First Mid-Illinois Bancshares, Inc. (FMBH) Rating Increased to Buy at Zacks Investment Research

First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $39.00 price target on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.27% 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 research analysts have also commented on the stock. BidaskClub lowered shares of First Mid-Illinois Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. DA Davidson initiated coverage on shares of First Mid-Illinois Bancshares in a research note on Friday, June 9th. They set a “neutral” rating and a $37.00 price objective for the company.

Shares of First Mid-Illinois Bancshares (NASDAQ FMBH) opened at 35.05 on Friday. The company’s 50-day moving average is $35.06 and its 200-day moving average is $34.22. First Mid-Illinois Bancshares has a 12-month low of $25.28 and a 12-month high of $37.78. The company has a market capitalization of $438.58 million, a price-to-earnings ratio of 15.82 and a beta of -0.06.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $0.66 EPS for the quarter, topping the consensus estimate of $0.56 by $0.10. The company had revenue of $31.92 million during the quarter, compared to analyst estimates of $29.90 million. First Mid-Illinois Bancshares had a net margin of 22.04% and a return on equity of 9.16%. Analysts predict that First Mid-Illinois Bancshares will post $2.38 EPS for the current year.

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In other First Mid-Illinois Bancshares news, insider Laurel G. Allenbaugh sold 960 shares of First Mid-Illinois Bancshares stock in a transaction on Monday, August 21st. The shares were sold at an average price of $34.35, for a total transaction of $32,976.00. Following the completion of the transaction, the insider now directly owns 3,062 shares of the company’s stock, valued at $105,179.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William S. Rowland sold 4,960 shares of First Mid-Illinois Bancshares stock in a transaction on Monday, August 14th. The stock was sold at an average price of $34.24, for a total transaction of $169,830.40. Following the transaction, the director now directly owns 48,407 shares of the company’s stock, valued at $1,657,455.68. The disclosure for this sale can be found here. Insiders have sold 9,100 shares of company stock valued at $315,490 over the last ninety days. 20.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its position in shares of First Mid-Illinois Bancshares by 11.9% during the second quarter. California State Teachers Retirement System now owns 17,839 shares of the bank’s stock worth $611,000 after purchasing an additional 1,900 shares during the last quarter. State Street Corp lifted its position in shares of First Mid-Illinois Bancshares by 40.2% during the second quarter. State Street Corp now owns 153,658 shares of the bank’s stock worth $5,264,000 after purchasing an additional 44,028 shares during the last quarter. Voya Investment Management LLC bought a new stake in shares of First Mid-Illinois Bancshares during the second quarter worth $201,000. OxFORD Asset Management LLP bought a new stake in shares of First Mid-Illinois Bancshares during the second quarter worth $299,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of First Mid-Illinois Bancshares by 24.1% during the second quarter. Dimensional Fund Advisors LP now owns 36,742 shares of the bank’s stock worth $1,258,000 after purchasing an additional 7,137 shares during the last quarter. 20.11% of the stock is owned by 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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