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

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. “

Separately, BidaskClub cut shares of First Mid-Illinois Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th.

Shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) traded up $0.22 on Friday, hitting $38.51. 27,249 shares of the stock traded hands, compared to its average volume of 21,720. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.23. The firm has a market cap of $487.17 million, a PE ratio of 16.78, a P/E/G ratio of 1.87 and a beta of -0.03.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last announced its earnings results on Thursday, October 26th. The bank reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $30.53 million for the quarter, compared to the consensus estimate of $30.75 million. First Mid-Illinois Bancshares had a net margin of 22.67% and a return on equity of 9.92%. analysts expect that First Mid-Illinois Bancshares will post 2.32 earnings per share for the current fiscal year.

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In other news, Director Mary Westerhold bought 15,000 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was purchased at an average cost 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 through this link. Also, insider Laurel G. Allenbaugh sold 780 shares of First Mid-Illinois Bancshares stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $34.99, for a total transaction of $27,292.20. Following the transaction, the insider now directly owns 2,674 shares of the company’s stock, valued at $93,563.26. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,000 shares of company stock valued at $274,790. Insiders own 20.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. increased its holdings in First Mid-Illinois Bancshares by 6.0% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 13,891 shares of the bank’s stock worth $469,000 after acquiring an additional 791 shares in the last quarter. Nationwide Fund Advisors increased its holdings in First Mid-Illinois Bancshares by 33.3% in the 1st quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock worth $151,000 after acquiring an additional 1,117 shares in the last quarter. Context BH Capital Management LP increased its holdings in First Mid-Illinois Bancshares by 2.7% in the 2nd quarter. Context BH Capital Management LP now owns 45,880 shares of the bank’s stock worth $1,571,000 after acquiring an additional 1,200 shares in the last quarter. American International Group Inc. increased its holdings in First Mid-Illinois Bancshares by 38.8% in the 1st quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock worth $155,000 after acquiring an additional 1,279 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in First Mid-Illinois Bancshares by 15.6% in the 3rd quarter. California Public Employees Retirement System now owns 10,402 shares of the bank’s stock worth $284,000 after acquiring an additional 1,402 shares in the last quarter. 19.73% of the stock is owned by institutional investors.

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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