First Merchants Corporation (NASDAQ:FRME) Given Average Rating of “Moderate Buy” by Brokerages

Shares of First Merchants Corporation (NASDAQ:FRME) have been given an average rating of “Moderate Buy” by the six research firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $49.00.

Several research analysts have recently weighed in on the stock. Piper Sandler boosted their price target on shares of First Merchants from $49.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings upgraded First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen raised shares of First Merchants from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th.

First Merchants Stock Down 2.8%

Shares of FRME opened at $42.02 on Thursday. The stock has a 50 day moving average price of $42.92 and a 200 day moving average price of $40.95. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 13.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.95 and a current ratio of 0.95. First Merchants has a one year low of $34.66 and a one year high of $45.33.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.74 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.28). First Merchants had a return on equity of 8.86% and a net margin of 17.05%.The business had revenue of $202.49 million during the quarter, compared to analysts’ expectations of $202.78 million. Equities research analysts forecast that First Merchants will post 3.94 earnings per share for the current fiscal year.

First Merchants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, September 4th. First Merchants’s dividend payout ratio (DPR) is 47.44%.

Insider Buying and Selling at First Merchants

In related news, Director Larry W. Myers sold 10,000 shares of First Merchants stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $41.50, for a total value of $415,000.00. Following the completion of the transaction, the director owned 99,751 shares in the company, valued at approximately $4,139,666.50. The trade was a 9.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.77% of the company’s stock.

Institutional Investors Weigh In On First Merchants

A number of hedge funds have recently bought and sold shares of the stock. Waterfront Wealth Inc. raised its holdings in First Merchants by 1.0% in the first quarter. Waterfront Wealth Inc. now owns 28,184 shares of the bank’s stock valued at $1,092,000 after acquiring an additional 275 shares in the last quarter. GAMMA Investing LLC boosted its stake in First Merchants by 24.9% in the second quarter. GAMMA Investing LLC now owns 1,403 shares of the bank’s stock valued at $61,000 after acquiring an additional 280 shares in the last quarter. Allworth Financial LP grew its stake in First Merchants by 10.5% during the 4th quarter. Allworth Financial LP now owns 3,424 shares of the bank’s stock worth $128,000 after buying an additional 324 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in shares of First Merchants by 1.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 25,264 shares of the bank’s stock worth $962,000 after acquiring an additional 335 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in First Merchants by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 54,058 shares of the bank’s stock worth $2,070,000 after purchasing an additional 417 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

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.