First Mid Bancshares initiated with an Outperform at Keefe Bruyette

Keefe Bruyette analyst Tim Switzer initiated coverage of First Mid Bancshares with an Outperform rating and $34 price target, which provides a 32% total return. First Mid is a high-quality community bank with a strong deposit franchise, mid- to high-single-digit organic loan growth, an attractive business mix and stable credit performance, the analyst tells investors in a research note. The firm expects the bank’s “top-quartile” return profile to drive a valuation re-rating of the shares.