Russell Investments Group Ltd. cut its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 13.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 271,024 shares of the bank’s stock after selling 42,656 shares during the period. Russell Investments Group Ltd. owned 0.66% of First Merchants Corporation worth $10,878,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FRME. BlackRock Inc. boosted its position in First Merchants Corporation by 17,626.9% in the first quarter. BlackRock Inc. now owns 3,402,680 shares of the bank’s stock valued at $133,795,000 after buying an additional 3,383,485 shares in the last quarter. JPMorgan Chase & Co. boosted its position in First Merchants Corporation by 181.0% in the first quarter. JPMorgan Chase & Co. now owns 813,654 shares of the bank’s stock valued at $31,993,000 after buying an additional 524,053 shares in the last quarter. Bank of New York Mellon Corp boosted its position in First Merchants Corporation by 122.5% in the first quarter. Bank of New York Mellon Corp now owns 595,009 shares of the bank’s stock valued at $23,395,000 after buying an additional 327,556 shares in the last quarter. Principal Financial Group Inc. boosted its position in First Merchants Corporation by 141.9% in the first quarter. Principal Financial Group Inc. now owns 350,903 shares of the bank’s stock valued at $13,798,000 after buying an additional 205,871 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in First Merchants Corporation by 181.9% in the first quarter. Wells Fargo & Company MN now owns 261,646 shares of the bank’s stock valued at $10,287,000 after buying an additional 168,830 shares in the last quarter. 68.28% of the stock is owned by institutional investors and hedge funds.

First Merchants Corporation (NASDAQ:FRME) traded up 1.95% during trading on Monday, hitting $39.66. 52,723 shares of the company traded hands. First Merchants Corporation has a 12-month low of $25.84 and a 12-month high of $43.48. The stock has a 50-day moving average price of $40.11 and a 200-day moving average price of $40.07. The firm has a market capitalization of $1.95 billion, a P/E ratio of 18.11 and a beta of 0.92.

First Merchants Corporation (NASDAQ:FRME) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.02. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. The business had revenue of $81.53 million during the quarter, compared to the consensus estimate of $78.75 million. Equities analysts expect that First Merchants Corporation will post $2.32 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This piece was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece on another domain, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this piece can be read at https://www.thecerbatgem.com/2017/08/14/russell-investments-group-ltd-has-10-88-million-position-in-first-merchants-corporation-nasdaqfrme.html.

FRME has been the subject of several analyst reports. ValuEngine raised shares of First Merchants Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research raised shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Monday, May 15th. Finally, Piper Jaffray Companies reissued a “hold” rating on shares of First Merchants Corporation in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $39.33.

In other First Merchants Corporation news, Director Terry L. Walker sold 1,221 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $42.30, for a total value of $51,648.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark K. Hardwick sold 1,851 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total value of $73,466.19. Following the completion of the transaction, the insider now owns 75,120 shares of the company’s stock, valued at approximately $2,981,512.80. The disclosure for this sale can be found here. Insiders have purchased 65 shares of company stock valued at $2,616 in the last quarter. 1.41% of the stock is currently owned by corporate insiders.

First Merchants Corporation Company Profile

First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).

Want to see what other hedge funds are holding FRME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Merchants Corporation (NASDAQ:FRME).

Institutional Ownership by Quarter for First Merchants Corporation (NASDAQ:FRME)

Receive News & Stock Ratings for First Merchants Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants Corporation and related stocks with our FREE daily email newsletter.