First Merchants (NASDAQ:FRME) Sets New 1-Year High – Here’s What Happened

First Merchants Corporation (NASDAQ:FRME) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $43.37 and last traded at $42.9520, with a volume of 19127 shares. The stock had previously closed at $42.59.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Weiss Ratings downgraded shares of First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a research report on Monday, May 18th. Wall Street Zen upgraded shares of First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $48.33.

First Merchants Stock Up 1.4%

The business has a 50-day simple moving average of $40.42 and a two-hundred day simple moving average of $39.51. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 12.70 and a beta of 0.85. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.92 and a current ratio of 0.94.

First Merchants (NASDAQ:FRME) last released its earnings results on Wednesday, April 22nd. The bank reported $1.03 earnings per share (EPS) 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 business had revenue of $163.53 million for the quarter, compared to analyst estimates of $201.91 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. As a group, equities analysts predict that First Merchants Corporation will post 4.24 EPS for the current year.

First Merchants Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Friday, June 5th. This is an increase from First Merchants’s previous quarterly dividend of $0.36. First Merchants’s payout ratio is currently 43.53%.

Insider Activity at First Merchants

In other news, Director Larry W. Myers sold 10,000 shares of the firm’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 owned 99,751 shares in the company, valued at approximately $4,139,666.50. This trade represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.77% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in First Merchants by 361.7% in 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 lifted its holdings in shares of First Merchants by 325.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock valued at $30,000 after buying an additional 609 shares during the period. GAMMA Investing LLC lifted its holdings in shares of First Merchants by 62.1% in the 4th quarter. GAMMA Investing LLC now owns 987 shares of the bank’s stock valued at $37,000 after buying an additional 378 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of First Merchants in the fourth quarter valued at approximately $37,000. Finally, Covestor Ltd boosted its stake in shares of First Merchants by 68.9% in the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock valued at $39,000 after buying an additional 425 shares in the last quarter. 73.92% of the stock is owned by hedge funds and other institutional investors.

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.