First Mid Bancshares Achieves Moderate Buy Rating, Price Target Set at $43.17

Shares of First Mid Bancshares, Inc. (NASDAQ:FMBH) have received an average rating of “Moderate Buy” from eight research firms covering the stock, according to data from Marketbeat.com. The consensus includes three analysts who have assigned a hold rating, four who recommend a buy, and one who has given a strong buy rating. The average price target set by these brokers for the stock over the next year stands at approximately $43.17.

In recent assessments, several brokerages have expressed varying opinions on First Mid Bancshares. On July 26, Wall Street Zen upgraded the stock from a “sell” rating to a “hold” designation. Conversely, Weiss Ratings downgraded the shares from a “buy (B-)” rating to a “hold (C+)” in a note issued on October 25. On November 3, Zacks Research elevated the rating from “hold” to “strong buy,” while Piper Sandler reduced its price target from $49.00 to $48.00, maintaining an “overweight” rating.

Stock Performance and Financial Overview

As of Tuesday, shares of First Mid Bancshares opened at $37.61. The company demonstrates a solid financial structure with a debt-to-equity ratio of 0.37, a quick ratio of 0.93, and a current ratio of 0.93. Over the past year, the stock has fluctuated, reaching a low of $27.58 and a high of $43.86. The firm’s 50-day and 200-day simple moving averages are $37.16 and $37.62, respectively. First Mid Bancshares has a market capitalization of $902.64 million, a price-to-earnings (P/E) ratio of 10.30, and a beta of 0.93.

The bank recently announced its quarterly earnings on October 30, where it reported earnings per share of $0.97. This figure exceeded the consensus estimate of $0.96 by $0.01. With a return on equity of 10.27% and a net margin of 18.77%, the firm’s revenue for the quarter was $89.27 million, significantly outperforming analyst projections of $65.60 million. Analysts predict that First Mid Bancshares will achieve earnings per share of $3.61 for the current fiscal year.

Dividend Announcement

First Mid Bancshares has also declared a quarterly dividend of $0.25 per share, scheduled for payment on December 1, 2023. Stockholders on record as of November 14, 2023 will receive this dividend. The ex-dividend date is noted as November 14, 2023, indicating a projected annual dividend yield of 2.7% and a payout ratio of 27.40%.

Founded as a financial holding company, First Mid Bancshares offers a range of community banking services aimed at commercial, retail, and agricultural clients across the United States. Its offerings include various deposit products such as demand deposits, savings accounts, and money market accounts, alongside a diverse suite of loan products including commercial real estate and consumer loans.

Overall, First Mid Bancshares continues to attract attention from investors and analysts alike, reflecting its strong performance and steady dividend payouts in a competitive banking environment.