Verition Fund Management LLC Sells 16,395 Shares of First Merchants Co. (NASDAQ:FRME)

Verition Fund Management LLC cut its holdings in shares of First Merchants Co. (NASDAQ:FRMEGet Rating) by 33.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,219 shares of the bank’s stock after selling 16,395 shares during the period. Verition Fund Management LLC owned approximately 0.06% of First Merchants worth $1,382,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in First Merchants by 5,050.0% during the first quarter. Allworth Financial LP now owns 618 shares of the bank’s stock worth $26,000 after acquiring an additional 606 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in First Merchants during the first quarter worth about $50,000. Signaturefd LLC lifted its holdings in shares of First Merchants by 31.9% in the first quarter. Signaturefd LLC now owns 2,391 shares of the bank’s stock valued at $99,000 after purchasing an additional 578 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of First Merchants in the fourth quarter valued at about $208,000. Finally, Compass Financial Advisors LLC bought a new stake in shares of First Merchants in the fourth quarter valued at about $217,000. 72.37% of the stock is currently owned by institutional investors.

First Merchants Price Performance

NASDAQ:FRME opened at $42.42 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s 50-day simple moving average is $40.14 and its 200 day simple moving average is $39.92. The company has a market cap of $2.52 billion, a P/E ratio of 12.44 and a beta of 1.12. First Merchants Co. has a 52-week low of $34.07 and a 52-week high of $46.12.

First Merchants Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Thursday, September 1st. First Merchants’s dividend payout ratio is currently 37.54%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Raymond James upgraded First Merchants from an “outperform” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Thursday, July 7th. Piper Sandler boosted their price target on First Merchants to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. Finally, Stephens boosted their price target on First Merchants to $50.00 in a report on Tuesday, August 23rd.

About First Merchants

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First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services.

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Institutional Ownership by Quarter for First Merchants (NASDAQ:FRME)

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