from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Hovde Group initiated coverage on shares of First Mid Bancshares in a research report on Wednesday, June 26th. They issued an “outperform” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.60.

First Mid Bancshares Stock Performance

The firm has a market capitalization of $933.30 million, a price-to-earnings ratio of 12.58 and a beta of 0.90. The stock’s fifty day moving average is $32.58 and its two-hundred day moving average is $31.81. 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 issued its earnings results on Wednesday, April 24th. The bank reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.07. The business had revenue of $79.95 million for the quarter, compared to the consensus estimate of $80.20 million. First Mid Bancshares had a net margin of 17.01% and a return on equity of 10.56%. On average, analysts predict that First Mid Bancshares, Inc. will post 3.23 earnings per share for the current year.

First Mid Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 15th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 14th. This represents a $0.92 dividend on an annualized basis and a yield of 2.36%. First Mid Bancshares’s payout ratio is 29.68%.

Hedge Funds Weigh In On First Mid Bancshares

A number of institutional investors have recently added to or reduced their stakes in FMBH. Ballentine Partners LLC acquired a new position in shares of First Mid Bancshares in the fourth quarter valued at $65,151,000. Vanguard Group Inc. increased its holdings in shares of 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 purchasing an additional 85,434 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of 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 purchasing an additional 34,401 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of First Mid Bancshares by 5.9% in the fourth quarter. Wellington Management Group LLP now owns 294,666 shares of the bank’s stock valued at $10,213,000 after purchasing an additional 16,388 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of First Mid Bancshares by 21.4% in 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 during the last quarter. 47.57% of the stock is currently owned by institutional investors and hedge funds.

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.