First Merchants Corporation (NASDAQ:FRME) Plans Quarterly Dividend of $0.37

First Merchants Corporation (NASDAQ:FRME) declared a quarterly dividend on Tuesday, May 19th. Investors of record on Friday, June 5th will be given a dividend of 0.37 per share by the bank on Friday, June 19th. This represents a c) dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, June 5th. This is a 2.8% increase from First Merchants’s previous quarterly dividend of $0.36.

First Merchants has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 13 consecutive years. First Merchants has a payout ratio of 35.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Merchants to earn $4.53 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 31.8%.

First Merchants Stock Up 0.1%

First Merchants stock opened at $39.60 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $39.23 and a 200 day simple moving average of $38.71. The company has a market cap of $2.50 billion, a P/E ratio of 11.65 and a beta of 0.86. First Merchants has a 1-year low of $34.66 and a 1-year high of $43.22.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.07. First Merchants had a return on equity of 9.58% and a net margin of 18.87%.The firm had revenue of $163.53 million during the quarter, compared to the consensus estimate of $201.91 million. During the same period last year, the company earned $1.00 earnings per share. Research analysts anticipate that First Merchants will post 4.24 earnings per share for the current fiscal year.

Insider Activity at First Merchants

In other First Merchants news, VP Larry W. Myers sold 5,000 shares of the company’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 sale, the vice president owned 109,491 shares in the company, valued at approximately $4,543,876.50. The trade was a 4.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.77% of the company’s stock.

Institutional Investors Weigh In On First Merchants

Several institutional investors and hedge funds have recently made changes to their positions in FRME. EverSource Wealth Advisors LLC boosted its position in shares of First Merchants by 361.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock valued at $30,000 after purchasing an additional 604 shares in the last quarter. Smartleaf Asset Management LLC boosted 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 valued at $30,000 after purchasing an additional 609 shares in the last quarter. GAMMA Investing LLC boosted 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 valued at $37,000 after purchasing an additional 378 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of First Merchants during the 4th quarter valued at about $37,000. Finally, Covestor Ltd boosted its position in shares of 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 in the last quarter. Institutional investors 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.