First Merchants (NASDAQ:FRME) Issues Earnings Results

First Merchants (NASDAQ:FRME) issued its earnings results on Monday. The bank reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02, FiscalAI reports. First Merchants had a net margin of 22.04% and a return on equity of 9.82%. The company had revenue of $178.36 million during the quarter, compared to analyst estimates of $172.89 million.

First Merchants Stock Performance

Shares of First Merchants stock traded down $0.08 on Monday, reaching $38.01. The stock had a trading volume of 403,374 shares, compared to its average volume of 278,610. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.90 and a current ratio of 0.91. The business’s 50-day moving average price is $37.74 and its two-hundred day moving average price is $38.35. The stock has a market cap of $2.20 billion, a P/E ratio of 9.50 and a beta of 0.93. First Merchants has a fifty-two week low of $33.13 and a fifty-two week high of $45.62.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.8%. First Merchants’s dividend payout ratio (DPR) is currently 36.00%.

Institutional Investors Weigh In On First Merchants

Hedge funds and other institutional investors have recently made changes to their positions in the business. FJ Capital Management LLC bought a new position in shares of First Merchants in the third quarter worth about $11,111,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of First Merchants by 252.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 321,550 shares of the bank’s stock worth $12,122,000 after buying an additional 230,192 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in shares of First Merchants by 169.3% in the second quarter. Qube Research & Technologies Ltd now owns 261,904 shares of the bank’s stock valued at $10,031,000 after acquiring an additional 164,664 shares during the period. Millennium Management LLC grew its stake in shares of First Merchants by 163.8% in the third quarter. Millennium Management LLC now owns 233,264 shares of the bank’s stock worth $8,794,000 after acquiring an additional 144,833 shares during the last quarter. Finally, Jane Street Group LLC increased its position in First Merchants by 941.6% during the first quarter. Jane Street Group LLC now owns 107,859 shares of the bank’s stock worth $4,362,000 after acquiring an additional 97,504 shares during the period. 73.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FRME shares. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a report on Tuesday, October 28th. Piper Sandler dropped their target price on First Merchants from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Stephens reaffirmed an “equal weight” rating and set a $46.00 price target on shares of First Merchants in a research note on Monday, September 29th. Zacks Research lowered First Merchants from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of First Merchants in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $47.60.

First Merchants Company Profile

First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.

On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.