First Mid Bancshares (NASDAQ:FMBH) Downgraded to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of First Mid Bancshares (NASDAQ:FMBH) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday, MarketBeat.com reports. The brokerage currently has $42.00 price objective on the bank’s stock.

Separately, Hovde Group started coverage on First Mid Bancshares in a report on Wednesday, June 26th. They issued an outperform rating and a $35.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $38.20.

First Mid Bancshares Price Performance

NASDAQ:FMBH opened at $37.03 on Wednesday. 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 firm has a market cap of $884.87 million, a PE ratio of 11.95 and a beta of 0.89. First Mid Bancshares has a 12 month low of $25.73 and a 12 month high of $41.02. The company’s 50-day moving average price is $38.64 and its two-hundred day moving average price is $34.42.

First Mid Bancshares (NASDAQ:FMBH) last released its quarterly earnings results on Thursday, August 1st. The bank reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.05. First Mid Bancshares had a return on equity of 10.43% and a net margin of 16.75%. The business had revenue of $79.19 million for the quarter, compared to analyst estimates of $78.25 million. On average, equities analysts anticipate that First Mid Bancshares will post 3.47 EPS for the current fiscal 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 given 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 2.59%. This is an increase from First Mid Bancshares’s previous quarterly dividend of $0.23. First Mid Bancshares’s payout ratio is presently 30.97%.

Hedge Funds Weigh In On First Mid Bancshares

Several hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new position in First Mid Bancshares during the 1st quarter valued at about $29,000. CWM LLC raised its stake in shares of First Mid Bancshares by 344.2% during the second quarter. CWM LLC now owns 884 shares of the bank’s stock worth $29,000 after buying an additional 685 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in First Mid Bancshares in the first quarter valued at approximately $208,000. Choreo LLC lifted its holdings in First Mid Bancshares by 17.9% in the second quarter. Choreo LLC now owns 7,568 shares of the bank’s stock valued at $246,000 after buying an additional 1,149 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in First Mid Bancshares by 84.7% in the first quarter. BNP Paribas Financial Markets now owns 10,774 shares of the bank’s stock valued at $352,000 after acquiring an additional 4,941 shares during the last quarter. Institutional investors own 47.57% of the company’s stock.

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.