ProShare Advisors LLC cut its stake in First Merchants Corporation (NASDAQ:FRME – Free Report) by 47.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 169,166 shares of the bank’s stock after selling 154,014 shares during the period. ProShare Advisors LLC’s holdings in First Merchants were worth $6,340,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in First Merchants by 361.7% in the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock worth $30,000 after acquiring an additional 604 shares in the last quarter. GAMMA Investing LLC grew its position in First Merchants by 62.1% in the fourth quarter. GAMMA Investing LLC now owns 987 shares of the bank’s stock worth $37,000 after acquiring an additional 378 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in First Merchants in the fourth quarter worth $37,000. GGM Financials LLC purchased a new stake in First Merchants during the third quarter valued at about $64,000. Finally, State of Alaska Department of Revenue purchased a new stake in First Merchants during the third quarter valued at about $92,000. 73.92% of the stock is currently owned by hedge funds and other institutional investors.
First Merchants Stock Performance
NASDAQ FRME opened at $40.14 on Friday. The company has a 50-day simple moving average of $39.41 and a two-hundred day simple moving average of $38.78. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.52. First Merchants Corporation has a 12-month low of $34.66 and a 12-month high of $43.22. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 11.81 and a beta of 0.86.
First Merchants Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.37 per share. This is an increase from First Merchants’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, June 5th. First Merchants’s dividend payout ratio (DPR) is currently 42.35%.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Piper Sandler upped their price target 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. Wall Street Zen upgraded shares of First Merchants from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings lowered shares of First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a research report on Monday. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $48.33.
Read Our Latest Stock Report on First Merchants
Insider Buying and Selling at First Merchants
In other news, VP Larry W. Myers sold 5,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $41.50, for a total transaction of $207,500.00. Following the completion of the sale, the vice president directly owned 109,491 shares in the company, valued at approximately $4,543,876.50. This represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.77% of the company’s stock.
First Merchants Profile
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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