First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) Upgraded by Zacks Investment Research to “Buy”
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 presently has a $40.00 price target on the bank’s stock. Zacks Investment Research‘s price objective would indicate 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. “
Several other brokerages also recently commented on FMBH. BidaskClub upgraded First Mid-Illinois Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. DA Davidson initiated coverage on First Mid-Illinois Bancshares in a report on Friday, June 9th. They set a “neutral” rating and a $37.00 target price on the stock.
First Mid-Illinois Bancshares (NASDAQ FMBH) traded up 0.34% during mid-day trading on Tuesday, hitting $35.52. 14,063 shares of the company were exchanged. First Mid-Illinois Bancshares has a 12 month low of $23.51 and a 12 month high of $37.78. The firm has a 50 day moving average price of $35.22 and a 200 day moving average price of $33.65. The stock 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 (NASDAQ:FMBH) last released its quarterly earnings data on Thursday, July 27th. The bank reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.10. The business had revenue of $31.92 million for the quarter, compared to analyst estimates of $29.90 million. First Mid-Illinois Bancshares had a return on equity of 9.28% and a net margin of 22.04%. Analysts anticipate that First Mid-Illinois Bancshares will post $2.34 EPS for the current fiscal year.
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In related news, Director William S. Rowland sold 4,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $34.07, for a total transaction of $136,280.00. Following the sale, the director now directly owns 48,407 shares in the company, valued at approximately $1,649,226.49. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Christopher L. Slabach sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $34.70, for a total value of $34,700.00. Following the sale, the senior vice president now owns 965 shares in the company, valued at $33,485.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,100 shares of company stock worth $579,332. Company insiders own 20.30% of the company’s stock.
Several large investors have recently made changes to their positions in FMBH. Wellington Management Group LLP increased its stake in shares of First Mid-Illinois Bancshares by 55.4% in the first quarter. Wellington Management Group LLP now owns 590,440 shares of the bank’s stock valued at $19,981,000 after buying an additional 210,458 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of First Mid-Illinois Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 265,907 shares of the bank’s stock valued at $8,998,000 after buying an additional 5,445 shares during the last quarter. State Street Corp increased its stake in shares of First Mid-Illinois Bancshares by 11.7% in the fourth quarter. State Street Corp now owns 107,428 shares of the bank’s stock valued at $3,652,000 after buying an additional 11,261 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of First Mid-Illinois Bancshares by 13.3% in the fourth quarter. Renaissance Technologies LLC now owns 70,600 shares of the bank’s stock valued at $2,400,000 after buying an additional 8,300 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of First Mid-Illinois Bancshares by 5.9% in the first quarter. Geode Capital Management LLC now owns 66,257 shares of the bank’s stock valued at $2,242,000 after buying an additional 3,701 shares during the last quarter. Institutional investors and hedge funds own 18.94% of the company’s stock.
About First Mid-Illinois Bancshares
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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