Zacks Investment Research cut shares of First Mid-Illinois Bancshares, Inc. (NASDAQ:FMBH) from a buy rating to a hold rating in a report issued on Thursday.

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. “

Other equities research analysts have also recently issued reports about the company. BidaskClub raised First Mid-Illinois Bancshares from a sell rating to a hold rating in a report on Thursday, August 3rd. DA Davidson initiated coverage on First Mid-Illinois Bancshares in a report on Friday, June 9th. They set a neutral rating and a $37.00 price target for the company.

Shares of First Mid-Illinois Bancshares (FMBH) traded up 0.29% on Thursday, reaching $35.15. The company’s stock had a trading volume of 33,195 shares. The stock has a market capitalization of $439.83 million, a price-to-earnings ratio of 15.86 and a beta of -0.06. The stock has a 50-day moving average of $35.04 and a 200 day moving average of $34.21. First Mid-Illinois Bancshares has a 52 week low of $25.25 and a 52 week high of $37.78.

First Mid-Illinois Bancshares (NASDAQ:FMBH) last issued its earnings results on Thursday, July 27th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.10. First Mid-Illinois Bancshares had a return on equity of 9.16% and a net margin of 22.04%. The business had revenue of $31.92 million during the quarter, compared to analysts’ expectations of $29.90 million. On average, analysts expect that First Mid-Illinois Bancshares will post $2.38 EPS for the current year.

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In related news, Director William S. Rowland sold 4,960 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $34.24, for a total transaction of $169,830.40. Following the completion of the sale, the director now directly owns 48,407 shares of the company’s stock, valued at approximately $1,657,455.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Laurel G. Allenbaugh sold 960 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $34.35, for a total value of $32,976.00. Following the sale, the insider now directly owns 3,062 shares of the company’s stock, valued at $105,179.70. The disclosure for this sale can be found here. Insiders have sold a total of 9,100 shares of company stock valued at $315,490 over the last ninety days. Insiders own 20.30% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Capital Management Holdings LLC. increased its holdings in First Mid-Illinois Bancshares by 6.0% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 13,891 shares of the bank’s stock valued at $469,000 after purchasing an additional 791 shares in the last quarter. Nationwide Fund Advisors increased its holdings in First Mid-Illinois Bancshares by 33.3% during the 1st quarter. Nationwide Fund Advisors now owns 4,473 shares of the bank’s stock valued at $151,000 after purchasing an additional 1,117 shares in the last quarter. Context BH Capital Management LP increased its holdings in First Mid-Illinois Bancshares by 2.7% during the 2nd quarter. Context BH Capital Management LP now owns 45,880 shares of the bank’s stock valued at $1,571,000 after purchasing an additional 1,200 shares in the last quarter. American International Group Inc. increased its holdings in First Mid-Illinois Bancshares by 38.8% during the 1st quarter. American International Group Inc. now owns 4,579 shares of the bank’s stock valued at $155,000 after purchasing an additional 1,279 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in First Mid-Illinois Bancshares by 11.9% during the 2nd quarter. California State Teachers Retirement System now owns 17,839 shares of the bank’s stock valued at $611,000 after purchasing an additional 1,900 shares in the last quarter. 20.11% of the stock is owned by hedge funds and other institutional investors.

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 subsidiaries, First Mid-Illinois Bank & Trust, N.A. (First Mid Bank) and First Clover Leaf Bank, N.A. (First Clover Leaf Bank). The Company provides data processing services to affiliates through another subsidiary, Mid-Illinois Data Services, Inc (MIDS).

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