First Merchants (NASDAQ:FRME) VP Larry Myers Sells 5,000 Shares of Stock

First Merchants Corporation (NASDAQ:FRME) VP Larry Myers sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $41.50, for a total value of $207,500.00. Following the transaction, the vice president directly owned 109,491 shares of the company’s stock, valued at $4,543,876.50. This represents a 4.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

First Merchants Trading Down 3.2%

Shares of FRME stock opened at $39.74 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.30 billion, a P/E ratio of 10.22 and a beta of 0.94. The firm’s fifty day simple moving average is $39.53 and its 200 day simple moving average is $38.61. First Merchants Corporation has a 1 year low of $33.13 and a 1 year high of $44.33.

First Merchants (NASDAQ:FRME) last released its quarterly earnings results on Monday, January 26th. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. First Merchants had a net margin of 21.49% and a return on equity of 9.68%. The company had revenue of $178.36 million during the quarter, compared to analysts’ expectations of $172.89 million. During the same quarter in the prior year, the company earned $1.10 earnings per share. As a group, sell-side analysts predict that First Merchants Corporation will post 3.79 EPS for the current year.

First Merchants Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, March 6th. First Merchants’s dividend payout ratio is 37.02%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler upped their price objective on First Merchants from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Merchants in a research report on Monday, December 29th. Finally, Zacks Research cut shares of First Merchants from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $47.75.

Hedge Funds Weigh In On First Merchants

Institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in First Merchants by 19.5% in the first quarter. AQR Capital Management LLC now owns 118,650 shares of the bank’s stock valued at $4,798,000 after acquiring an additional 19,375 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of First Merchants by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank’s stock valued at $1,404,000 after purchasing an additional 1,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in First Merchants by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank’s stock valued at $5,370,000 after purchasing an additional 8,212 shares during the last quarter. Jane Street Group LLC lifted its stake in First Merchants by 941.6% in the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank’s stock valued at $4,362,000 after purchasing an additional 97,504 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in First Merchants by 42.6% during the first quarter. Intech Investment Management LLC now owns 43,260 shares of the bank’s stock worth $1,749,000 after purchasing an additional 12,922 shares during the period. 73.92% of the stock is currently owned by institutional investors and hedge funds.

About First Merchants

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.