First Merchants Co. (NASDAQ:FRME) President Michael J. Stewart Sells 7,248 Shares

First Merchants Co. (NASDAQ:FRME) President Michael J. Stewart sold 7,248 shares of First Merchants stock in a transaction on Monday, December 16th. The stock was sold at an average price of $43.73, for a total value of $316,955.04. Following the transaction, the president now directly owns 92,664 shares of the company’s stock, valued at $4,052,196.72. This trade represents a 7.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Merchants Trading Down 1.2 %

First Merchants stock traded down $0.51 during midday trading on Tuesday, reaching $43.26. The stock had a trading volume of 138,435 shares, compared to its average volume of 255,116. The stock’s 50-day simple moving average is $40.93 and its 200 day simple moving average is $37.58. First Merchants Co. has a twelve month low of $30.55 and a twelve month high of $46.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $2.54 billion, a PE ratio of 14.34 and a beta of 1.05.

First Merchants (NASDAQ:FRME) last issued its earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). The firm had revenue of $265.95 million for the quarter, compared to analysts’ expectations of $160.55 million. First Merchants had a return on equity of 8.94% and a net margin of 16.94%. During the same quarter in the previous year, the firm posted $0.94 EPS. Analysts expect that First Merchants Co. will post 3.38 EPS for the current year.

First Merchants Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 3.24%. First Merchants’s dividend payout ratio is currently 46.20%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. boosted its position in First Merchants by 108.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock valued at $28,000 after buying an additional 390 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of First Merchants in the second quarter worth about $34,000. Quest Partners LLC purchased a new position in First Merchants in the second quarter valued at about $45,000. Blue Trust Inc. grew its stake in First Merchants by 78.9% during the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock valued at $70,000 after purchasing an additional 835 shares in the last quarter. Finally, CWM LLC increased its holdings in First Merchants by 511.5% during the 2nd quarter. CWM LLC now owns 1,920 shares of the bank’s stock worth $64,000 after purchasing an additional 1,606 shares during the last quarter. Institutional investors and hedge funds own 73.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FRME. Piper Sandler dropped their price objective on First Merchants from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Keefe, Bruyette & Woods lifted their price target on shares of First Merchants from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

First Merchants Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.