Manning & Napier Advisors LLC bought a new position in First Merchants Corporation (NASDAQ:FRME – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 48,389 shares of the bank’s stock, valued at approximately $3,328,000. Manning & Napier Advisors LLC owned 0.08% of First Merchants at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of First Merchants by 27,081,812.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 15,165,871 shares of the bank’s stock worth $568,417,000 after buying an additional 15,165,815 shares during the period. BlackRock Inc. purchased a new position in First Merchants during the second quarter valued at approximately $232,637,000. William Blair Investment Management LLC purchased a new position in First Merchants during the second quarter valued at approximately $27,195,000. Bank of New York Mellon Corp bought a new position in shares of First Merchants in the second quarter worth approximately $18,156,000. Finally, FJ Capital Management LLC increased its stake in shares of First Merchants by 115.0% in the fourth quarter. FJ Capital Management LLC now owns 633,668 shares of the bank’s stock worth $23,750,000 after purchasing an additional 338,950 shares in the last quarter. 73.92% of the stock is owned by institutional investors.
Insider Buying and Selling at First Merchants
In other news, Director Larry W. Myers sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $41.50, for a total transaction of $415,000.00. Following the sale, the director directly owned 99,751 shares in the company, valued at approximately $4,139,666.50. This represents a 9.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Get Our Latest Stock Report on FRME
First Merchants Trading Down 0.3%
Shares of First Merchants stock opened at $41.92 on Tuesday. First Merchants Corporation has a twelve month low of $34.66 and a twelve month high of $45.33. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.56. The business has a 50-day moving average price of $42.95 and a 200-day moving average price of $40.98. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 13.44 and a beta of 0.84.
First Merchants (NASDAQ:FRME – Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.28). The firm had revenue of $202.49 million during the quarter, compared to analysts’ expectations of $202.78 million. First Merchants had a return on equity of 8.86% and a net margin of 17.05%. Equities research analysts anticipate that First Merchants Corporation will post 3.94 EPS for the current fiscal year.
First Merchants Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, September 4th. This represents a $1.48 annualized dividend and a yield of 3.5%. First Merchants’s dividend payout ratio (DPR) is 47.44%.
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.
Featured Stories
- Five stocks we like better than First Merchants
- Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters
- Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain
- Snowflake Could Be Headed for New Highs Despite Insider Selling
- MongoDB Is Surging—And the Next Catalyst Is Almost Here
Receive News & Ratings for First Merchants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants and related companies with MarketBeat.com's FREE daily email newsletter.
