First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a 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 note on Friday, August 26th. They issued an “overweight” rating for the company.
Shares of First Mid-Illinois Bancshares (NASDAQ:FMBH) opened at 31.03 on Friday. The company has a market capitalization of $386.54 million, a P/E ratio of 15.74 and a beta of -0.29. First Mid-Illinois Bancshares has a 12 month low of $22.62 and a 12 month high of $33.53. The company has a 50-day moving average of $28.00 and a 200 day moving average of $25.94.
The business also recently announced a dividend, which will be paid on Thursday, December 8th. Investors 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 dividend payout ratio (DPR) is currently 32.61%.
In related news, Director Gary W. Melvin bought 9,869 shares of the company’s stock in a transaction that occurred on Tuesday, September 20th. The shares were acquired at an average price of $25.59 per share, with a total value of $252,547.71. Following the completion of the transaction, the director now owns 618,755 shares of the company’s stock, valued at approximately $15,833,940.45. 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 2,000 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $29.97, for a total transaction of $59,940.00. Following the transaction, the director now directly owns 46,876 shares in the company, valued at approximately $1,404,873.72. The disclosure for this sale can be found here. Corporate insiders own 19.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in FMBH. BlackRock Fund Advisors raised its position in shares of First Mid-Illinois Bancshares by 53.1% in the third quarter. BlackRock Fund Advisors now owns 204,881 shares of the company’s stock worth $5,585,000 after buying an additional 71,038 shares during the period. Northern Trust Corp raised its position in shares of First Mid-Illinois Bancshares by 460.3% in the third quarter. Northern Trust Corp now owns 57,113 shares of the company’s stock worth $1,557,000 after buying an additional 46,920 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of First Mid-Illinois Bancshares by 34.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 48,999 shares of the company’s stock worth $1,336,000 after buying an additional 12,535 shares during the period. Context BH Capital Management LP bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth about $1,240,000. Finally, Bank of Montreal Can bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth about $773,000. 15.73% 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).