First Mid Bancshares price target lowered to $48 from $49 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Mid Bancshares (FMBH) to $48 from $49 and keeps an Overweight rating on the shares. The firm is positive on First Mid’s pending TRVR acquisition that provides additional logical scale and entry into Iowa, including the larger/faster growing Des Moines and Iowa City MSAs. Piper expects a relatively seamless integration given management’s successful integration track record and believe this deal aids in First Mid’s path toward top quartile profitability that should support a premium price to earnings vs. peers.