First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $39.00 price target on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.11% from the stock’s current price.
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 equities analysts have also issued reports on the company. BidaskClub raised First Mid-Illinois Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. DA Davidson assumed coverage on First Mid-Illinois Bancshares in a research report on Friday, June 9th. They issued a “neutral” rating and a $37.00 price target for the company.
First Mid-Illinois Bancshares (NASDAQ:FMBH) opened at 34.48 on Wednesday. First Mid-Illinois Bancshares has a 12 month low of $24.32 and a 12 month high of $37.78. The company has a market cap of $431.45 million, a P/E ratio of 15.56 and a beta of -0.08. The stock has a 50 day moving average of $35.16 and a 200-day moving average of $34.00.
First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $31.92 million during the quarter, compared to analyst estimates of $29.90 million. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. Equities research analysts expect that First Mid-Illinois Bancshares will post $2.38 EPS for the current year.
In other First Mid-Illinois Bancshares news, insider Laurel G. Allenbaugh sold 960 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $34.35, for a total value of $32,976.00. Following the completion of the transaction, the insider now owns 3,062 shares of the company’s stock, valued at approximately $105,179.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William S. Rowland sold 4,960 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $34.24, for a total value of $169,830.40. Following the completion of the transaction, the director now directly owns 48,407 shares of the company’s stock, valued at approximately $1,657,455.68. The disclosure for this sale can be found here. In the last three months, insiders sold 17,060 shares of company stock valued at $612,544. 20.30% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of First Mid-Illinois Bancshares by 46.5% in the first quarter. Dimensional Fund Advisors LP now owns 29,605 shares of the bank’s stock worth $1,002,000 after buying an additional 9,395 shares during the period. Geode Capital Management LLC raised its position in shares of First Mid-Illinois Bancshares by 5.9% in the first quarter. Geode Capital Management LLC now owns 66,257 shares of the bank’s stock worth $2,242,000 after buying an additional 3,701 shares during the period. Vanguard Group Inc. raised its position in shares of First Mid-Illinois Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 265,907 shares of the bank’s stock worth $8,998,000 after buying an additional 5,445 shares during the period. Wellington Management Group LLP raised its position in shares of First Mid-Illinois Bancshares by 55.4% in the first quarter. Wellington Management Group LLP now owns 590,440 shares of the bank’s stock worth $19,981,000 after buying an additional 210,458 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. raised its position in shares of First Mid-Illinois Bancshares by 6.0% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 13,891 shares of the bank’s stock worth $469,000 after buying an additional 791 shares during the period. 18.95% of the stock is owned by institutional investors and hedge funds.
First Mid-Illinois Bancshares Company Profile
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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