First Merchants Corp. (FRME) Price Target Raised to $30.00 at DA Davidson
First Merchants Corp. (NASDAQ:FRME) had its price target raised by DA Davidson from $29.00 to $30.00 in a report released on Wednesday. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target suggests a potential upside of 12.91% from the company’s current price.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of First Merchants Corp. from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Monday, June 13th. Piper Jaffray Cos. began coverage on shares of First Merchants Corp. in a research note on Monday, July 11th. They set a “neutral” rating and a $27.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Merchants Corp. from $27.00 to $28.50 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $28.10.
Shares of First Merchants Corp. (NASDAQ:FRME) traded up 0.34% during trading on Wednesday, reaching $26.66. 7,577 shares of the company’s stock were exchanged. The company’s 50-day moving average is $26.98 and its 200 day moving average is $25.40. First Merchants Corp. has a 52 week low of $21.10 and a 52 week high of $27.60. The stock has a market capitalization of $1.09 billion, a PE ratio of 15.29 and a beta of 1.06.
First Merchants Corp. (NASDAQ:FRME) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. First Merchants Corp. had a net margin of 22.88% and a return on equity of 8.18%. On average, analysts forecast that First Merchants Corp. will post $1.90 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, August 31st. First Merchants Corp.’s dividend payout ratio (DPR) is presently 32.18%.
In other First Merchants Corp. news, insider Michael J. Stewart sold 3,500 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.24, for a total value of $95,340.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John Martin sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $26.92, for a total transaction of $134,600.00. Following the completion of the sale, the insider now owns 31,921 shares in the company, valued at $859,313.32. The disclosure for this sale can be found here. 1.62% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of FRME. Metropolitan Life Insurance Co. NY boosted its stake in shares of First Merchants Corp. by 2.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 27,620 shares of the company’s stock valued at $651,000 after buying an additional 552 shares during the period. Legal & General Group Plc boosted its stake in shares of First Merchants Corp. by 8.6% in the first quarter. Legal & General Group Plc now owns 5,953 shares of the company’s stock valued at $140,000 after buying an additional 470 shares during the period. Pinnacle Holdings LLC boosted its stake in shares of First Merchants Corp. by 6.5% in the first quarter. Pinnacle Holdings LLC now owns 20,569 shares of the company’s stock valued at $485,000 after buying an additional 1,249 shares during the period. Renaissance Technologies LLC boosted its stake in shares of First Merchants Corp. by 1.0% in the first quarter. Renaissance Technologies LLC now owns 797,029 shares of the company’s stock valued at $18,786,000 after buying an additional 7,995 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of First Merchants Corp. by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,410,785 shares of the company’s stock valued at $33,252,000 after buying an additional 194,382 shares during the period. Hedge funds and other institutional investors own 75.24% of the company’s stock.
First Merchants Corp. Company Profile
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.
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