Dean Clay M, CEO of First Mid Insurance Group, part of First Mid Bancshares, Inc. (NASDAQ:FMBH), has recently sold 400 shares of the company's common stock. The shares were sold at an average price of $37.78, totaling approximately $15,113. Following this transaction, Dean holds 11,250 shares directly. Additionally, he maintains indirect ownership of shares through a 401k and a Deferred Compensation Plan, with 3,851 and 4,081 shares, respectively.
In other recent news, First Mid Bancshares announced the appointment of Mr. Paul L. Palmby to its Board of Directors, filling an existing vacancy. He will serve on several committees, including the Audit Committee, Compensation Committee, Risk Committee, and Nominating & Governance Committee. Piper Sandler, following the company's third-quarter results, increased its price target to $47.00, maintaining an Overweight rating. Simultaneously, Stephens raised the price target for First Mid-Illinois Bancshares (NASDAQ:FMBH) to $43.00, also maintaining an Overweight rating. However, Keefe, Bruyette & Woods downgraded First Mid-Illinois Bancshares from an "Outperform" rating to "Market Perform," suggesting the stock's potential upside has largely been realized after recent strong performance. These are some of the recent developments that the company has experienced. Despite the downgrade, both Stephens and Keefe, Bruyette & Woods express optimism for the bank's future due to its solid business fundamentals. The bank's scaling above $10 billion in assets is also expected to reflect in its expense run rate.
InvestingPro Insights
As we delve deeper into First Mid Bancshares, Inc. (NASDAQ:FMBH), recent data from InvestingPro provides additional context to Dean Clay M's stock sale. The company's market capitalization stands at $903.57 million, with a P/E ratio of 11.18, suggesting a relatively modest valuation compared to industry peers.
InvestingPro Tips highlight that FMBH has maintained dividend payments for an impressive 25 consecutive years, demonstrating a strong commitment to shareholder returns. This is further underscored by the company's high shareholder yield, which could be attractive to income-focused investors. The current dividend yield is 2.56%, offering a steady income stream to shareholders.
Despite these positive aspects, it's worth noting that 4 analysts have revised their earnings downwards for the upcoming period, and there are expectations of a sales decline in the current year. This could potentially explain the CEO's decision to sell a portion of his holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for FMBH, providing a deeper understanding of the company's financial health and market position.
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