Today, The Zacks Investment Research Downgraded First Mid-Illinois Bancshares Inc. (FMBH) to Sell

Today, The Zacks Investment Research Downgraded First Mid-Illinois Bancshares Inc. (FMBH) to Sell
First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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 set an “overweight” rating on the stock.

Shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) traded down 0.44% during midday trading on Friday, hitting $31.83. The stock had a trading volume of 4,935 shares. First Mid-Illinois Bancshares has a one year low of $22.56 and a one year high of $33.53. The firm has a 50 day moving average of $27.86 and a 200-day moving average of $25.89. The company has a market cap of $396.51 million, a P/E ratio of 16.15 and a beta of -0.29.

The business also recently declared a dividend, which will be paid on Thursday, December 8th. Stockholders of record on Thursday, December 1st will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, November 29th. First Mid-Illinois Bancshares’s payout ratio is 32.61%.

In related news, Director Gary W. Melvin purchased 9,869 shares of First Mid-Illinois Bancshares stock in a transaction dated Monday, September 12th. The shares were acquired at an average price of $25.70 per share, with a total value of $253,633.30. Following the completion of the transaction, the director now owns 608,886 shares of the company’s stock, valued at approximately $15,648,370.20. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William S. Rowland sold 1,000 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $26.75, for a total transaction of $26,750.00. Following the transaction, the director now directly owns 46,876 shares in the company, valued at approximately $1,253,933. The disclosure for this sale can be found here. Insiders own 19.30% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Bank of Montreal Can bought a new position in shares of First Mid-Illinois Bancshares during the third quarter valued at approximately $773,000. California Public Employees Retirement System boosted its position 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 valued at $284,000 after buying an additional 1,402 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of First Mid-Illinois Bancshares by 31.1% in the third quarter. Wells Fargo & Company MN now owns 20,177 shares of the company’s stock valued at $550,000 after buying an additional 4,789 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of First Mid-Illinois Bancshares by 84.5% in the third quarter. Bank of New York Mellon Corp now owns 19,091 shares of the company’s stock valued at $521,000 after buying an additional 8,743 shares during the last quarter. Finally, BlackRock Investment Management LLC boosted its position in shares of First Mid-Illinois Bancshares by 11.3% in the third quarter. BlackRock Investment Management LLC now owns 23,954 shares of the company’s stock valued at $653,000 after buying an additional 2,437 shares during the last quarter. 14.25% of the stock is currently owned by institutional investors and hedge funds.

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).

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