First Merchants Corporation (NASDAQ:FRME) Given Consensus Recommendation of “Hold” by Brokerages

Shares of First Merchants Corporation (NASDAQ:FRME) have been given an average rating of “Hold” by the six analysts that are currently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $47.75.

Several analysts recently weighed in on the stock. Zacks Research downgraded shares of First Merchants from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Weiss Ratings restated a “hold (c+)” rating on shares of First Merchants in a research note on Monday, December 29th. Finally, Piper Sandler raised their price target on First Merchants from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 4th.

Insider Transactions at First Merchants

In other news, insider Eva D. Scurlock sold 3,227 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $42.29, for a total transaction of $136,469.83. Following the sale, the insider owned 20,063 shares of the company’s stock, valued at approximately $848,464.27. This represents a 13.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Larry W. Myers sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $41.50, for a total transaction of $207,500.00. Following the completion of the transaction, the vice president directly owned 109,491 shares of the company’s stock, valued at approximately $4,543,876.50. The trade was a 4.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On First Merchants

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in First Merchants by 9.9% during the 3rd quarter. Allworth Financial LP now owns 3,100 shares of the bank’s stock worth $117,000 after buying an additional 279 shares in the last quarter. EJF Capital LLC grew its stake in shares of First Merchants by 2.6% in the second quarter. EJF Capital LLC now owns 11,884 shares of the bank’s stock worth $455,000 after acquiring an additional 303 shares in the last quarter. Chicago Partners Investment Group LLC increased 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 period. GAMMA Investing LLC raised its stake in shares of First Merchants by 62.1% in the fourth quarter. GAMMA Investing LLC now owns 987 shares of the bank’s stock valued at $37,000 after acquiring an additional 378 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of First Merchants by 0.8% in the second quarter. California State Teachers Retirement System now owns 54,058 shares of the bank’s stock valued at $2,070,000 after acquiring an additional 417 shares in the last quarter. 73.92% of the stock is owned by hedge funds and other institutional investors.

First Merchants Stock Performance

NASDAQ FRME opened at $37.85 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market capitalization of $2.40 billion, a P/E ratio of 9.73 and a beta of 0.93. The firm’s 50-day moving average is $39.35 and its two-hundred day moving average is $38.18. First Merchants has a 12 month low of $33.13 and a 12 month high of $43.22.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Monday, January 26th. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $178.36 million during the quarter, compared to analysts’ expectations of $172.89 million. First Merchants had a net margin of 21.49% and a return on equity of 9.58%. During the same period last year, the business earned $1.10 earnings per share. On average, sell-side analysts anticipate that First Merchants will post 3.79 earnings per share for the current year.

First Merchants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.44 annualized dividend and a yield of 3.8%. First Merchants’s dividend payout ratio is presently 37.02%.

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.