First Merchants Corp. (FRME) Position Maintained by Minerva Advisors LLC
Minerva Advisors LLC continued to hold its position in First Merchants Corp. (NASDAQ:FRME) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,960 shares of the company’s stock at the end of the second quarter. Minerva Advisors LLC’s holdings in First Merchants Corp. were worth $298,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in First Merchants Corp. by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,410,785 shares of the company’s stock worth $33,252,000 after buying an additional 194,382 shares during the period. Boston Advisors LLC bought a new position in First Merchants Corp. during the second quarter worth about $3,498,000. Bank of Montreal Can bought a new position in First Merchants Corp. during the second quarter worth about $1,766,000. Prudential Financial Inc. increased its position in First Merchants Corp. by 26.6% in the first quarter. Prudential Financial Inc. now owns 275,452 shares of the company’s stock worth $6,492,000 after buying an additional 57,800 shares during the period. Finally, Virginia Retirement System bought a new position in First Merchants Corp. during the first quarter worth about $1,101,000. Institutional investors and hedge funds own 75.24% of the company’s stock.
First Merchants Corp. (NASDAQ:FRME) traded up 1.08% during midday trading on Monday, hitting $27.25. 30,441 shares of the company were exchanged. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 15.62 and a beta of 1.05. The stock has a 50 day moving average of $26.91 and a 200-day moving average of $25.57. First Merchants Corp. has a 1-year low of $21.10 and a 1-year high of $27.60.
First Merchants Corp. (NASDAQ:FRME) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. First Merchants Corp. had a net margin of 22.88% and a return on equity of 8.18%. Equities analysts expect that First Merchants Corp. will post $1.90 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Wednesday, August 31st. First Merchants Corp.’s payout ratio is currently 32.18%.
FRME has been the subject of a number of analyst reports. Piper Jaffray Cos. assumed coverage on First Merchants Corp. in a research note on Monday, July 11th. They set a “neutral” rating and a $27.00 price target for the company. DA Davidson lifted their target price on shares of First Merchants Corp. from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Zacks Investment Research cut shares of First Merchants Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Merchants Corp. from $27.00 to $28.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $28.10.
In related news, insider John Martin sold 5,000 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $26.92, for a total value of $134,600.00. Following the completion of the transaction, the insider now directly owns 31,921 shares of the company’s stock, valued at $859,313.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael J. Stewart sold 3,500 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.24, for a total transaction of $95,340.00. The disclosure for this sale can be found here. 1.62% of the stock is currently owned by corporate insiders.
First Merchants Corp. Company Profile
First Merchants Corporation is a financial holding Company. The Company has a bank charter, First Merchants Bank, National Association (the Bank), which is opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Ameriana Bank, Ameriana Financial Services and First Merchants Trust Company as divisions of First Merchants Bank, N.A.
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