Zacks Investment Research lowered shares of First Mid-Illinois Bancshares Inc. (NASDAQ:FMBH) from a hold rating to a sell rating in a report published on Friday morning.

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 assumed coverage on shares of First Mid-Illinois Bancshares in a research note on Friday, August 26th. They set an overweight rating on the stock.

First Mid-Illinois Bancshares (NASDAQ:FMBH) opened at 30.41 on Friday. The company has a market cap of $378.82 million, a PE ratio of 15.43 and a beta of -0.29. The firm’s 50-day moving average is $28.00 and its 200-day moving average is $25.94. First Mid-Illinois Bancshares has a 52 week low of $22.62 and a 52 week high of $33.53.

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

In related news, 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, for a total transaction of $26,770.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 bought at an average price of $25.59 per share, for a total transaction of $252,547.71. Following the purchase, the director now owns 618,755 shares in the company, valued at approximately $15,833,940.45. The disclosure for this purchase can be found here. Insiders own 19.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cornerstone Capital Management Holdings LLC. bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth approximately $198,000. Spark Investment Management LLC bought a new position in shares of First Mid-Illinois Bancshares during the third quarter worth approximately $202,000. New York State Common Retirement Fund raised its position 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 during the period. California Public Employees Retirement System raised 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 worth $284,000 after buying an additional 1,402 shares during the period. Finally, California State Teachers Retirement System raised its position 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 during the period. Institutional investors and hedge funds own 15.73% of the company’s stock.

First Mid-Illinois Bancshares Company Profile

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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