Nuveen Asset Management LLC Buys 43,066 Shares of First Merchants Co. (NASDAQ:FRME)

Nuveen Asset Management LLC raised its stake in shares of First Merchants Co. (NASDAQ:FRME) by 7.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 626,508 shares of the bank’s stock after purchasing an additional 43,066 shares during the period. Nuveen Asset Management LLC owned 1.07% of First Merchants worth $24,991,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Schechter Investment Advisors LLC raised its position in First Merchants by 3.2% during the 4th quarter. Schechter Investment Advisors LLC now owns 7,388 shares of the bank’s stock worth $295,000 after purchasing an additional 228 shares during the last quarter. Waterfront Wealth Inc. grew its holdings in First Merchants by 0.9% during the 4th quarter. Waterfront Wealth Inc. now owns 26,908 shares of the bank’s stock worth $1,073,000 after acquiring an additional 234 shares during the period. US Bancorp DE grew its holdings in First Merchants by 1.4% during the 4th quarter. US Bancorp DE now owns 17,308 shares of the bank’s stock worth $690,000 after acquiring an additional 236 shares during the period. HighTower Advisors LLC grew its holdings in First Merchants by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 7,141 shares of the bank’s stock worth $285,000 after acquiring an additional 269 shares during the period. Finally, Summit Investment Advisors Inc. grew its holdings in First Merchants by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,101 shares of the bank’s stock worth $243,000 after acquiring an additional 387 shares during the period. 73.92% of the stock is owned by institutional investors.

First Merchants Stock Performance

Shares of FRME opened at $37.64 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a 50-day moving average of $37.64 and a 200-day moving average of $40.58. The company has a market cap of $2.19 billion, a PE ratio of 11.01 and a beta of 1.02. First Merchants Co. has a one year low of $30.55 and a one year high of $46.13.

First Merchants (NASDAQ:FRME) last issued its earnings results on Thursday, April 24th. The bank reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $160.32 million during the quarter, compared to the consensus estimate of $171.23 million. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. On average, equities research analysts predict that First Merchants Co. will post 3.79 EPS for the current fiscal year.

First Merchants Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a $0.36 dividend. The ex-dividend date is Friday, June 6th. This is an increase from First Merchants’s previous quarterly dividend of $0.35. This represents a $1.44 annualized dividend and a dividend yield of 3.83%. First Merchants’s dividend payout ratio (DPR) is currently 40.45%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods decreased their price target on First Merchants from $52.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Raymond James decreased their price target on First Merchants from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Piper Sandler decreased their price target on First Merchants from $55.00 to $49.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Finally, Hovde Group upgraded First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Friday, January 31st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.40.

About First Merchants

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.