Edgestream Partners L.P. Invests $1.60 Million in First Merchants Co. (NASDAQ:FRME)

Edgestream Partners L.P. purchased a new position in shares of First Merchants Co. (NASDAQ:FRME) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 40,126 shares of the bank’s stock, valued at approximately $1,601,000. Edgestream Partners L.P. owned 0.07% of First Merchants at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Raymond James Financial Inc. purchased a new position in First Merchants during the 4th quarter valued at about $19,014,000. Proficio Capital Partners LLC purchased a new position in First Merchants during the 4th quarter valued at about $470,000. Charles Schwab Investment Management Inc. boosted its holdings in First Merchants by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 731,413 shares of the bank’s stock valued at $29,176,000 after acquiring an additional 9,265 shares during the period. Schechter Investment Advisors LLC boosted its holdings in First Merchants by 3.2% during the 4th quarter. Schechter Investment Advisors LLC now owns 7,388 shares of the bank’s stock valued at $295,000 after acquiring an additional 228 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in First Merchants by 39.8% during the 4th quarter. Jones Financial Companies Lllp now owns 19,970 shares of the bank’s stock valued at $797,000 after acquiring an additional 5,683 shares during the period. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

First Merchants Price Performance

FRME stock opened at $39.68 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $2.32 billion, a P/E ratio of 11.60 and a beta of 1.05. The business’s 50-day moving average is $41.92 and its two-hundred day moving average is $40.43. First Merchants Co. has a 1 year low of $30.55 and a 1 year high of $46.13.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Thursday, January 30th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.10. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. Analysts anticipate that First Merchants Co. will post 3.79 earnings per share for the current fiscal year.

First Merchants Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, March 7th. First Merchants’s dividend payout ratio (DPR) is presently 40.94%.

Insider Transactions at First Merchants

In other news, President Michael J. Stewart sold 7,248 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $43.73, for a total transaction of $316,955.04. Following the sale, the president now owns 92,664 shares of the company’s stock, valued at approximately $4,052,196.72. This trade represents a 7.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FRME shares. Hovde Group upgraded First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Friday, January 31st. Raymond James restated an “outperform” rating and set a $50.00 target price (up from $42.00) on shares of First Merchants in a report on Friday, January 31st. Keefe, Bruyette & Woods raised their target price on First Merchants from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price target (up previously from $52.00) on shares of First Merchants in a research report on Friday, January 31st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.00.

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.