Systematic Financial Management LP increased its position in First Merchants Corporation (NASDAQ:FRME – Free Report) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 778,328 shares of the bank’s stock after buying an additional 16,286 shares during the period. Systematic Financial Management LP owned 1.35% of First Merchants worth $29,172,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of First Merchants by 27,081,812.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 15,165,871 shares of the bank’s stock valued at $568,417,000 after buying an additional 15,165,815 shares during the period. State Street Corp boosted its stake in First Merchants by 0.3% during the 2nd quarter. State Street Corp now owns 2,005,625 shares of the bank’s stock valued at $76,815,000 after purchasing an additional 6,924 shares during the last quarter. Capital International Investors boosted its stake in First Merchants by 64.4% during the 3rd quarter. Capital International Investors now owns 1,346,300 shares of the bank’s stock valued at $50,756,000 after purchasing an additional 527,545 shares during the last quarter. Victory Capital Management Inc. boosted its stake in First Merchants by 8.4% during the 3rd quarter. Victory Capital Management Inc. now owns 947,498 shares of the bank’s stock valued at $35,721,000 after purchasing an additional 73,725 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in First Merchants by 16.4% during the 3rd quarter. William Blair Investment Management LLC now owns 843,174 shares of the bank’s stock valued at $31,788,000 after purchasing an additional 118,495 shares during the last quarter. 73.92% of the stock is currently owned by institutional investors and hedge funds.
First Merchants Price Performance
FRME stock opened at $40.14 on Friday. The company has a market capitalization of $2.53 billion, a P/E ratio of 11.81 and a beta of 0.86. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.92 and a current ratio of 0.94. First Merchants Corporation has a 52-week low of $34.66 and a 52-week high of $43.22. The business has a 50-day simple moving average of $39.41 and a two-hundred day simple moving average of $38.78.
First Merchants Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.48 annualized dividend and a dividend yield of 3.7%. This is an increase from First Merchants’s previous quarterly dividend of $0.36. First Merchants’s payout ratio is 42.35%.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings downgraded First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday, May 18th. Finally, Piper Sandler lifted their price target on First Merchants from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, February 4th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $48.33.
Check Out Our Latest Stock Analysis on First Merchants
Insider Activity at First Merchants
In other First Merchants news, VP Larry W. Myers sold 5,000 shares of First Merchants stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $41.50, for a total transaction of $207,500.00. Following the transaction, the vice president owned 109,491 shares of the company’s stock, valued at $4,543,876.50. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.77% of the stock is currently owned by corporate insiders.
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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