First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

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 equities research analysts have also recently commented on the stock. 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 began 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 for the company.

First Mid-Illinois Bancshares (NASDAQ:FMBH) traded down 0.11% during midday trading on Thursday, reaching $35.05. 9,748 shares of the company’s stock traded hands. The stock has a market cap of $438.58 million, a P/E ratio of 15.82 and a beta of -0.06. First Mid-Illinois Bancshares has a 52-week low of $25.25 and a 52-week high of $37.78. The company’s 50-day moving average price is $35.04 and its 200-day moving average price is $34.21.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its earnings results on Thursday, July 27th. The bank reported $0.66 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 firm had revenue of $31.92 million during the quarter, compared to analysts’ expectations of $29.90 million. On average, equities analysts predict that First Mid-Illinois Bancshares will post $2.38 EPS for the current fiscal year.

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In related news, insider Laurel G. Allenbaugh sold 780 shares of First Mid-Illinois Bancshares stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $34.99, for a total transaction of $27,292.20. Following the completion of the transaction, the insider now directly owns 2,674 shares of the company’s stock, valued at approximately $93,563.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Steven L. Grissom sold 1,100 shares of First Mid-Illinois Bancshares stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $37.00, for a total transaction of $40,700.00. Following the transaction, the director now directly owns 69,796 shares of the company’s stock, valued at $2,582,452. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,100 shares of company stock valued at $315,490. 20.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in First Mid-Illinois Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 265,907 shares of the bank’s stock valued at $8,998,000 after acquiring an additional 5,445 shares during the period. Teachers Advisors LLC lifted its position in First Mid-Illinois Bancshares by 31.3% during the 4th quarter. Teachers Advisors LLC now owns 12,241 shares of the bank’s stock valued at $416,000 after acquiring an additional 2,916 shares during the period. Geode Capital Management LLC lifted its position in First Mid-Illinois Bancshares by 5.9% during the 1st quarter. Geode Capital Management LLC now owns 66,257 shares of the bank’s stock valued at $2,242,000 after acquiring an additional 3,701 shares during the period. American International Group Inc. lifted its position in First Mid-Illinois Bancshares by 38.8% during the 1st quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock valued at $155,000 after acquiring an additional 1,279 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. lifted its position in First Mid-Illinois Bancshares by 6.0% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 13,891 shares of the bank’s stock valued at $469,000 after acquiring an additional 791 shares during the period. 20.11% of the stock is owned by institutional investors.

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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