First Merchants Corp Lowers Position in First Merchants Co. (NASDAQ:FRME)

First Merchants Corp decreased its holdings in shares of First Merchants Co. (NASDAQ:FRME) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 549,693 shares of the bank’s stock after selling 12,966 shares during the period. First Merchants makes up about 0.8% of First Merchants Corp’s holdings, making the stock its 27th largest holding. First Merchants Corp owned 0.94% of First Merchants worth $21,927,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in First Merchants by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,400,821 shares of the bank’s stock worth $52,120,000 after buying an additional 11,430 shares in the last quarter. Principal Financial Group Inc. grew its position in First Merchants by 1.3% in the third quarter. Principal Financial Group Inc. now owns 886,088 shares of the bank’s stock worth $32,962,000 after acquiring an additional 11,521 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in First Merchants by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 722,148 shares of the bank’s stock worth $26,864,000 after acquiring an additional 5,367 shares in the last quarter. Systematic Financial Management LP increased its stake in First Merchants by 15.8% in the third quarter. Systematic Financial Management LP now owns 682,675 shares of the bank’s stock valued at $25,396,000 after acquiring an additional 93,319 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its position in First Merchants by 93.3% during the third quarter. Eagle Asset Management Inc. now owns 424,130 shares of the bank’s stock valued at $15,778,000 after purchasing an additional 204,736 shares in the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

First Merchants Price Performance

FRME opened at $44.75 on Friday. The stock’s 50 day moving average price is $41.48 and its 200-day moving average price is $39.63. First Merchants Co. has a 52-week low of $30.55 and a 52-week high of $46.13. The stock has a market capitalization of $2.63 billion, a PE ratio of 13.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.89 and a current ratio of 0.90.

First Merchants (NASDAQ:FRME) last issued its quarterly earnings data on Thursday, January 30th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.10. First Merchants had a net margin of 18.76% and a return on equity of 9.23%. On average, equities research analysts predict that First Merchants Co. will post 3.71 EPS for the current year.

First Merchants Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 3.13%. First Merchants’s dividend payout ratio (DPR) is presently 40.94%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Keefe, Bruyette & Woods upped their target price on First Merchants from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Hovde Group raised shares of First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $50.00 target price (up previously from $42.00) on shares of First Merchants in a research report on Friday, January 31st. Finally, Piper Sandler restated an “overweight” rating and set a $55.00 price target (up from $52.00) on shares of First Merchants in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, First Merchants has a consensus rating of “Moderate Buy” and an average price target of $49.00.

Insider Buying and Selling at First Merchants

In other First Merchants news, President Michael J. Stewart sold 7,248 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $43.73, for a total value of $316,955.04. Following the completion of the transaction, the president now owns 92,664 shares in the company, valued at approximately $4,052,196.72. This represents a 7.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.32% of the company’s stock.

About First Merchants

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.