First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) Rating Increased to Buy at Zacks Investment Research

First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $40.00 target price on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.61% from the company’s current price.

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. “

Other research analysts have also issued reports about the company. BidaskClub lowered First Mid-Illinois Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. DA Davidson began coverage on First Mid-Illinois Bancshares in a report on Friday, June 9th. They set a “neutral” rating and a $37.00 price target on the stock.

First Mid-Illinois Bancshares (NASDAQ FMBH) traded up 0.34% during trading on Tuesday, hitting $35.52. 14,063 shares of the stock were exchanged. The stock’s 50 day moving average is $35.22 and its 200-day moving average is $33.65. The company has a market cap of $444.18 million, a price-to-earnings ratio of 16.54 and a beta of -0.08. First Mid-Illinois Bancshares has a one year low of $23.51 and a one year high of $37.78.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its earnings results on Thursday, July 27th. The bank reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.10. The company had revenue of $31.92 million for the quarter, compared to analysts’ expectations of $29.90 million. First Mid-Illinois Bancshares had a return on equity of 9.28% and a net margin of 22.04%. On average, equities research analysts expect that First Mid-Illinois Bancshares will post $2.34 earnings per share for the current fiscal year.

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In other news, Director Steven L. Grissom sold 1,100 shares of the firm’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $37.00, for a total transaction of $40,700.00. Following the transaction, the director now directly owns 69,796 shares of the company’s stock, valued at $2,582,452. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Rowland sold 4,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $34.07, for a total value of $136,280.00. Following the transaction, the director now directly owns 48,407 shares in the company, valued at $1,649,226.49. The disclosure for this sale can be found here. Insiders have sold 16,100 shares of company stock worth $579,332 over the last three months. Corporate insiders own 20.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. raised its position in First Mid-Illinois Bancshares by 6.0% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 13,891 shares of the bank’s stock worth $469,000 after buying an additional 791 shares during the last quarter. Nationwide Fund Advisors raised its position in First Mid-Illinois Bancshares by 33.3% in the first quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock worth $151,000 after buying an additional 1,117 shares during the last quarter. American International Group Inc. raised its position in First Mid-Illinois Bancshares by 38.8% in the first quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock worth $155,000 after buying an additional 1,279 shares during the last quarter. First Trust Advisors LP raised its position in First Mid-Illinois Bancshares by 9.4% in the first quarter. First Trust Advisors LP now owns 23,000 shares of the bank’s stock worth $778,000 after buying an additional 1,980 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in First Mid-Illinois Bancshares by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 33,111 shares of the bank’s stock worth $1,120,000 after buying an additional 2,427 shares during the last quarter. 18.94% of the stock is currently owned by institutional investors.

First Mid-Illinois Bancshares Company Profile

First Mid-Illinois Bancshares, Inc is a financial holding company. The Company is engaged in the business of banking through its subsidiaries, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank) and First Clover Leaf Bank, N.A. (First Clover Leaf Bank). The Company provides data processing services to affiliates through another subsidiary, Mid-Illinois Data Services, Inc (MIDS).

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