First Mid Bancshares (NASDAQ:FMBH) Coverage Initiated at Hovde Group

Hovde Group started coverage on shares of First Mid Bancshares (NASDAQ:FMBH) in a research report issued to clients and investors on Wednesday, StockNewsAPI reports. The brokerage set an “outperform” rating and a $35.00 price target on the bank’s stock. Hovde Group’s price target suggests a potential upside of 14.30% from the stock’s previous close.

Separately, Piper Sandler cut their target price on 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. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, First Mid Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.60.

First Mid Bancshares Stock Performance

Shares of First Mid Bancshares stock traded down $0.08 during trading on Wednesday, hitting $30.62. 3,342 shares of the company’s stock traded hands, compared to its average volume of 50,503. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.90 and a quick ratio of 0.90. First Mid Bancshares has a 1 year low of $23.54 and a 1 year high of $35.83. The stock has a market capitalization of $731.82 million, a P/E ratio of 9.90 and a beta of 0.89. The business has a 50-day simple moving average of $31.60 and a 200-day simple moving average of $31.83.

First Mid Bancshares (NASDAQ:FMBH) last posted its earnings results on Wednesday, April 24th. The bank reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.07. First Mid Bancshares had a return on equity of 10.56% and a net margin of 17.01%. The company had revenue of $79.95 million for the quarter, compared to the consensus estimate of $80.20 million. As a group, analysts forecast that First Mid Bancshares will post 3.23 EPS for the current year.

Hedge Funds Weigh In On First Mid Bancshares

A number of hedge funds have recently bought and sold shares of FMBH. ICA Group Wealth Management LLC purchased a new position in shares of First Mid Bancshares in the fourth quarter valued at approximately $25,000. EntryPoint Capital LLC purchased a new position in shares of First Mid Bancshares in the first quarter valued at approximately $29,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First Mid Bancshares by 48.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,370 shares of the bank’s stock valued at $186,000 after acquiring an additional 1,743 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in First Mid Bancshares during the fourth quarter worth approximately $208,000. Finally, Arizona State Retirement System purchased a new position in First Mid Bancshares during the fourth quarter worth approximately $208,000. Hedge funds and other institutional investors own 47.57% of the company’s stock.

First Mid Bancshares Company Profile

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.