First Merchants Corporation (FRME) To Go Ex-Dividend on August 30th
First Merchants Corporation (NASDAQ:FRME) declared a quarterly dividend on Monday, August 14th, Wall Street Journal reports. Shareholders of record on Friday, September 1st will be given a dividend of 0.18 per share by the bank on Friday, September 15th. This represents a $0.72 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, August 30th.
First Merchants Corporation (NASDAQ:FRME) opened at 39.37 on Tuesday. The firm’s 50-day moving average is $39.78 and its 200 day moving average is $40.11. First Merchants Corporation has a 52-week low of $25.84 and a 52-week high of $43.48. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 17.98 and a beta of 0.92.
First Merchants Corporation (NASDAQ:FRME) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. The firm had revenue of $81.53 million during the quarter, compared to analysts’ expectations of $78.75 million. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. On average, equities research analysts predict that First Merchants Corporation will post $2.32 EPS for the current fiscal year.
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A number of analysts recently commented on FRME shares. Zacks Investment Research upgraded First Merchants Corporation from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Monday, July 31st. BidaskClub cut First Merchants Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine upgraded First Merchants Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Piper Jaffray Companies restated a “hold” rating on shares of First Merchants Corporation in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. First Merchants Corporation currently has an average rating of “Buy” and a consensus price target of $39.00.
In other news, Director Terry L. Walker sold 1,221 shares of First Merchants Corporation stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $42.30, for a total value of $51,648.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark K. Hardwick sold 1,851 shares of First Merchants Corporation 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 completion of the transaction, the insider now directly owns 75,120 shares in the company, valued at $2,981,512.80. The disclosure for this sale can be found here. Insiders acquired a total of 65 shares of company stock valued at $2,616 in the last 90 days. 1.41% of the stock is owned by company insiders.
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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