First Mid Bancshares (NASDAQ:FMBH) Hits New 52-Week High Following Strong Earnings

Shares of First Mid Bancshares, Inc. (NASDAQ:FMBH) hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $50.56 and last traded at $50.04, with a volume of 7722 shares trading hands. The stock had previously closed at $50.05.

The bank reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.21. First Mid Bancshares had a net margin of 19.76% and a return on equity of 11.17%. The firm had revenue of $109.32 million for the quarter, compared to analyst estimates of $107.42 million.

First Mid Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This is an increase from First Mid Bancshares’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. First Mid Bancshares’s payout ratio is currently 25.19%.

Analysts Set New Price Targets

Several brokerages recently commented on FMBH. DA Davidson boosted their price target on First Mid Bancshares from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods raised their price objective on First Mid Bancshares from $46.00 to $48.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $48.00 target price on shares of First Mid Bancshares in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Mid Bancshares in a report on Friday, May 1st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (up from $52.00) on shares of First Mid Bancshares in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.50.

Institutional Investors Weigh In On First Mid Bancshares

Hedge funds have recently modified their holdings of the company. Clearstead Advisors LLC raised its stake in First Mid Bancshares by 147.2% during the fourth quarter. Clearstead Advisors LLC now owns 848 shares of the bank’s stock worth $33,000 after purchasing an additional 505 shares during the period. Strs Ohio purchased a new stake in shares of First Mid Bancshares in the 1st quarter valued at approximately $42,000. Aquatic Capital Management LLC increased its holdings in shares of First Mid Bancshares by 272.5% during the 3rd quarter. Aquatic Capital Management LLC now owns 1,438 shares of the bank’s stock worth $54,000 after buying an additional 1,052 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of First Mid Bancshares by 32.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,710 shares of the bank’s stock worth $64,000 after buying an additional 415 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in shares of First Mid Bancshares by 113.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,394 shares of the bank’s stock valued at $90,000 after buying an additional 1,270 shares during the period. Hedge funds and other institutional investors own 47.57% of the company’s stock.

First Mid Bancshares Trading Up 1.9%

The stock has a market cap of $1.36 billion, a PE ratio of 12.66 and a beta of 0.79. The company’s 50-day moving average price is $46.52 and its 200 day moving average price is $43.57. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 0.97.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc (NASDAQ: FMBH), headquartered in Mattoon, Illinois, is a financial services holding company that offers a comprehensive suite of banking products and services through its main subsidiary, First Mid Bank & Trust. The company’s primary business activities include commercial and retail banking, mortgage origination and servicing, wealth management and trust administration, as well as treasury and cash management solutions.

Through its branch network, First Mid provides consumer deposit products such as checking and savings accounts, certificates of deposit and online banking services.