PL Capital Advisors LLC Continues to Hold Stake in First Merchants Corporation (NASDAQ:FRME)
PL Capital Advisors LLC maintained its position in shares of First Merchants Corporation (NASDAQ:FRME) during the second quarter, Holdings Channel reports. The institutional investor owned 811,333 shares of the bank’s stock at the end of the second quarter. First Merchants Corporation makes up approximately 8.6% of PL Capital Advisors LLC’s portfolio, making the stock its 2nd largest position. PL Capital Advisors LLC’s holdings in First Merchants Corporation were worth $32,567,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in FRME. Virginia Retirement Systems ET AL boosted its stake in shares of First Merchants Corporation by 24.0% in the first quarter. Virginia Retirement Systems ET AL now owns 57,300 shares of the bank’s stock valued at $2,253,000 after buying an additional 11,100 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of First Merchants Corporation by 13.9% in the first quarter. Parametric Portfolio Associates LLC now owns 49,942 shares of the bank’s stock worth $1,964,000 after buying an additional 6,081 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of First Merchants Corporation by 218.5% in the first quarter. Ameriprise Financial Inc. now owns 107,292 shares of the bank’s stock worth $4,219,000 after buying an additional 73,602 shares during the period. Sei Investments Co. boosted its stake in shares of First Merchants Corporation by 8.0% in the first quarter. Sei Investments Co. now owns 50,631 shares of the bank’s stock worth $1,990,000 after buying an additional 3,751 shares during the period. Finally, Teza Capital Management LLC bought a new stake in shares of First Merchants Corporation during the first quarter worth $392,000. 67.85% of the stock is currently owned by institutional investors.
First Merchants Corporation (NASDAQ FRME) opened at 39.80 on Thursday. The company’s 50-day moving average price is $40.11 and its 200-day moving average price is $40.05. The stock has a market cap of $1.72 billion, a P/E ratio of 18.17 and a beta of 0.92. First Merchants Corporation has a 12 month low of $25.84 and a 12 month high of $43.48.
First Merchants Corporation (NASDAQ:FRME) last posted its earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. First Merchants Corporation had a return on equity of 9.96% and a net margin of 27.04%. The firm had revenue of $81.53 million for the quarter, compared to analyst estimates of $78.75 million. Equities analysts forecast that First Merchants Corporation will post $2.32 earnings per share for the current year.
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FRME has been the subject of a number of analyst reports. ValuEngine upgraded First Merchants Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub lowered First Merchants Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised First Merchants Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Monday, May 15th. Finally, Piper Jaffray Companies reissued a “hold” rating on shares of First Merchants Corporation in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. First Merchants Corporation currently has a consensus rating of “Buy” and a consensus price target of $39.33.
In other news, Director Terry L. Walker sold 1,221 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $42.30, for a total transaction of $51,648.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have acquired 65 shares of company stock worth $2,616. Corporate insiders own 1.41% of the company’s stock.
About First Merchants Corporation
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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