First Merchants (NASDAQ:FRME) Reaches New 52-Week Low at $33.07

First Merchants Co. (NASDAQ:FRME – Get Rating)’s stock price reached a new 52-week low on Monday . The company traded as low as $33.07 and last traded at $34.33, with a volume of 76246 shares. The stock had previously closed at $37.39.

Analyst Upgrades and Downgrades

Separately, Raymond James downgraded shares of First Merchants from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective on the stock. in a report on Tuesday, February 21st.

First Merchants Stock Up 6.0 %

The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 9.38 and a beta of 1.08. The business has a fifty day simple moving average of $41.07 and a 200 day simple moving average of $41.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.82 and a quick ratio of 0.82.

First Merchants Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 17th. Investors of record on Friday, March 3rd will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.58%. The ex-dividend date is Thursday, March 2nd. First Merchants’s dividend payout ratio is currently 33.60%.

Insider Buying and Selling at First Merchants

In other news, Director Gary Lehman sold 1,465 shares of the company’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $40.09, for a total transaction of $58,731.85. Following the completion of the sale, the director now owns 45,010 shares of the company’s stock, valued at $1,804,450.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Merchants

A number of large investors have recently made changes to their positions in the stock. Raymond James & Associates boosted its stake in First Merchants by 162.4% during the first quarter. Raymond James & Associates now owns 23,798 shares of the bank’s stock worth $990,000 after buying an additional 14,728 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of First Merchants by 2.0% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 26,461 shares of the bank’s stock valued at $1,101,000 after acquiring an additional 519 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of First Merchants by 22.6% in the first quarter. American Century Companies Inc. now owns 12,439 shares of the bank’s stock valued at $517,000 after purchasing an additional 2,294 shares during the period. HighTower Advisors LLC increased its position in First Merchants by 7.0% during the first quarter. HighTower Advisors LLC now owns 5,337 shares of the bank’s stock worth $221,000 after purchasing an additional 349 shares during the last quarter. Finally, D.A. Davidson & CO. purchased a new position in First Merchants during the first quarter worth about $308,000. 71.43% of the stock is currently owned by hedge funds and other institutional investors.

About First Merchants

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First Merchants Corp. (Indiana) is a bank holding company, which engages in the provision of financial services. It also offers personal banking, business banking, mortgage lending, treasury management services, and wealth management. The company was founded in September 1982 and is headquartered in Muncie, IN.