First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
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. “
Separately, Stephens started coverage on shares of First Mid-Illinois Bancshares in a research report on Friday, August 26th. They issued an “overweight” rating on the stock.
First Mid-Illinois Bancshares (NASDAQ:FMBH) traded down 0.44% during mid-day trading on Friday, hitting $31.83. 4,935 shares of the stock were exchanged. The company has a 50-day moving average price of $27.86 and a 200-day moving average price of $25.89. First Mid-Illinois Bancshares has a one year low of $22.56 and a one year high of $33.53. The company has a market cap of $396.51 million, a P/E ratio of 16.15 and a beta of -0.29.
The firm also recently declared a dividend, which will be paid on Thursday, December 8th. Investors of record on Thursday, December 1st will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, November 29th. First Mid-Illinois Bancshares’s dividend payout ratio is currently 32.61%.
In other First Mid-Illinois Bancshares news, Director Gary W. Melvin purchased 9,869 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The stock was purchased at an average price of $25.59 per share, for a total transaction of $252,547.71. Following the purchase, the director now directly owns 618,755 shares in the company, valued at $15,833,940.45. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Westerhold purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were acquired at an average price of $26.77 per share, with a total value of $26,770.00. The disclosure for this purchase can be found here. Corporate insiders own 19.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of First Mid-Illinois Bancshares during the third quarter worth $198,000. Spark Investment Management LLC acquired a new stake in shares of First Mid-Illinois Bancshares during the third quarter worth $202,000. New York State Common Retirement Fund boosted its stake in shares of First Mid-Illinois Bancshares by 40.7% in the third quarter. New York State Common Retirement Fund now owns 8,300 shares of the company’s stock worth $226,000 after buying an additional 2,400 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of First Mid-Illinois Bancshares by 15.6% in the third quarter. California Public Employees Retirement System now owns 10,402 shares of the company’s stock worth $284,000 after buying an additional 1,402 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of First Mid-Illinois Bancshares by 39.0% in the third quarter. California State Teachers Retirement System now owns 16,739 shares of the company’s stock worth $456,000 after buying an additional 4,700 shares in the last quarter. Hedge funds and other institutional investors own 14.25% of the company’s stock.
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 subsidiary, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank). It provides data processing services to affiliates through its subsidiary, Mid-Illinois Data Services, Inc It offers insurance products and services to customers through its subsidiary, The Checkley Agency, Inc, doing business as, First Mid Insurance Group (First Mid Insurance).