Short Interest in First Merchants Co. (NASDAQ:FRMEP) Drops By 79.3%

First Merchants Co. (NASDAQ:FRMEP) saw a large decline in short interest in March. As of March 13th, there was short interest totaling 245 shares, a decline of 79.3% from the February 26th total of 1,182 shares. Based on an average daily trading volume, of 670 shares, the days-to-cover ratio is presently 0.4 days. Based on an average daily trading volume, of 670 shares, the days-to-cover ratio is presently 0.4 days.

First Merchants Stock Performance

Shares of NASDAQ FRMEP traded up $0.09 during trading hours on Wednesday, hitting $25.63. 1,100 shares of the stock were exchanged, compared to its average volume of 891. The company’s fifty day simple moving average is $25.77 and its two-hundred day simple moving average is $25.75. First Merchants has a 1-year low of $25.00 and a 1-year high of $27.09.

First Merchants Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 16th. Shareholders of record on Friday, January 30th were issued a $0.4688 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date of this dividend was Friday, January 30th.

About First Merchants

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.