First Merchants Corporation (NASDAQ:FRME – Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $39.06 and traded as high as $40.21. First Merchants shares last traded at $40.10, with a volume of 291,201 shares changing hands.
Analysts Set New Price Targets
Several research firms have recently commented on FRME. Weiss Ratings downgraded First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 18th. Wall Street Zen raised First Merchants from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, First Merchants presently has an average rating of “Hold” and a consensus price target of $48.33.
Get Our Latest Stock Analysis on FRME
First Merchants Stock Performance
First Merchants (NASDAQ:FRME – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.07. The company 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 9.58% and a net margin of 18.87%.During the same quarter in the previous year, the firm earned $1.00 earnings per share. As a group, analysts anticipate that First Merchants Corporation will post 4.24 earnings per share for the current year.
First Merchants Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors 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 is a positive change from First Merchants’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.7%. First Merchants’s payout ratio is presently 43.53%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 604 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in First Merchants by 325.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock worth $30,000 after purchasing an additional 609 shares during the last quarter. GAMMA Investing LLC boosted 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 purchasing an additional 378 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in First Merchants in the fourth quarter worth $37,000. Finally, Covestor Ltd boosted its position in First Merchants by 68.9% in the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock worth $39,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 73.92% of the company’s stock.
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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