First Mid Bancshares (NASDAQ:FMBH) Stock Price Expected to Rise, Stephens Analyst Says

First Mid Bancshares (NASDAQ:FMBH – Free Report) has received a positive adjustment in its stock forecast from financial analyst firm Stephens. On a recent update shared on Friday morning, it was announced that the price target for First Mid Bancshares was increased from $40.00 to $43.00. This news comes with an ‘overweight’ rating, indicating an optimistic outlook regarding the bank's stock performance.

Additionally, other financial research organizations have weighed in with their assessments. Piper Sandler also raised their price target for First Mid Bancshares, moving it from $46.00 to $47.00 while maintaining an ‘overweight’ rating. Conversely, Keefe, Bruyette & Woods adjusted their stance by lowering the rating from ‘outperform’ to ‘market perform’ with a target price set at $42.00. As of now, one analyst has given a ‘hold’ rating, while four analysts recommend a buy on the stock. The consensus among analysts presents an average rating of ‘Moderate Buy’ and an aggregate target price of $41.00 according to data from MarketBeat.com.

First Mid Bancshares Price Performance

On Friday, shares of First Mid Bancshares opened at $37.50. Over the past year, the stock has ranged from a low of $28.86 to a high of $41.02. Various financial metrics include a quick ratio of 0.91 and a current ratio of 0.91, with a debt-to-equity ratio of 0.48. The overall market capitalization of the company is approximately $896.63 million, with a price-to-earnings (P/E) ratio of 11.54, and the stock has a beta of 0.89. Over recent trading sessions, the 50-day and 200-day moving averages are noted to be $38.83 and $35.61, respectively.

First Mid Bancshares Announces Dividend

In addition to the favorable outlook on its stock, First Mid Bancshares has recently declared a quarterly dividend. This dividend is scheduled to be distributed on Friday, November 29th, with shareholders on record as of Thursday, November 14th, set to receive a payment of $0.24 per share. This translates to an annualized dividend of $0.96, resulting in a dividend yield of 2.56%. Notably, the ex-dividend date for this distribution is also Thursday, November 14th. At present, the company maintains a dividend payout ratio (DPR) of 29.54%.

Institutional Inflows and Outflows

The stock has witnessed various inflows and outflows from institutional investors recently. For instance, Vanguard Group Inc. has increased its holdings in First Mid Bancshares by 7.1% during the first quarter of the year, now owning 1,292,218 shares valued at approximately $42.23 million after acquiring an additional 85,434 shares in the last quarter. Additionally, Dimensional Fund Advisors LP raised its stake by 5.0% during the second quarter, holding 778,135 shares valued at around $25.58 million post acquiring 36,769 shares. American Century Companies Inc. significantly uplifted its position in First Mid Bancshares by 23.7% in the same quarter, bringing its total ownership to 340,343 shares valued at $11.19 million following the purchase of 65,314 shares. Bank of New York Mellon Corp. also noted a 7.1% growth in its stake, owning 118,048 shares worth $3.88 million after acquiring an extra 7,849 shares in recent months. Collectively, institutional investors and hedge funds now hold around 47.57% of the company’s stock.

About First Mid Bancshares

First Mid Bancshares, Inc. is a financial holding company that provides a variety of community banking products and services. Its offerings cater to commercial, retail, and agricultural clients across the United States. The company accepts an array of deposit products, including demand deposits, savings accounts, money market deposits, and time deposits. Loan products offered by the bank comprise commercial real estate loans, commercial and industrial loans, agricultural financing, as well as residential and consumer loans, and loans for construction and land development, which support community projects such as infrastructure enhancements.

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