First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $39.00 price objective on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.56% from the company’s previous close.

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. “

FMBH has been the topic of several other reports. BidaskClub cut shares of First Mid-Illinois Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. DA Davidson started coverage on shares of First Mid-Illinois Bancshares in a research report on Friday, June 9th. They set a “neutral” rating and a $37.00 price target on the stock.

Shares of First Mid-Illinois Bancshares (NASDAQ FMBH) traded up 1.69% during trading on Friday, hitting $34.96. 5,187 shares of the stock traded hands. First Mid-Illinois Bancshares has a 52-week low of $24.87 and a 52-week high of $37.78. The company’s 50 day moving average is $35.05 and its 200 day moving average is $34.16. The firm has a market cap of $437.45 million, a PE ratio of 15.78 and a beta of -0.06.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last released its earnings results on Thursday, July 27th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.10. First Mid-Illinois Bancshares had a net margin of 22.04% and a return on equity of 9.16%. The business had revenue of $31.92 million for the quarter, compared to analysts’ expectations of $29.90 million. On average, equities research analysts predict that First Mid-Illinois Bancshares will post $2.38 EPS for the current year.

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In other First Mid-Illinois Bancshares news, Director Ray A. Sparks sold 7,921 shares of First Mid-Illinois Bancshares stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $36.84, for a total transaction of $291,809.64. Following the transaction, the director now directly owns 282,858 shares of the company’s stock, valued at $10,420,488.72. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Laurel G. Allenbaugh sold 960 shares of First Mid-Illinois Bancshares stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $34.35, for a total transaction of $32,976.00. Following the transaction, the insider now directly owns 3,062 shares in the company, valued at $105,179.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,320 shares of company stock worth $655,850. 20.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of FMBH. Teachers Advisors LLC lifted its position in shares of First Mid-Illinois Bancshares by 31.3% during the fourth quarter. Teachers Advisors LLC now owns 12,241 shares of the bank’s stock worth $416,000 after purchasing an additional 2,916 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of First Mid-Illinois Bancshares by 33.3% during the first quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock worth $151,000 after purchasing an additional 1,117 shares in the last quarter. First Trust Advisors LP lifted its position in shares of First Mid-Illinois Bancshares by 9.4% during the first quarter. First Trust Advisors LP now owns 23,000 shares of the bank’s stock worth $778,000 after purchasing an additional 1,980 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of First Mid-Illinois Bancshares by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 33,111 shares of the bank’s stock worth $1,120,000 after purchasing an additional 2,427 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of First Mid-Illinois Bancshares during the first quarter worth $161,000. 20.11% of the stock is currently owned by institutional investors and hedge funds.

First Mid-Illinois Bancshares Company Profile

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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