First Mid Bancshares (NASDAQ:FMBH) Reaches New 52-Week High Following Earnings Beat

First Mid Bancshares, Inc. (NASDAQ:FMBH) shares reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $50.56 and last traded at $50.04, with a volume of 7722 shares trading hands. The stock had previously closed at $50.05.

The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.21. The company had revenue of $109.32 million during the quarter, compared to analysts’ expectations of $107.42 million. First Mid Bancshares had a net margin of 19.76% and a return on equity of 11.17%.

First Mid Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, August 18th. This is a positive change from First Mid Bancshares’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. First Mid Bancshares’s dividend payout ratio (DPR) is presently 25.19%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. DA Davidson raised their price objective on First Mid Bancshares from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Raymond James Financial reiterated an “outperform” rating and issued a $48.00 target price on shares of First Mid Bancshares in a report on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Mid Bancshares in a report on Friday, May 1st. Piper Sandler reissued an “overweight” rating and set a $55.00 price target (up from $52.00) on shares of First Mid Bancshares in a research report on Friday, May 1st. Finally, Keefe, Bruyette & Woods raised their price target on First Mid Bancshares from $46.00 to $48.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.50.

Hedge Funds Weigh In On First Mid Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC increased its holdings in First Mid Bancshares by 84.7% during the first quarter. Janus Henderson Group PLC now owns 13,588 shares of the bank’s stock valued at $560,000 after buying an additional 6,231 shares during the period. Rhino Investment Partners Inc lifted its holdings in First Mid Bancshares by 23.1% during the first quarter. Rhino Investment Partners Inc now owns 157,581 shares of the bank’s stock worth $6,491,000 after buying an additional 29,579 shares during the period. Empowered Funds LLC boosted its position in First Mid Bancshares by 7.4% during the 1st quarter. Empowered Funds LLC now owns 106,199 shares of the bank’s stock valued at $4,374,000 after acquiring an additional 7,282 shares in the last quarter. Quantinno Capital Management LP boosted its position in First Mid Bancshares by 59.3% during the 1st quarter. Quantinno Capital Management LP now owns 27,925 shares of the bank’s stock valued at $1,150,000 after acquiring an additional 10,397 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of First Mid Bancshares by 61.7% in the 1st quarter. Sei Investments Co. now owns 13,885 shares of the bank’s stock valued at $572,000 after acquiring an additional 5,300 shares during the period. 47.57% of the stock is currently owned by institutional investors.

First Mid Bancshares Price Performance

The firm has a market capitalization of $1.36 billion, a PE ratio of 12.66 and a beta of 0.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day moving average price of $46.52 and a 200-day moving average price of $43.57.

First Mid Bancshares Company Profile

First Mid Bancshares, Inc (NASDAQ: FMBH), headquartered in Mattoon, Illinois, is a financial services holding company that offers a comprehensive suite of banking products and services through its main subsidiary, First Mid Bank & Trust. The company’s primary business activities include commercial and retail banking, mortgage origination and servicing, wealth management and trust administration, as well as treasury and cash management solutions.

Through its branch network, First Mid provides consumer deposit products such as checking and savings accounts, certificates of deposit and online banking services.