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.

First Merchants (NASDAQ:FRME) last posted its earnings results on Thursday, January 31st. The bank reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.03. First Merchants had a return on equity of 11.74% and a net margin of 32.85%. The company had revenue of $107.06 million for the quarter, compared to analyst estimates of $107.40 million. Sell-side analysts predict that First Merchants Co. will post 3.42 EPS for the current fiscal year.

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.

COPYRIGHT VIOLATION NOTICE: This report was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this report on another website, it was copied illegally and reposted in violation of US and international trademark & copyright legislation. The original version of this report can be viewed at https://www.thecerbatgem.com/2019/04/17/squarepoint-ops-llc-buys-shares-of-7380-first-merchants-co-frme.html.

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.

Read More: Tariff

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.