First Mid-Illinois Bancshares, Inc. (FMBH) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) from a buy rating to a hold rating in a research note issued to investors on Thursday.

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. “

Other equities research analysts also recently issued reports about the company. BidaskClub raised First Mid-Illinois Bancshares from a sell rating to a hold rating in a research note on Thursday, August 3rd. DA Davidson began coverage on First Mid-Illinois Bancshares in a research note on Friday, June 9th. They set a neutral rating and a $37.00 price target for the company.

First Mid-Illinois Bancshares (NASDAQ FMBH) opened at 35.05 on Thursday. The firm has a market cap of $438.58 million, a P/E ratio of 15.82 and a beta of -0.06. The company has a 50-day moving average of $35.06 and a 200 day moving average of $34.22. First Mid-Illinois Bancshares has a 52 week low of $25.28 and a 52 week high of $37.78.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last announced its quarterly earnings data on Thursday, July 27th. The bank reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.10. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. The firm had revenue of $31.92 million during the quarter, compared to analyst estimates of $29.90 million. On average, equities analysts predict that First Mid-Illinois Bancshares will post $2.38 earnings per share 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 owns 48,407 shares of the company’s stock, valued at approximately $1,657,455.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Westerhold bought 15,000 shares of the 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. Insiders sold a total of 9,100 shares of company stock worth $315,490 over the last three months. 20.30% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nationwide Fund Advisors grew its holdings in First Mid-Illinois Bancshares by 33.3% in the 1st quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock valued at $151,000 after buying an additional 1,117 shares during the last quarter. American International Group Inc. grew its holdings in First Mid-Illinois Bancshares by 38.8% in the 1st quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock valued at $155,000 after buying an additional 1,279 shares during the last quarter. SG Americas Securities LLC acquired a new stake in First Mid-Illinois Bancshares in the 1st quarter valued at approximately $161,000. LSV Asset Management grew its holdings in First Mid-Illinois Bancshares by 947.4% in the 2nd quarter. LSV Asset Management now owns 5,300 shares of the bank’s stock valued at $181,000 after buying an additional 4,794 shares during the last quarter. Finally, Voya Investment Management LLC acquired a new stake in First Mid-Illinois Bancshares in the 2nd quarter valued at approximately $201,000. 20.11% of the stock is currently owned by hedge funds and other 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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