First Mid-Illinois Bancshares price target raised to $34 from $32 at Stephens

Stephens analyst Terry McEvoy raised the firm’s price target on First Mid-Illinois Bancshares to $34 from $32 and keeps an Overweight rating on the shares. The company’s quarterly results exceeded expectations, which reflected a better net interest margin performance and proactive measures taken in Q1 to control expenses, the analyst tells investors. The company’s fee businesses had a solid quarter, and the bank has received all regulatory approvals to move forward with its merger with Blackhawk Bank.