Hovde Group upgraded shares of First Merchants (NASDAQ:FRME – Free Report) from a market perform rating to an outperform rating in a research note published on Friday morning, MarketBeat reports. They currently have $50.00 price objective on the bank’s stock.
Several other brokerages have also issued reports on FRME. Keefe, Bruyette & Woods lifted their target price on shares of First Merchants from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler dropped their target price on shares of First Merchants from $50.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, First Merchants has an average rating of “Moderate Buy” and a consensus price target of $49.00.
Check Out Our Latest Report on First Merchants
First Merchants Trading Up 4.1 %
First Merchants (NASDAQ:FRME – Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The bank reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.10. First Merchants had a net margin of 16.94% and a return on equity of 8.94%. On average, equities research analysts anticipate that First Merchants will post 3.38 earnings per share for the current year.
First Merchants Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 3.15%. First Merchants’s payout ratio is 46.20%.
Insider Activity
In other news, President Michael J. Stewart sold 7,248 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $43.73, for a total value of $316,955.04. Following the sale, the president now directly owns 92,664 shares of the company’s stock, valued at approximately $4,052,196.72. The trade was a 7.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.32% of the company’s stock.
Institutional Investors Weigh In On First Merchants
Institutional investors and hedge funds have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. raised its stake in shares of First Merchants by 108.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock valued at $28,000 after acquiring an additional 390 shares during the period. Nisa Investment Advisors LLC increased its stake in First Merchants by 139.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank’s stock worth $51,000 after buying an additional 750 shares during the period. Blue Trust Inc. increased its stake in First Merchants by 78.9% during the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock worth $70,000 after buying an additional 835 shares during the period. KBC Group NV purchased a new stake in First Merchants during the 3rd quarter worth approximately $89,000. Finally, Allworth Financial LP increased its stake in First Merchants by 270.1% during the 4th quarter. Allworth Financial LP now owns 2,728 shares of the bank’s stock worth $109,000 after buying an additional 1,991 shares during the period. 73.92% of the stock is owned by hedge funds and other 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.
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