First Merchants Co. (NASDAQ:FRME) Stock Holdings Lifted by Baird Financial Group Inc.

Baird Financial Group Inc. lifted its holdings in First Merchants Co. (NASDAQ:FRMEGet Rating) by 11.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 14,005 shares of the bank’s stock after buying an additional 1,424 shares during the quarter. Baird Financial Group Inc.’s holdings in First Merchants were worth $499,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of FRME. Assetmark Inc. lifted its position in shares of First Merchants by 148.7% in the 2nd quarter. Assetmark Inc. now owns 883 shares of the bank’s stock worth $31,000 after buying an additional 528 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of First Merchants in the 1st quarter worth about $50,000. Spectrum Management Group LLC bought a new position in shares of First Merchants in the 2nd quarter worth about $56,000. Signaturefd LLC lifted its position in shares of First Merchants by 31.9% in the 1st quarter. Signaturefd LLC now owns 2,391 shares of the bank’s stock worth $99,000 after buying an additional 578 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of First Merchants by 7.0% in the 1st quarter. HighTower Advisors LLC now owns 5,337 shares of the bank’s stock worth $221,000 after buying an additional 349 shares during the last quarter. 72.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Merchants

In other First Merchants news, insider Stephan Fluhler sold 3,174 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $44.29, for a total transaction of $140,576.46. Following the transaction, the insider now owns 22,576 shares of the company’s stock, valued at approximately $999,891.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Charles E. Schalliol sold 24,523 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $1,416,885. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Stephan Fluhler sold 3,174 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $44.29, for a total transaction of $140,576.46. Following the transaction, the insider now owns 22,576 shares of the company’s stock, valued at approximately $999,891.04. The disclosure for this sale can be found here. 1.24% of the stock is owned by corporate insiders.

First Merchants Stock Up 3.3 %

First Merchants stock opened at $43.47 on Monday. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 12.38 and a beta of 1.10. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $42.03 and its two-hundred day moving average price is $40.09. First Merchants Co. has a 52 week low of $34.07 and a 52 week high of $46.12.

First Merchants Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently weighed in on FRME. StockNews.com began coverage on shares of First Merchants in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Stephens increased their price objective on shares of First Merchants to $50.00 in a report on Tuesday, August 23rd. Piper Sandler increased their price objective on shares of First Merchants to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Finally, Raymond James increased their price objective on shares of First Merchants from $48.00 to $52.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 26th.

First Merchants Profile

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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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