First Merchants Corporation (NASDAQ:FRME – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $38.42 and traded as high as $40.72. First Merchants shares last traded at $40.44, with a volume of 381,806 shares changing hands.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Piper Sandler increased their target price on shares of First Merchants from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, February 4th. Weiss Ratings raised shares of First Merchants from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Merchants currently has an average rating of “Moderate Buy” and an average price target of $48.33.
Read Our Latest Report on First Merchants
First Merchants Price Performance
First Merchants (NASDAQ:FRME – Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.07. The firm had revenue of $163.53 million for the quarter, compared to analysts’ expectations of $201.91 million. First Merchants had a return on equity of 9.85% and a net margin of 18.87%.During the same period in the prior year, the business earned $1.00 EPS. As a group, research analysts expect that First Merchants Corporation will post 4.24 EPS for the current fiscal year.
First Merchants Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Friday, March 6th. First Merchants’s dividend payout ratio is presently 42.35%.
Insider Buying and Selling
In other First Merchants news, insider Eva D. Scurlock sold 3,227 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $42.29, for a total transaction of $136,469.83. Following the transaction, the insider directly owned 20,063 shares in the company, valued at approximately $848,464.27. This represents a 13.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Larry W. Myers sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $41.50, for a total value of $207,500.00. Following the transaction, the vice president owned 109,491 shares in the company, valued at $4,543,876.50. The trade was a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.77% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On First Merchants
A number of institutional investors and hedge funds have recently modified their holdings of FRME. BridgePort Financial Solutions LLC bought a new position in shares of First Merchants in the 3rd quarter worth $2,105,000. Vest Financial LLC bought a new position in shares of First Merchants in the 3rd quarter worth $1,297,000. Victory Capital Management Inc. lifted its holdings in shares of First Merchants by 8.4% in the 3rd quarter. Victory Capital Management Inc. now owns 947,498 shares of the bank’s stock worth $35,721,000 after purchasing an additional 73,725 shares in the last quarter. Bailard Inc. bought a new position in shares of First Merchants in the 3rd quarter worth $754,000. Finally, ProShare Advisors LLC lifted its holdings in shares of First Merchants by 84.2% in the 3rd quarter. ProShare Advisors LLC now owns 323,180 shares of the bank’s stock worth $12,184,000 after purchasing an additional 147,704 shares in the last quarter. 73.92% of the stock is currently owned by institutional investors.
About First Merchants
First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.
On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.
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