First Merchants Corporation (NASDAQ:FRME) Receives $49.00 Average Price Target from Brokerages

Shares of First Merchants Corporation (NASDAQ:FRME) have been given an average rating of “Hold” by the six analysts that are currently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $49.00.

FRME has been the subject of several recent analyst reports. Piper Sandler upped their price target on First Merchants from $49.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Wall Street Zen raised First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings lowered First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 18th.

First Merchants Stock Down 0.2%

FRME stock opened at $43.14 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.52. First Merchants has a 1 year low of $34.66 and a 1 year high of $45.33. The company has a fifty day simple moving average of $42.17 and a 200 day simple moving average of $40.49. The firm has a market cap of $2.72 billion, a PE ratio of 13.83 and a beta of 0.84.

First Merchants (NASDAQ:FRME) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.28). First Merchants had a return on equity of 9.02% and a net margin of 17.05%.The business had revenue of $202.49 million for the quarter, compared to analyst estimates of $202.78 million. Sell-side analysts anticipate that First Merchants will post 3.94 EPS for the current fiscal year.

First Merchants Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were given a $0.37 dividend. This is a positive change from First Merchants’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, June 5th. First Merchants’s payout ratio is 47.44%.

Insider Activity at First Merchants

In other news, Director Larry W. Myers sold 10,000 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $41.50, for a total value of $415,000.00. Following the completion of the sale, the director directly owned 99,751 shares in the company, valued at approximately $4,139,666.50. The trade was a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in shares of First Merchants by 361.7% in the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock valued at $30,000 after purchasing an additional 604 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of First Merchants by 325.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock worth $30,000 after purchasing an additional 609 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of First Merchants during the 4th quarter worth about $37,000. GAMMA Investing LLC lifted its position in shares of First Merchants by 62.1% during the 4th quarter. GAMMA Investing LLC now owns 987 shares of the bank’s stock worth $37,000 after purchasing an additional 378 shares during the last quarter. Finally, Covestor Ltd boosted its stake in First Merchants by 68.9% during the 4th quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock valued at $39,000 after purchasing an additional 425 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

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.