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Have you been paying attention to shares of First Mid Bancshares (FMBH)? Shares have been on the move with the stock up 5% over the past month. The stock hit a new 52-week high of $40.63 in the previous session. First Mid Bancshares has gained 14.4% since the start of the year compared to the 16.6% move for the Zacks Finance sector and the 2.4% return for the Zacks Banks - Northeast industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 1, 2024, First Mid Bancshares reported EPS of $0.84 versus consensus estimate of $0.79 while it beat the consensus revenue estimate by 1.2%.
For the current fiscal year, First Mid Bancshares is expected to post earnings of $3.47 per share on $318.55 million in revenues. This represents a -0.86% change in EPS on a 13.67% change in revenues. For the next fiscal year, the company is expected to earn $3.53 per share on $329 million in revenues. This represents a year-over-year change of 1.61% and 3.28%, respectively.
Valuation Metrics
First Mid Bancshares may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
First Mid Bancshares has a Value Score of B. The stock's Growth and Momentum Scores are D and A, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 11.4X current fiscal year EPS estimates, which is not in-line with the peer industry average of 11.8X. On a trailing cash flow basis, the stock currently trades at 10.4X versus its peer group's average of 9.9X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, First Mid Bancshares currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if First Mid Bancshares passes the test. Thus, it seems as though First Mid Bancshares shares could still be poised for more gains ahead.
How Does FMBH Stack Up to the Competition?
Shares of FMBH have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is LCNB Corporation (LCNB). LCNB has a Zacks Rank of # 2 (Buy) and a Value Score of B, a Growth Score of C, and a Momentum Score of B.
Earnings were strong last quarter. LCNB Corporation beat our consensus estimate by 61.11%, and for the current fiscal year, LCNB is expected to post earnings of $1 per share on revenue of $79.1 million.
Shares of LCNB Corporation have gained 8.3% over the past month, and currently trade at a forward P/E of 15.81X and a P/CF of 8.45X.
The Banks - Northeast industry is in the top 12% of all the industries we have in our universe, so it looks like there are some nice tailwinds for FMBH and LCNB, even beyond their own solid fundamental situation.
Zacks Investment Research
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, September 13:
M/I Homes, Inc. MHO: This homebuilder company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
M/I Homes' shares gained 29.1% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A.
M/I Homes, Inc. Price
M/I Homes, Inc. price | M/I Homes, Inc. Quote
First Mid Bancshares, Inc. FMBH: This financial holding company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
First Mid Bancshares' shares gained 26.7% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A
First Mid Bancshares, Inc. Price
First Mid Bancshares, Inc. price | First Mid Bancshares, Inc. Quote
Consensus Cloud Solutions, Inc. CCSI: This software-as-a-service (SaaS) company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 5% over the last 60 days.
Consensus Cloud Solutions, Inc. Price and Consensus
Consensus Cloud Solutions, Inc. price-consensus-chart | Consensus Cloud Solutions, Inc. Quote
Consensus Cloud Solutions' shares gained 24.2% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A.
Consensus Cloud Solutions, Inc. Price
Consensus Cloud Solutions, Inc. price | Consensus Cloud Solutions, Inc. Quote
See the full list of top ranked stocks here
Learn more about the Momentum score and how it is calculated here.
Zacks Investment Research
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Arcturus Therapeutics Holdings Inc. ARCT: This biotechnology company has seen the Zacks Consensus Estimate for its current year earnings increasing 40.8% over the last 60 days.
Arcturus Therapeutics Holdings Inc. Price and Consensus
Arcturus Therapeutics Holdings Inc. price-consensus-chart | Arcturus Therapeutics Holdings Inc. Quote
M/I Homes, Inc. MHO: This homebuilder company has seen the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
First Mid Bancshares, Inc. FMBH: This financial holding company has seen the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
Pampa Energía PAM: This integrated power company has seen the Zacks Consensus Estimate for its current year earnings increasing 13.2% over the last 60 days.
Pampa Energia S.A. Price and Consensus
Pampa Energia S.A. price-consensus-chart | Pampa Energia S.A. Quote
AngioDynamics, Inc. ANGO: This medical technology company has seen the Zacks Consensus Estimate for its current year earnings increasing 31.7% over the last 60 days.
AngioDynamics, Inc. Price and Consensus
AngioDynamics, Inc. price-consensus-chart | AngioDynamics, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Aug 22 (Reuters) - Canadian National Railway Co CNR.TO:
LCNB CORP. ANNOUNCES 2024 THIRD QUARTER DIVIDEND
LCNB CORP - DECLARES QUARTERLY DIVIDEND OF $0.22 PER SHARE
Source text for Eikon: (Full Story)
Further company coverage: CNR.TO
Investors might want to bet on First Mid Bancshares , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for First Mid Bancshares is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For First Mid Bancshares, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for First Mid Bancshares
This bank holding company is expected to earn $3.40 per share for the fiscal year ending December 2024, which represents a year-over-year change of -2.9%.
Analysts have been steadily raising their estimates for First Mid Bancshares. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.3%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of First Mid Bancshares to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
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