First Mid-Illinois Bancshares, Inc. (FMBH) Lowered to Sell at Zacks Investment Research

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

Separately, BidaskClub upgraded First Mid-Illinois Bancshares from a sell rating to a hold rating in a report on Thursday, August 3rd.

Shares of First Mid-Illinois Bancshares (NASDAQ FMBH) traded down $0.42 during trading hours on Friday, reaching $38.51. The company’s stock had a trading volume of 27,249 shares, compared to its average volume of 27,292. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.23. The stock has a market cap of $481.91, a PE ratio of 16.60, a P/E/G ratio of 1.85 and a beta of 0.09. First Mid-Illinois Bancshares has a 12 month low of $26.28 and a 12 month high of $42.03.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last issued its earnings results on Thursday, October 26th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The company had revenue of $30.53 million during the quarter, compared to analysts’ expectations of $30.75 million. First Mid-Illinois Bancshares had a return on equity of 9.92% and a net margin of 22.67%. analysts predict that First Mid-Illinois Bancshares will post 2.32 EPS for the current year.

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The firm also recently declared a semiannual dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, November 30th. This is a boost from First Mid-Illinois Bancshares’s previous semiannual dividend of $0.32. This represents a dividend yield of 1.63%. First Mid-Illinois Bancshares’s dividend payout ratio is currently 27.71%.

In other news, insider Laurel G. Allenbaugh sold 780 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $34.99, for a total transaction of $27,292.20. Following the completion of the transaction, the insider now directly owns 2,674 shares in the company, valued at approximately $93,563.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mary Westerhold purchased 15,000 shares of the stock in a transaction dated Monday, August 21st. The shares were acquired at an average price of $35.00 per share, with a total value 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. Company insiders own 20.30% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of First Mid-Illinois Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 265,907 shares of the bank’s stock worth $8,998,000 after purchasing an additional 5,445 shares during the period. Geode Capital Management LLC grew its holdings in shares of First Mid-Illinois Bancshares by 5.9% during the 1st quarter. Geode Capital Management LLC now owns 66,257 shares of the bank’s stock worth $2,242,000 after purchasing an additional 3,701 shares during the period. American International Group Inc. grew its holdings in shares of First Mid-Illinois Bancshares by 38.8% during the 1st quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock worth $155,000 after purchasing an additional 1,279 shares during the period. SG Americas Securities LLC purchased a new position in shares of First Mid-Illinois Bancshares during the 1st quarter worth $161,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of First Mid-Illinois Bancshares by 38.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 45,897 shares of the bank’s stock worth $1,572,000 after purchasing an additional 12,786 shares during the period. Institutional investors and hedge funds own 19.73% of the company’s stock.

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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