Sciencast Management LP Takes Position in First Merchants Co. (NASDAQ:FRME)

Sciencast Management LP bought a new stake in First Merchants Co. (NASDAQ:FRME) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,083 shares of the bank’s stock, valued at approximately $203,000.

Other institutional investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. raised 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 worth $28,000 after purchasing an additional 390 shares during the last quarter. Nisa Investment Advisors LLC raised its position in First Merchants by 139.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank’s stock worth $51,000 after purchasing an additional 750 shares during the last quarter. Allworth Financial LP raised its position in First Merchants by 270.1% in the 4th quarter. Allworth Financial LP now owns 2,728 shares of the bank’s stock worth $109,000 after purchasing an additional 1,991 shares during the last quarter. KBC Group NV raised its position in First Merchants by 27.9% in the 4th quarter. KBC Group NV now owns 3,052 shares of the bank’s stock worth $122,000 after purchasing an additional 665 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in First Merchants in the 3rd quarter worth approximately $153,000. Institutional investors own 73.92% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on FRME. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 target price (up previously from $52.00) on shares of First Merchants in a report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $50.00 target price (up previously from $42.00) on shares of First Merchants in a report on Friday, January 31st. Hovde Group raised shares of First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Merchants from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, First Merchants presently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

First Merchants Price Performance

Shares of FRME stock opened at $40.24 on Monday. First Merchants Co. has a 12-month low of $30.55 and a 12-month high of $46.13. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 11.77 and a beta of 1.05. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.41. The firm has a fifty day moving average of $42.11 and a 200-day moving average of $40.53.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Thursday, January 30th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.10. First Merchants had a net margin of 18.76% and a return on equity of 9.23%. On average, equities research analysts forecast that First Merchants Co. will post 3.79 earnings per share for the current year.

First Merchants Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, March 7th. First Merchants’s dividend payout ratio (DPR) is 40.94%.

First Merchants 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.