Allspring Global Investments Holdings LLC Sells 576 Shares of First Merchants Co. (NASDAQ:FRME)

Allspring Global Investments Holdings LLC trimmed its stake in shares of First Merchants Co. (NASDAQ:FRMEGet Rating) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,592 shares of the bank’s stock after selling 576 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in First Merchants were worth $293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Merchants Corp boosted its position in First Merchants by 4.0% during the third quarter. First Merchants Corp now owns 82,815 shares of the bank’s stock worth $3,203,000 after purchasing an additional 3,197 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of First Merchants by 19.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 44,294 shares of the bank’s stock valued at $1,713,000 after acquiring an additional 7,108 shares during the period. Phocas Financial Corp. boosted its position in shares of First Merchants by 3.3% in the third quarter. Phocas Financial Corp. now owns 230,732 shares of the bank’s stock valued at $8,925,000 after acquiring an additional 7,368 shares during the period. Ullmann Wealth Partners Group LLC bought a new stake in shares of First Merchants in the third quarter valued at about $217,000. Finally, Captrust Financial Advisors boosted its position in shares of First Merchants by 493.9% in the second quarter. Captrust Financial Advisors now owns 19,772 shares of the bank’s stock valued at $704,000 after acquiring an additional 16,443 shares during the period. 71.43% of the stock is owned by institutional investors.

Insider Buying and Selling

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

First Merchants Trading Down 0.2 %

FRME opened at $40.18 on Wednesday. First Merchants Co. has a twelve month low of $34.07 and a twelve month high of $45.98. The company has a 50-day simple moving average of $41.63 and a 200 day simple moving average of $41.17. 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 stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 11.45 and a beta of 1.08.

First Merchants (NASDAQ:FRMEGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The bank reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.02. First Merchants had a net margin of 31.42% and a return on equity of 11.73%. The business had revenue of $169.92 million during the quarter, compared to analysts’ expectations of $167.80 million. Analysts predict that First Merchants Co. will post 4.17 EPS for the current fiscal year.

First Merchants Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were given a dividend of $0.32 per share. The ex-dividend date was Thursday, December 1st. This represents a $1.28 annualized dividend and a yield of 3.19%. First Merchants’s dividend payout ratio is 36.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FRME shares. StockNews.com started coverage on shares of First Merchants in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Raymond James boosted their target price 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.

First Merchants Company Profile

(Get Rating)

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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