Envestnet Asset Management Inc. Has $1.55 Million Stock Holdings in First Merchants Co. (NASDAQ:FRME)

Envestnet Asset Management Inc. boosted its holdings in shares of First Merchants Co. (NASDAQ:FRMEGet Rating) by 4.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 43,451 shares of the bank’s stock after acquiring an additional 1,812 shares during the period. Envestnet Asset Management Inc.’s holdings in First Merchants were worth $1,548,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FRME. Vanguard Group Inc. grew its stake in shares of First Merchants by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 5,708,968 shares of the bank’s stock worth $237,493,000 after acquiring an additional 426,862 shares in the last quarter. Neumeier Poma Investment Counsel LLC bought a new stake in shares of First Merchants in the 1st quarter worth $15,517,000. Pier Capital LLC bought a new position in First Merchants during the first quarter valued at about $8,623,000. Victory Capital Management Inc. grew its position in First Merchants by 26.9% during the first quarter. Victory Capital Management Inc. now owns 910,185 shares of the bank’s stock valued at $37,378,000 after buying an additional 193,051 shares during the period. Finally, State Street Corp grew its position in First Merchants by 7.9% during the first quarter. State Street Corp now owns 1,882,370 shares of the bank’s stock valued at $78,307,000 after buying an additional 137,877 shares during the period. Institutional investors own 72.37% of the company’s stock.

First Merchants Price Performance

FRME opened at $43.47 on Monday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 12.38 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $42.03 and a 200-day moving average price of $40.09. First Merchants Co. has a twelve month low of $34.07 and a twelve month high of $46.12.

First Merchants Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be paid a $0.32 dividend. The ex-dividend date is Thursday, December 1st. This represents a $1.28 annualized dividend and a dividend yield of 2.94%. First Merchants’s payout ratio is 36.47%.

Insider Transactions at First Merchants

In other news, insider Stephan Fluhler sold 3,174 shares of First Merchants stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $44.29, for a total value of $140,576.46. Following the completion of the transaction, the insider now owns 22,576 shares in the company, valued at $999,891.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Stephan Fluhler sold 3,174 shares of the firm’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $44.29, for a total value of $140,576.46. Following the completion of the transaction, the insider now directly owns 22,576 shares in the company, valued at $999,891.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles E. Schalliol sold 24,523 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $44.25, for a total transaction of $1,085,142.75. Following the completion of the transaction, the director now owns 32,020 shares of the company’s stock, valued at $1,416,885. The disclosure for this sale can be found here. Corporate insiders own 1.24% of the company’s stock.

Analyst Upgrades and Downgrades

FRME has been the subject of several research reports. Piper Sandler increased their price target on shares of First Merchants to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 27th. StockNews.com initiated coverage on shares of First Merchants in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James increased their price target on shares of First Merchants from $48.00 to $52.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 26th. Finally, Stephens lifted their target price on shares of First Merchants to $50.00 in a research note 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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