Zacks Investment Research downgraded shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) from a buy rating to a hold rating in a research report released 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. “
FMBH has been the topic of a number of other research reports. Raymond James cut their price objective on shares of First Mid-Illinois Bancshares from $45.00 to $42.00 and set an outperform rating on the stock in a report on Tuesday. BidaskClub upgraded shares of First Mid-Illinois Bancshares from a sell rating to a hold rating in a report on Thursday, September 27th. Finally, ValuEngine lowered shares of First Mid-Illinois Bancshares from a hold rating to a sell rating in a report on Wednesday, October 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $43.50.
FMBH stock traded up $0.21 during trading on Friday, reaching $37.94. The stock had a trading volume of 20,710 shares, compared to its average volume of 37,087. First Mid-Illinois Bancshares has a 1-year low of $30.01 and a 1-year high of $42.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $580.29 million, a P/E ratio of 16.94, a P/E/G ratio of 1.47 and a beta of 0.23.
The company also recently disclosed a semiannual dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be issued a $0.36 dividend. The ex-dividend date is Tuesday, November 6th. This represents a yield of 2.02%. This is a positive change from First Mid-Illinois Bancshares’s previous semiannual dividend of $0.34. First Mid-Illinois Bancshares’s payout ratio is currently 4.46%.
In other First Mid-Illinois Bancshares news, COO Michael L. Taylor sold 2,500 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $40.45, for a total value of $101,125.00. Following the transaction, the chief operating officer now owns 11,433 shares in the company, valued at approximately $462,464.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in shares of First Mid-Illinois Bancshares in the 2nd quarter worth about $137,000. First Manhattan Co. bought a new stake in shares of First Mid-Illinois Bancshares in the 2nd quarter worth about $157,000. MetLife Investment Advisors LLC increased its position in shares of First Mid-Illinois Bancshares by 37.2% in the 2nd quarter. MetLife Investment Advisors LLC now owns 5,809 shares of the bank’s stock worth $228,000 after purchasing an additional 1,574 shares during the last quarter. Mackay Shields LLC bought a new stake in shares of First Mid-Illinois Bancshares in the 2nd quarter worth about $241,000. Finally, Acadian Asset Management LLC bought a new stake in shares of First Mid-Illinois Bancshares in the 2nd quarter worth about $245,000. 30.15% of the stock is owned by institutional investors.
First Mid-Illinois Bancshares Company Profile
First Mid-Illinois Bancshares, Inc, through its subsidiaries, provides community banking products and services to commercial, retail, and agricultural customers in the United States. The company accepts various deposit products, such as demand deposits, savings accounts, NOW accounts, money market deposits, and time deposits.
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