Is First Mid Bancshares, Inc. overvalued or undervalued?

As of 12 May 2025, the valuation grade for First Mid Bancshares, Inc. has moved from fair to very attractive, indicating a significant improvement in its perceived value. The company is currently considered undervalued. Key ratios include a P/E ratio of 11, a Price to Book Value of 1.02, and an EV to EBITDA of 11.36, all of which suggest that the stock is trading at a discount compared to its earnings and asset values.
In comparison to its peers, First Mid Bancshares, Inc. has a more favorable P/E ratio of 10.68 when compared to German American Bancorp, Inc. at 18.35, which is classified as expensive. Additionally, Republic Bancorp, Inc. also shows a very attractive P/E of 10.09, reinforcing the notion that First Mid is positioned well within its industry. Notably, the company's stock has outperformed the S&P 500 over the past year, returning 20.11% compared to the index's 10.26%, further supporting the case for its undervaluation.