First Merchants (NASDAQ:FRME) VP Sells $207,500.00 in Stock

First Merchants Corporation (NASDAQ:FRME) VP Larry Myers sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $41.50, for a total value of $207,500.00. Following the completion of the transaction, the vice president directly owned 109,491 shares in the company, valued at $4,543,876.50. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

First Merchants Trading Down 4.8%

First Merchants stock opened at $39.08 on Friday. First Merchants Corporation has a 12-month low of $33.13 and a 12-month high of $44.33. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 10.05 and a beta of 0.94. The firm has a 50 day moving average of $39.55 and a 200 day moving average of $38.62. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.36.

First Merchants (NASDAQ:FRME) last issued its quarterly earnings results on Monday, January 26th. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $178.36 million for the quarter, compared to the consensus estimate of $172.89 million. First Merchants had a net margin of 21.49% and a return on equity of 9.68%. During the same quarter in the previous year, the firm earned $1.10 earnings per share. As a group, research analysts predict that First Merchants Corporation will post 3.79 earnings per share for the current year.

First Merchants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, March 6th. First Merchants’s dividend payout ratio is presently 37.02%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Piper Sandler upped their price objective on First Merchants from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 4th. Zacks Research downgraded First Merchants from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of First Merchants in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, First Merchants has a consensus rating of “Hold” and an average target price of $47.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC raised its stake in First Merchants by 19.5% during the first quarter. AQR Capital Management LLC now owns 118,650 shares of the bank’s stock valued at $4,798,000 after purchasing an additional 19,375 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of First Merchants by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank’s stock worth $1,404,000 after buying an additional 1,522 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First Merchants by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank’s stock valued at $5,370,000 after buying an additional 8,212 shares in the last quarter. Jane Street Group LLC raised its position in shares of First Merchants by 941.6% during the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank’s stock valued at $4,362,000 after buying an additional 97,504 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of First Merchants by 42.6% in the 1st quarter. Intech Investment Management LLC now owns 43,260 shares of the bank’s stock valued at $1,749,000 after acquiring an additional 12,922 shares during the last quarter. 73.92% of the stock is owned by hedge funds and other institutional investors.

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.