First Merchants Corporation to Issue Quarterly Dividend of $0.18 (FRME)
First Merchants Corporation (NASDAQ:FRME) declared a quarterly dividend on Tuesday, November 14th, Wall Street Journal reports. Investors of record on Friday, December 1st will be paid a dividend of 0.18 per share by the bank on Friday, December 15th. This represents a $0.72 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 30th.
Shares of First Merchants Corporation (FRME) traded up $0.06 during trading hours on Wednesday, reaching $40.73. The company had a trading volume of 106,200 shares, compared to its average volume of 195,200. First Merchants Corporation has a 52 week low of $31.37 and a 52 week high of $44.36. The company has a market capitalization of $1,998.64, a PE ratio of 17.76, a P/E/G ratio of 2.53 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.92 and a current ratio of 0.93.
First Merchants Corporation (NASDAQ:FRME) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.05). The firm had revenue of $93.09 million during the quarter, compared to the consensus estimate of $97.45 million. First Merchants Corporation had a return on equity of 9.56% and a net margin of 26.28%. sell-side analysts anticipate that First Merchants Corporation will post 2.3 EPS for the current fiscal year.
In other news, insider Mark K. Hardwick sold 4,301 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $42.61, for a total transaction of $183,265.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have bought 66 shares of company stock valued at $2,681. Company insiders own 1.41% of the company’s stock.
Several analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $47.00 target price on shares of First Merchants Corporation in a research report on Sunday, October 29th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $46.00 target price on shares of First Merchants Corporation in a research report on Friday, October 6th. Zacks Investment Research cut First Merchants Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, BidaskClub cut First Merchants Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $47.33.
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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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