Key Points
- Director Larry Myers sold 10,000 shares of First Merchants at an average price of $41.50, totaling about $415,000. The sale reduced his ownership by 9.11%, leaving him with 99,751 shares.
- First Merchants shares were down 2.2% and opened at $41.15, with the stock trading near its 52-week high of $43.22. The company has a market cap of $2.59 billion and a P/E ratio of 12.10.
- The bank raised its quarterly dividend to $0.37 per share, or $1.48 annually, for a yield of 3.6%. Analysts currently rate the stock a consensus Hold, with an average target price of $48.33.
First Merchants Corporation (NASDAQ:FRME - Get Free Report) Director Larry Myers sold 10,000 shares of the business'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 completion of the sale, the director owned 99,751 shares in the company, valued at approximately $4,139,666.50. This trade represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
First Merchants Stock Down 2.2%
Shares of FRME opened at $41.15 on Tuesday. The firm has a market cap of $2.59 billion, a P/E ratio of 12.10 and a beta of 0.85. First Merchants Corporation has a 12-month low of $34.66 and a 12-month high of $43.22. The company's 50-day moving average price is $40.32 and its 200 day moving average price is $39.31. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.52.
First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.07. The firm had revenue of $163.53 million for the quarter, compared to analyst estimates of $201.91 million. First Merchants had a net margin of 18.87% and a return on equity of 9.58%. During the same period in the previous year, the firm earned $1.00 EPS. On average, sell-side analysts forecast that First Merchants Corporation will post 4.24 earnings per share for the current year.
First Merchants Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. This is a boost from First Merchants's previous quarterly dividend of $0.36. The ex-dividend date is Friday, June 5th. First Merchants's payout ratio is currently 43.53%.
Analysts Set New Price Targets
A number of analysts have issued reports on FRME shares. Weiss Ratings lowered shares of First Merchants from a "buy (b)" rating to a "hold (c+)" rating in a research note on Monday, May 18th. Wall Street Zen upgraded shares of First Merchants from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $48.33.
Check Out Our Latest Stock Analysis on First Merchants
Hedge Funds Weigh In On First Merchants
Hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL increased its stake in First Merchants by 121.1% in the third quarter. Tudor Investment Corp ET AL now owns 98,523 shares of the bank's stock valued at $3,714,000 after purchasing an additional 53,953 shares during the last quarter. Victory Capital Management Inc. increased its stake in First Merchants by 8.4% in the third quarter. Victory Capital Management Inc. now owns 947,498 shares of the bank's stock valued at $35,721,000 after purchasing an additional 73,725 shares during the last quarter. Elo Mutual Pension Insurance Co increased its stake in First Merchants by 137.4% in the third quarter. Elo Mutual Pension Insurance Co now owns 37,124 shares of the bank's stock valued at $1,400,000 after purchasing an additional 21,486 shares during the last quarter. Capital International Investors increased its stake in First Merchants by 64.4% in the third quarter. Capital International Investors now owns 1,346,300 shares of the bank's stock valued at $50,756,000 after purchasing an additional 527,545 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake in First Merchants by 16.4% in the third quarter. William Blair Investment Management LLC now owns 843,174 shares of the bank's stock valued at $31,788,000 after purchasing an additional 118,495 shares during the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.
First Merchants Company Profile
(
Get Free Report)
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.
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