First Mid-Illinois Bancshares (FMBH) PT Raised to $43 at Stephens

Stephens analyst Terry McEvoy raised the price target on First Mid-Illinois Bancshares (NASDAQ: FMBH) to $43.00 (from $40.00) while maintaining a Overweight rating.

The analyst commented: "First Mid’s diversified revenue stream, conservative risk culture, and growth opportunities should be unmistakable through any economic or interest rate cycle. While net interest income came in below our forecast in 3Q24, the repricing deposits, roll-off of CDs, and higher loan yields will support NIM expansion over the next few quarters. First Mid will be upgrading its core processing system and online retail platform in 2025, which, once complete, will support efficiency gains and a larger bank. The impact of crossing $10 bil. in assets is beginning to show up in the expense run rate. That said, assets of last quarter were $7.6 bil. We see First Mid as an in-market acquirer as early as next year and one that will remain disciplined on pricing. Remain OW with an $43 price target (from $40). Below, we review 3Q24 fundamental trends in detail, including deposits, credit quality, and loans."

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