First Mid Bancshares (NASDAQ:FMBH) Announces Quarterly Earnings Results, Hits Expectations

First Mid Bancshares (NASDAQ:FMBH) issued its quarterly earnings results on Thursday. The bank reported $1.06 EPS for the quarter, meeting the consensus estimate of $1.06, FiscalAI reports. The firm had revenue of $90.14 million during the quarter, compared to analysts’ expectations of $67.86 million. First Mid Bancshares had a return on equity of 10.27% and a net margin of 18.77%.

First Mid Bancshares Stock Performance

Shares of NASDAQ:FMBH traded up $0.53 on Thursday, hitting $42.59. The company had a trading volume of 11,272 shares, compared to its average volume of 100,618. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 11.67 and a beta of 0.90. The stock has a 50 day moving average price of $40.27 and a 200 day moving average price of $38.83. First Mid Bancshares has a 1-year low of $27.58 and a 1-year high of $44.32. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.37.

Analysts Set New Price Targets

FMBH has been the subject of several recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of First Mid Bancshares in a report on Monday, December 29th. Zacks Research cut shares of First Mid Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Finally, Piper Sandler lowered their price objective on shares of First Mid Bancshares from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, First Mid Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $42.80.

Insider Activity

In related news, CEO Clay M. Dean sold 1,099 shares of First Mid Bancshares stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $42.69, for a total transaction of $46,916.31. Following the completion of the sale, the chief executive officer owned 9,624 shares of the company’s stock, valued at approximately $410,848.56. The trade was a 10.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On First Mid Bancshares

Hedge funds have recently bought and sold shares of the stock. Qube Research & Technologies Ltd grew its position in shares of First Mid Bancshares by 16.1% in the third quarter. Qube Research & Technologies Ltd now owns 29,814 shares of the bank’s stock valued at $1,129,000 after purchasing an additional 4,144 shares during the last quarter. Aquatic Capital Management LLC boosted its stake in First Mid Bancshares by 272.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 1,438 shares of the bank’s stock valued at $54,000 after purchasing an additional 1,052 shares during the period. Ameriprise Financial Inc. boosted its stake in First Mid Bancshares by 25.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 23,890 shares of the bank’s stock valued at $905,000 after purchasing an additional 4,883 shares during the period. Creative Planning grew its holdings in First Mid Bancshares by 11.3% in the 3rd quarter. Creative Planning now owns 70,661 shares of the bank’s stock valued at $2,677,000 after buying an additional 7,178 shares in the last quarter. Finally, Raymond James Financial Inc. increased its position in First Mid Bancshares by 21.2% during the 3rd quarter. Raymond James Financial Inc. now owns 14,741 shares of the bank’s stock worth $558,000 after buying an additional 2,575 shares during the period. 47.57% of the stock is currently owned by institutional investors and hedge funds.

About First Mid Bancshares

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.