First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $39.00 price target on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.27% 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. “

Other equities research analysts have also issued research reports about the company. BidaskClub raised First Mid-Illinois Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. DA Davidson began coverage on First Mid-Illinois Bancshares in a research note on Friday, June 9th. They issued a “neutral” rating and a $37.00 target price for the company.

First Mid-Illinois Bancshares (FMBH) remained flat at $35.05 during trading on Friday. 79,768 shares of the stock were exchanged. The firm has a market capitalization of $438.58 million, a P/E ratio of 15.82 and a beta of -0.06. The company has a 50-day moving average price of $35.06 and a 200-day moving average price of $34.22. First Mid-Illinois Bancshares has a 52-week low of $25.28 and a 52-week high of $37.78.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.10. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. The firm had revenue of $31.92 million during the quarter, compared to analysts’ expectations of $29.90 million. Equities research analysts predict that First Mid-Illinois Bancshares will post $2.38 earnings per share for the current fiscal year.

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In related news, Director Mary Westerhold bought 15,000 shares of the stock in a transaction dated Monday, August 21st. The stock was bought at an average price of $35.00 per share, with a total value of $525,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Laurel G. Allenbaugh sold 780 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $34.99, for a total value of $27,292.20. Following the completion of the sale, the insider now directly owns 2,674 shares of the company’s stock, valued at approximately $93,563.26. The disclosure for this sale can be found here. In the last three months, insiders sold 9,100 shares of company stock valued at $315,490. 20.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FMBH. Wellington Management Group LLP lifted its stake in shares of First Mid-Illinois Bancshares by 55.4% in the 1st quarter. Wellington Management Group LLP now owns 590,440 shares of the bank’s stock valued at $19,981,000 after acquiring an additional 210,458 shares during the last quarter. State Street Corp lifted its stake in shares of First Mid-Illinois Bancshares by 40.2% in the 2nd quarter. State Street Corp now owns 153,658 shares of the bank’s stock valued at $5,264,000 after acquiring an additional 44,028 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of First Mid-Illinois Bancshares in the 1st quarter valued at about $903,000. Northern Trust Corp lifted its stake in shares of First Mid-Illinois Bancshares by 27.1% in the 2nd quarter. Northern Trust Corp now owns 105,507 shares of the bank’s stock valued at $3,612,000 after acquiring an additional 22,496 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of First Mid-Illinois Bancshares by 38.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 45,897 shares of the bank’s stock valued at $1,572,000 after acquiring an additional 12,786 shares during the last quarter. 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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