First Merchants (NASDAQ:FRME) Given New $42.50 Price Target at Piper Sandler

First Merchants (NASDAQ:FRME) had its target price increased by Piper Sandler from $41.00 to $42.50 in a report released on Monday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. Raymond James boosted their price objective on First Merchants from $33.00 to $40.00 and gave the stock an outperform rating in a research report on Monday, January 29th. StockNews.com cut First Merchants from a hold rating to a sell rating in a research report on Tuesday, April 23rd.

First Merchants Stock Down 0.9 %

Shares of NASDAQ:FRME opened at $33.82 on Monday. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 9.75 and a beta of 1.08. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.39. First Merchants has a 12-month low of $24.52 and a 12-month high of $38.16. The business’s 50 day moving average is $33.76 and its 200 day moving average is $33.19.

First Merchants Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.36 annualized dividend and a dividend yield of 4.02%. First Merchants’s payout ratio is currently 39.19%.

Insider Buying and Selling at First Merchants

In other news, insider Stephan Fluhler sold 3,193 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $33.17, for a total transaction of $105,911.81. Following the transaction, the insider now directly owns 24,070 shares in the company, valued at approximately $798,401.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On First Merchants

Several institutional investors and hedge funds have recently bought and sold shares of FRME. International Assets Investment Management LLC bought a new stake in shares of First Merchants in the 4th quarter worth approximately $29,000. Voisard Asset Management Group Inc. bought a new stake in shares of First Merchants in the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new stake in shares of First Merchants in the 4th quarter worth approximately $36,000. Parkside Financial Bank & Trust grew its position in shares of First Merchants by 27.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock worth $57,000 after buying an additional 330 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of First Merchants in the 4th quarter worth approximately $75,000. 73.92% of the stock is currently owned by institutional investors.

About First Merchants

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.