Squarepoint Ops LLC Buys Shares of 7,380 First Merchants Co. (FRME)
Squarepoint Ops LLC purchased a new position in First Merchants Co. (NASDAQ:FRME) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,380 shares of the bank’s stock, valued at approximately $253,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of First Merchants during the fourth quarter valued at $514,000. D. E. Shaw & Co. Inc. increased its stake in shares of First Merchants by 30.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 38,532 shares of the bank’s stock valued at $1,320,000 after buying an additional 8,890 shares during the period. Bank of America Corp DE increased its stake in shares of First Merchants by 45.4% during the fourth quarter. Bank of America Corp DE now owns 97,911 shares of the bank’s stock valued at $3,356,000 after buying an additional 30,575 shares during the period. Two Sigma Investments LP purchased a new position in shares of First Merchants during the fourth quarter valued at $977,000. Finally, Principal Financial Group Inc. increased its stake in shares of First Merchants by 19.1% during the fourth quarter. Principal Financial Group Inc. now owns 370,271 shares of the bank’s stock valued at $12,689,000 after buying an additional 59,490 shares during the period. Institutional investors own 72.78% of the company’s stock.
FRME opened at $39.07 on Wednesday. First Merchants Co. has a 1 year low of $32.49 and a 1 year high of $50.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.60 and a beta of 0.96.
Several brokerages have recently commented on FRME. BidaskClub upgraded First Merchants from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research lowered First Merchants from a “buy” rating to a “hold” rating in a research note on Thursday, April 11th. Piper Jaffray Companies set a $44.00 price target on First Merchants and gave the company a “buy” rating in a research note on Wednesday, April 10th. Raymond James started coverage on First Merchants in a research note on Monday, April 8th. They set an “outperform” rating and a $42.00 price target on the stock. Finally, FIG Partners reiterated a “market-perform” rating on shares of First Merchants in a research note on Friday, February 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. First Merchants has a consensus rating of “Hold” and an average price target of $44.25.
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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.
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