Michael J. Stewart Sells 7,248 Shares of First Merchants Co. (NASDAQ:FRME) Stock

First Merchants Co. (NASDAQ:FRME) President Michael J. Stewart sold 7,248 shares of First Merchants stock in a transaction on Monday, December 16th. The stock was sold at an average price of $43.73, for a total transaction of $316,955.04. Following the transaction, the president now directly owns 92,664 shares of the company’s stock, valued at $4,052,196.72. This represents a 7.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

First Merchants Trading Up 0.3 %

FRME opened at $40.36 on Friday. The company has a fifty day moving average price of $41.23 and a two-hundred day moving average price of $37.68. First Merchants Co. has a 1-year low of $30.55 and a 1-year high of $46.13. The company has a market cap of $2.37 billion, a P/E ratio of 13.32 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). The firm had revenue of $265.95 million for the quarter, compared to analyst estimates of $160.55 million. First Merchants had a return on equity of 8.94% and a net margin of 16.94%. During the same period last year, the company posted $0.94 earnings per share. Analysts predict that First Merchants Co. will post 3.38 EPS for the current fiscal year.

First Merchants Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, December 6th. First Merchants’s dividend payout ratio (DPR) is 46.20%.

Analyst Ratings Changes

A number of analysts have weighed in on FRME shares. Piper Sandler decreased their price target on First Merchants from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Keefe, Bruyette & Woods raised their target price on First Merchants from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.60.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. increased its stake in shares of First Merchants by 108.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock worth $28,000 after purchasing an additional 390 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of First Merchants during the 2nd quarter valued at approximately $34,000. Quest Partners LLC bought a new position in First Merchants in the 2nd quarter worth approximately $45,000. CWM LLC grew its stake in First Merchants by 511.5% in the 2nd quarter. CWM LLC now owns 1,920 shares of the bank’s stock valued at $64,000 after buying an additional 1,606 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in First Merchants by 78.9% during the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock valued at $70,000 after acquiring an additional 835 shares during the period. Institutional investors own 73.92% of the company’s stock.

First Merchants Company Profile

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.