Zacks Investment Research Downgrades First Mid-Illinois Bancshares, Inc. (FMBH) to Hold
First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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 research analysts have also recently weighed in on FMBH. DA Davidson initiated coverage on 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. BidaskClub cut First Mid-Illinois Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th.
Shares of First Mid-Illinois Bancshares (NASDAQ FMBH) traded up 2.55% on Monday, hitting $35.78. The company had a trading volume of 20,635 shares. The stock’s 50-day moving average is $35.00 and its 200 day moving average is $34.26. First Mid-Illinois Bancshares has a 52 week low of $25.80 and a 52 week high of $37.78. The company has a market capitalization of $447.72 million, a price-to-earnings ratio of 16.15 and a beta of -0.06.
First Mid-Illinois Bancshares (NASDAQ:FMBH) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.10. The company had revenue of $31.92 million during the quarter, compared to analysts’ expectations of $29.90 million. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. Equities analysts expect that First Mid-Illinois Bancshares will post $2.38 EPS for the current year.
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In other First Mid-Illinois Bancshares news, Director William S. Rowland sold 4,960 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $34.24, for a total value of $169,830.40. Following the sale, the director now directly owns 48,407 shares of the company’s stock, valued at $1,657,455.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary Westerhold acquired 15,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was acquired at an average cost of $35.00 per share, for a total transaction of $525,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 8,000 shares of company stock valued at $274,790. 20.30% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of FMBH. Nationwide Fund Advisors grew its holdings in First Mid-Illinois Bancshares by 33.3% in the first quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock valued at $151,000 after purchasing an additional 1,117 shares during the period. American International Group Inc. grew its holdings in First Mid-Illinois Bancshares by 38.8% in the first quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock valued at $155,000 after purchasing an additional 1,279 shares during the period. SG Americas Securities LLC acquired a new stake in First Mid-Illinois Bancshares in the first quarter valued at approximately $161,000. LSV Asset Management grew its holdings in First Mid-Illinois Bancshares by 947.4% in the second quarter. LSV Asset Management now owns 5,300 shares of the bank’s stock valued at $181,000 after purchasing an additional 4,794 shares during the period. Finally, Voya Investment Management LLC acquired a new stake in First Mid-Illinois Bancshares in the second quarter valued at approximately $201,000. 20.11% of the stock is currently 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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