First Mid Bancshares (NASDAQ:FMBH) Price Target Raised to $56.00

First Mid Bancshares (NASDAQ:FMBH) had its price objective increased by DA Davidson from $53.00 to $56.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Piper Sandler boosted their price target on First Mid Bancshares from $55.00 to $62.50 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on First Mid Bancshares from $50.00 to $54.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, Weiss Ratings lowered First Mid Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.12.

First Mid Bancshares Stock Performance

NASDAQ FMBH opened at $50.40 on Friday. The company has a 50-day simple moving average of $49.97 and a 200-day simple moving average of $46.05. The firm has a market capitalization of $1.34 billion, a PE ratio of 11.61 and a beta of 0.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.95 and a current ratio of 0.95. First Mid Bancshares has a one year low of $34.15 and a one year high of $53.36.

First Mid Bancshares (NASDAQ:FMBH) last released its earnings results on Thursday, October 29th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $107.43 million for the quarter, compared to the consensus estimate of $108.47 million. First Mid Bancshares had a net margin of 20.87% and a return on equity of 11.55%. On average, equities analysts forecast that First Mid Bancshares will post 4.76 earnings per share for the current year.

First Mid Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, November 16th. First Mid Bancshares’s payout ratio is presently 23.96%.

Hedge Funds Weigh In On First Mid Bancshares

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in First Mid Bancshares by 36.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the bank’s stock valued at $57,000 after acquiring an additional 310 shares during the last quarter. USA Financial Formulas acquired a new position in shares of First Mid Bancshares in the third quarter valued at approximately $40,000. Sequoia Financial Advisors LLC acquired a new stake in First Mid Bancshares in the 2nd quarter valued at about $592,000. Integrated Wealth Concepts LLC acquired a new position in shares of First Mid Bancshares during the 2nd quarter worth about $31,000. Finally, Arizona State Retirement System boosted its holdings in shares of First Mid Bancshares by 8.3% in the 2nd quarter. Arizona State Retirement System now owns 6,428 shares of the bank’s stock valued at $309,000 after buying an additional 495 shares in the last quarter. 47.57% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting First Mid Bancshares

Here are the key news stories impacting First Mid Bancshares this week:

• Positive Sentiment: Q3 earnings exceeded expectations. First Mid reported adjusted earnings of $1.26 per share for the quarter ended September 30, up from $0.97 a year earlier and above analyst estimates of approximately $1.14-$1.15. The bank also posted a 10.86% return on equity and a 19.76% net margin. First Mid Bancshares Surpasses Q3 Earnings Estimates
• Positive Sentiment: Analyst price target increased. DA Davidson raised its target for FMBH from $53 to $56, implying potential upside from recent trading levels, although it maintained a neutral rating. DA Davidson First Mid Bancshares Ratings
• Positive Sentiment: Dividend maintained. First Mid declared a quarterly dividend of $0.26 per share, equal to $1.04 annually and an approximate 2.0% yield. The dividend is payable December 1 to shareholders of record November 16.
• Positive Sentiment: Expansion plans broaden the franchise. First Mid agreed to acquire Evergreen Bancshares, parent of American Bank of Freedom, in a stock-and-cash transaction. The deal is expected to expand its presence in the St. Louis region, along the I-70 corridor, in Illinois and in the greater Indianapolis market. First Mid Announces Evergreen Bancshares Acquisition
• Neutral Sentiment: Revenue slightly missed estimates. Quarterly revenue was $107.43 million versus the $108.47 million consensus, tempering the otherwise strong earnings beat. First Mid Bancshares Third-Quarter Results
• Neutral Sentiment: Acquisition execution remains a consideration. The Evergreen transaction could add scale and geographic reach, but investors will likely assess its purchase price, regulatory approval and integration costs before assigning greater value to the deal.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc is a financial services holding company headquartered in Mattoon, Illinois. Through its principal subsidiary, First Mid Bank & Trust, N.A., the company provides banking and related financial services to individuals, families, farmers, businesses and governmental entities.

First Mid Bank & Trust offers deposit accounts, consumer and commercial lending, agricultural loans, mortgage services, treasury and cash-management services, online and mobile banking, and other traditional banking products.