First Merchants Corporation (FRME) Stake Cut by Intrust Bank NA
Intrust Bank NA cut its stake in First Merchants Corporation (NASDAQ:FRME) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,506 shares of the bank’s stock after selling 479 shares during the period. Intrust Bank NA owned approximately 0.06% of First Merchants Corporation worth $1,105,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of First Merchants Corporation during the first quarter valued at approximately $115,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of First Merchants Corporation by 6.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,979 shares of the bank’s stock valued at $117,000 after buying an additional 183 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of First Merchants Corporation during the first quarter valued at approximately $138,000. Meeder Asset Management Inc. boosted its stake in shares of First Merchants Corporation by 5.7% in the first quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock valued at $139,000 after buying an additional 190 shares during the last quarter. Finally, Invictus RG bought a new stake in shares of First Merchants Corporation during the first quarter valued at approximately $196,000. 68.28% of the stock is owned by institutional investors.
Shares of First Merchants Corporation (FRME) opened at 39.82 on Friday. First Merchants Corporation has a 52 week low of $25.84 and a 52 week high of $43.48. The firm has a 50-day moving average of $39.78 and a 200 day moving average of $40.11. The stock has a market cap of $1.96 billion, a PE ratio of 18.18 and a beta of 0.92.
First Merchants Corporation (NASDAQ:FRME) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. First Merchants Corporation had a net margin of 27.04% and a return on equity of 9.63%. The business had revenue of $81.53 million for the quarter, compared to analysts’ expectations of $78.75 million. On average, equities analysts forecast that First Merchants Corporation will post $2.32 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.18 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.81%. First Merchants Corporation’s dividend payout ratio (DPR) is presently 32.88%.
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Several brokerages have commented on FRME. Zacks Investment Research upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Wednesday. Piper Jaffray Companies reiterated a “hold” rating on shares of First Merchants Corporation in a research note on Thursday, August 3rd. BidaskClub cut shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $39.00.
In related news, insider Mark K. Hardwick sold 1,851 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total value of $73,466.19. Following the sale, the insider now directly owns 75,120 shares of the company’s stock, valued at approximately $2,981,512.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Terry L. Walker sold 1,221 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $42.30, for a total transaction of $51,648.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 65 shares of company stock worth $2,616. Corporate insiders own 1.41% of the company’s stock.
About First Merchants Corporation
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).
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