First Mid-Illinois Bancshares (NASDAQ:FMBH) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) from a hold rating to a buy rating in a research report released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $39.00 price target on the bank’s stock.

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. “

A number of other research firms also recently weighed in on FMBH. DA Davidson reissued a buy rating on shares of First Mid-Illinois Bancshares in a research report on Monday, November 18th. BidaskClub downgraded shares of First Mid-Illinois Bancshares from a sell rating to a strong sell rating in a research report on Friday, December 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. First Mid-Illinois Bancshares has an average rating of Hold and a consensus target price of $38.33.

Shares of FMBH traded up $0.31 during mid-day trading on Monday, reaching $35.30. 4 shares of the stock traded hands, compared to its average volume of 18,290. The firm has a market cap of $579.95 million, a price-to-earnings ratio of 12.92 and a beta of 0.49. The stock has a fifty day simple moving average of $35.11 and a 200 day simple moving average of $34.19. First Mid-Illinois Bancshares has a 12-month low of $30.20 and a 12-month high of $36.45. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.23.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). First Mid-Illinois Bancshares had a net margin of 22.75% and a return on equity of 9.16%. The firm had revenue of $44.04 million for the quarter, compared to analysts’ expectations of $44.55 million. On average, equities research analysts expect that First Mid-Illinois Bancshares will post 2.86 earnings per share for the current fiscal year.

In other First Mid-Illinois Bancshares news, Director Ray A. Sparks sold 36,549 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $36.07, for a total transaction of $1,318,322.43. Following the sale, the director now directly owns 229,309 shares of the company’s stock, valued at $8,271,175.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray A. Sparks sold 10,000 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $35.33, for a total transaction of $353,300.00. Following the sale, the director now directly owns 272,858 shares in the company, valued at $9,640,073.14. The disclosure for this sale can be found here. Insiders have sold 52,588 shares of company stock valued at $1,883,334 in the last three months. Corporate insiders own 13.60% of the company’s stock.

Several large investors have recently made changes to their positions in FMBH. Metropolitan Life Insurance Co NY raised its position in shares of First Mid-Illinois Bancshares by 10.2% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 4,724 shares of the bank’s stock worth $164,000 after purchasing an additional 439 shares during the period. Zebra Capital Management LLC increased its position in First Mid-Illinois Bancshares by 37.0% in the third quarter. Zebra Capital Management LLC now owns 10,467 shares of the bank’s stock worth $363,000 after buying an additional 2,827 shares during the period. State Street Corp increased its position in First Mid-Illinois Bancshares by 7.5% in the third quarter. State Street Corp now owns 302,593 shares of the bank’s stock worth $10,476,000 after buying an additional 21,115 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in First Mid-Illinois Bancshares in the third quarter worth $1,693,000. Finally, First Trust Advisors LP increased its position in First Mid-Illinois Bancshares by 26.8% in the third quarter. First Trust Advisors LP now owns 39,630 shares of the bank’s stock worth $1,372,000 after buying an additional 8,365 shares during the period. 31.68% of the stock is owned by institutional investors and hedge funds.

First Mid-Illinois Bancshares Company Profile

First Mid Bancshares, Inc, through its subsidiaries, provides community banking products and services to commercial, retail, and agricultural customers in the United States. It accepts various deposit products, such as demand deposits, savings accounts, money market deposits, and time deposits. The company's loan products include commercial real estate, commercial and industrial, agricultural and agricultural real estate, residential real estate, and consumer loans; and other loans comprising loans to municipalities to support community projects, such as infrastructure improvements or equipment purchases.

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