First Mid Bancshares price target raised to $55 from $52 at Piper Sandler

Piper Sandler raised the firm’s price target on First Mid Bancshares (FMBH) to $55 from $52 and keeps an Overweight rating on the shares. The firm believes shares should garner premium forward price to earnings via above average EPS growth and profitability with First Mid Bancshares’ higher sustainable net interest margin, consistent at least mid-to-high single digit growth across its relatively well-scaled and more diversified fee revenue businesses, and continued tight cost controls. The company delivered a solid quarter highlighted by 5% PPNR upside driven by stronger net interest income and net interest margin expansion as well as solid mid-single digit organic growth, adds Piper.