Amalgamated Bank boosted its position in First Merchants Co. (NASDAQ:FRME) by 24.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,714 shares of the bank’s stock after acquiring an additional 1,322 shares during the period. Amalgamated Bank’s holdings in First Merchants were worth $312,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Mount Yale Investment Advisors LLC purchased a new stake in shares of First Merchants during the 1st quarter valued at $117,000. Bedel Financial Consulting Inc. purchased a new stake in shares of First Merchants during the 1st quarter valued at $144,000. SG Americas Securities LLC purchased a new stake in shares of First Merchants during the 1st quarter valued at $172,000. Xact Kapitalforvaltning AB purchased a new stake in shares of First Merchants during the 4th quarter valued at $257,000. Finally, Jane Street Group LLC purchased a new stake in shares of First Merchants during the 1st quarter valued at $257,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Shares of First Merchants opened at $47.36 on Tuesday, according to MarketBeat. First Merchants Co. has a 52-week low of $37.09 and a 52-week high of $50.44. The firm has a market cap of $2.33 billion, a PE ratio of 19.65, a P/E/G ratio of 2.14 and a beta of 0.89. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.93 and a quick ratio of 0.93.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings data on Wednesday, July 25th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.05. First Merchants had a net margin of 28.09% and a return on equity of 10.52%. The company had revenue of $102.76 million during the quarter, compared to analysts’ expectations of $101.57 million. sell-side analysts expect that First Merchants Co. will post 3.14 EPS for the current fiscal year.

In related news, insider Stephan Fluhler sold 1,047 shares of the company’s stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $48.00, for a total transaction of $50,256.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michele Kawiecki sold 600 shares of the company’s stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $44.42, for a total transaction of $26,652.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 57 shares of company stock valued at $2,703. 1.29% of the stock is owned by corporate insiders.

Several analysts have recently issued reports on the stock. Zacks Investment Research raised shares of First Merchants from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Monday, July 30th. BidaskClub cut shares of First Merchants from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 18th. Finally, Stephens cut shares of First Merchants from an “overweight” rating to an “equal weight” rating in a research note on Monday, July 30th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $51.67.

First Merchants Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as rents safe deposit facilities.

Recommended Story: Dividend

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 Co. (NASDAQ:FRME).

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

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