First Mid-Illinois Bancshares (FMBH) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) from a sell rating to a hold rating in a report issued on Wednesday.

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. “

First Mid-Illinois Bancshares (NASDAQ FMBH) traded up $0.13 during trading on Wednesday, reaching $40.47. 10,235 shares of the company’s stock traded hands, compared to its average volume of 21,599. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $512.73, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.92 and a beta of -0.01. First Mid-Illinois Bancshares has a 12-month low of $28.37 and a 12-month high of $42.03.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The firm had revenue of $30.53 million for the quarter, compared to analyst estimates of $30.75 million. First Mid-Illinois Bancshares had a net margin of 22.67% and a return on equity of 9.75%. analysts predict that First Mid-Illinois Bancshares will post 2.35 EPS for the current fiscal year.

The company also recently disclosed a semiannual dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, December 1st were given a dividend of $0.34 per share. This represents a yield of 1.63%. This is a boost from First Mid-Illinois Bancshares’s previous semiannual dividend of $0.32. The ex-dividend date of this dividend was Thursday, November 30th. First Mid-Illinois Bancshares’s payout ratio is presently 29.31%.

In other First Mid-Illinois Bancshares news, CEO Clay M. Dean sold 701 shares of First Mid-Illinois Bancshares stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $37.55, for a total transaction of $26,322.55. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 20.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. LSV Asset Management grew its position in First Mid-Illinois Bancshares by 947.4% during the 2nd quarter. LSV Asset Management now owns 5,300 shares of the bank’s stock worth $181,000 after purchasing an additional 4,794 shares in the last quarter. Nationwide Fund Advisors grew its position in First Mid-Illinois Bancshares by 27.2% during the 2nd quarter. Nationwide Fund Advisors now owns 5,690 shares of the bank’s stock worth $195,000 after purchasing an additional 1,217 shares in the last quarter. Voya Investment Management LLC purchased a new position in First Mid-Illinois Bancshares during the 2nd quarter worth approximately $201,000. First Trust Advisors LP purchased a new position in First Mid-Illinois Bancshares during the 3rd quarter worth approximately $273,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of First Mid-Illinois Bancshares during the 2nd quarter valued at $299,000. Hedge funds and other institutional investors own 20.39% of the company’s stock.

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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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