Short Interest in First Merchants Co. (NASDAQ:FRMEP) Drops By 79.3%

First Merchants Co. (NASDAQ:FRMEP) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 245 shares, a decline of 79.3% from the February 26th total of 1,182 shares. Based on an average daily volume of 670 shares, the days-to-cover ratio is currently 0.4 days. Based on an average daily volume of 670 shares, the days-to-cover ratio is currently 0.4 days.

First Merchants Stock Performance

First Merchants stock traded up $0.09 during mid-day trading on Wednesday, reaching $25.63. The company had a trading volume of 1,100 shares, compared to its average volume of 891. The business has a fifty day simple moving average of $25.77 and a 200 day simple moving average of $25.75. First Merchants has a fifty-two week low of $25.00 and a fifty-two week high of $27.09.

First Merchants Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 16th. Investors of record on Friday, January 30th were issued a dividend of $0.4688 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.88 annualized dividend and a dividend yield of 7.3%.

About First Merchants

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.