First Merchants (NASDAQ:FRME) Announces Earnings Results

First Merchants (NASDAQ:FRME) posted its earnings results on Wednesday. The bank reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.06, FiscalAI reports. First Merchants had a net margin of 17.05% and a return on equity of 8.86%. The firm had revenue of $205.33 million during the quarter, compared to analyst estimates of $203.94 million.

First Merchants Stock Performance

FRME opened at $39.96 on Thursday. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 12.81 and a beta of 0.87. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.95 and a quick ratio of 0.95. First Merchants has a 1-year low of $34.66 and a 1-year high of $45.33. The business has a 50 day moving average price of $40.89 and a two-hundred day moving average price of $41.31.

First Merchants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Friday, September 4th. First Merchants’s dividend payout ratio is 47.44%.

Analysts Set New Price Targets

FRME has been the topic of several analyst reports. Raymond James Financial upgraded shares of First Merchants from a “market perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Tuesday, October 6th. Weiss Ratings upgraded First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a research report on Monday, August 3rd. Stephens upgraded First Merchants to a “hold” rating in a research report on Tuesday, September 22nd. Finally, Piper Sandler decreased their price objective on First Merchants from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Monday, October 5th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.00.

First Merchants Company Profile

First Merchants Corporation is a financial services holding company headquartered in Muncie, Indiana. Through its principal subsidiary, First Merchants Bank, the company provides banking and related financial services to individuals, families, businesses and institutions.

First Merchants Bank offers deposit accounts, consumer and commercial lending, mortgage services, treasury and cash-management solutions, online and mobile banking, investment management and trust services. The company also provides wealth-management and insurance-related services through affiliated operations.

Founded in 1893, First Merchants has expanded through organic growth and acquisitions and serves customers across Indiana, Ohio and Michigan.