First Mid Bancshares, Inc. (NASDAQ:FMBH) Receives Average Recommendation of “Buy” from Brokerages

Shares of First Mid Bancshares, Inc. (NASDAQ:FMBH) have been assigned an average rating of “Buy” from the five research firms that are currently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $36.60.

Separately, Hovde Group initiated coverage on shares of First Mid Bancshares in a report on Wednesday, June 26th. They set an “outperform” rating and a $35.00 target price for the company.

First Mid Bancshares Stock Performance

FMBH stock opened at $39.32 on Monday. First Mid Bancshares has a twelve month low of $25.73 and a twelve month high of $40.56. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.48. The business’s fifty day simple moving average is $37.94 and its two-hundred day simple moving average is $33.63. The firm has a market cap of $940.14 million, a price-to-earnings ratio of 12.68 and a beta of 0.89.

First Mid Bancshares (NASDAQ:FMBH) last issued its quarterly earnings data on Thursday, August 1st. The bank reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.05. The company had revenue of $79.19 million for the quarter, compared to the consensus estimate of $78.25 million. First Mid Bancshares had a return on equity of 10.43% and a net margin of 16.75%. Analysts predict that First Mid Bancshares will post 3.47 earnings per share for the current year.

First Mid Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, August 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from First Mid Bancshares’s previous quarterly dividend of $0.23. First Mid Bancshares’s payout ratio is presently 30.97%.

Institutional Investors Weigh In On First Mid Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning grew its stake in First Mid Bancshares by 2.1% during the 2nd quarter. Creative Planning now owns 106,397 shares of the bank’s stock worth $3,498,000 after buying an additional 2,186 shares during the last quarter. AQR Capital Management LLC grew its stake in First Mid Bancshares by 106.4% during the 2nd quarter. AQR Capital Management LLC now owns 31,333 shares of the bank’s stock worth $1,030,000 after buying an additional 16,150 shares during the last quarter. Renaissance Technologies LLC grew its stake in First Mid Bancshares by 27.5% during the 2nd quarter. Renaissance Technologies LLC now owns 13,000 shares of the bank’s stock worth $427,000 after buying an additional 2,800 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in First Mid Bancshares by 5.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 778,135 shares of the bank’s stock worth $25,584,000 after buying an additional 36,769 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in First Mid Bancshares by 23.7% during the 2nd quarter. American Century Companies Inc. now owns 340,343 shares of the bank’s stock worth $11,190,000 after buying an additional 65,314 shares during the last quarter. 47.57% of the stock is 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.