BlackRock Institutional Trust Company N.A. increased its position in shares of First Merchants Corp. (NASDAQ:FRME) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,124,355 shares of the company’s stock after buying an additional 37,002 shares during the period. BlackRock Institutional Trust Company N.A. owned about 2.76% of First Merchants Corp. worth $26,501,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System increased its position in shares of First Merchants Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 70,054 shares of the company’s stock valued at $1,781,000 after buying an additional 1,248 shares during the last quarter. Allianz Asset Management AG increased its position in shares of First Merchants Corp. by 5.1% in the fourth quarter. Allianz Asset Management AG now owns 1,168,003 shares of the company’s stock valued at $29,711,000 after buying an additional 56,916 shares during the last quarter. Susquehanna International Group LLP increased its position in shares of First Merchants Corp. by 138.4% in the fourth quarter. Susquehanna International Group LLP now owns 67,965 shares of the company’s stock valued at $1,728,000 after buying an additional 39,453 shares during the last quarter. Teachers Advisors Inc. increased its position in shares of First Merchants Corp. by 5.2% in the first quarter. Teachers Advisors Inc. now owns 74,610 shares of the company’s stock valued at $1,759,000 after buying an additional 3,665 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of First Merchants Corp. by 1.2% in the fourth quarter. Morgan Stanley now owns 63,607 shares of the company’s stock valued at $1,617,000 after buying an additional 767 shares during the last quarter.
First Merchants Corp. (NASDAQ:FRME) traded up 3.16% on Wednesday, hitting $26.45. The stock had a trading volume of 117,693 shares. The company has a 50-day moving average price of $25.11 and a 200-day moving average price of $24.05. First Merchants Corp. has a 1-year low of $21.10 and a 1-year high of $27.60. The stock has a market capitalization of $1.08 billion and a price-to-earnings ratio of 15.38.
Several research analysts have commented on the company. Zacks Investment Research raised First Merchants Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Keefe, Bruyette & Woods boosted their target price on First Merchants Corp. from $27.00 to $28.50 and gave the stock an “outperform” rating in a research note on Wednesday. DA Davidson assumed coverage on First Merchants Corp. in a research note on Thursday, July 21st. They set a “buy” rating and a $29.00 target price for the company. Finally, Piper Jaffray Cos. assumed coverage on First Merchants Corp. in a research note on Monday, July 11th. They set a “neutral” rating and a $27.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $27.90.
In other First Merchants Corp. news, Director Roderick English sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $24.90, for a total value of $62,250.00. Following the completion of the transaction, the director now owns 8,306 shares in the company, valued at approximately $206,819.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
First Merchants Corporation is a financial holding Company. The Company has a bank charter, First Merchants Bank, National Association (the Bank), which is opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Ameriana Bank, Ameriana Financial Services and First Merchants Trust Company as divisions of First Merchants Bank, N.A.
