First Merchants (NASDAQ:FRME) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Merchants (NASDAQ:FRME) released its quarterly earnings data on Monday. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02, FiscalAI reports. First Merchants had a net margin of 22.04% and a return on equity of 9.82%. The business had revenue of $178.36 million during the quarter, compared to analyst estimates of $172.89 million.

First Merchants Trading Down 0.2%

Shares of FRME traded down $0.08 during mid-day trading on Monday, reaching $38.01. The company’s stock had a trading volume of 403,357 shares, compared to its average volume of 267,764. First Merchants has a 52 week low of $33.13 and a 52 week high of $45.62. The stock has a market cap of $2.20 billion, a PE ratio of 9.50 and a beta of 0.93. The company’s fifty day moving average price is $37.74 and its two-hundred day moving average price is $38.35. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.36.

First Merchants Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, December 5th. First Merchants’s payout ratio is presently 36.00%.

Institutional Trading of First Merchants

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in shares of 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 buying an additional 604 shares during the period. Cerity Partners LLC bought a new position in First Merchants during the 2nd quarter worth approximately $203,000. CIBC Bancorp USA Inc. purchased a new position in First Merchants in the 3rd quarter worth approximately $235,000. Orion Porfolio Solutions LLC lifted its position in First Merchants by 10.9% in the second quarter. Orion Porfolio Solutions LLC now owns 6,489 shares of the bank’s stock valued at $249,000 after purchasing an additional 639 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of First Merchants during the third quarter valued at approximately $285,000. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FRME. Zacks Research cut shares of First Merchants from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Piper Sandler reduced their price target on shares of First Merchants from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of First Merchants in a research note on Monday, December 29th. Finally, Stephens restated an “equal weight” rating and issued a $46.00 target price on shares of First Merchants in a research note on Monday, September 29th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, First Merchants currently has an average rating of “Hold” and a consensus price target of $47.60.

First Merchants Company 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.