First Merchants Corporation (FRME) Stake Lowered by ETRADE Capital Management LLC
ETRADE Capital Management LLC decreased its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 8.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,813 shares of the bank’s stock after selling 2,532 shares during the period. ETRADE Capital Management LLC owned 0.06% of First Merchants Corporation worth $1,076,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Biegel & Waller LLC lifted its position in First Merchants Corporation by 0.4% during the 1st quarter. Biegel & Waller LLC now owns 5,987 shares of the bank’s stock worth $235,000 after buying an additional 22 shares in the last quarter. Alps Advisors Inc. lifted its position in First Merchants Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 12,013 shares of the bank’s stock worth $482,000 after buying an additional 31 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in First Merchants Corporation by 1.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,029 shares of the bank’s stock worth $122,000 after buying an additional 50 shares in the last quarter. Amalgamated Bank lifted its position in First Merchants Corporation by 1.1% during the 2nd quarter. Amalgamated Bank now owns 5,181 shares of the bank’s stock worth $208,000 after buying an additional 58 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in First Merchants Corporation by 5.7% during the 1st quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock worth $139,000 after buying an additional 190 shares in the last quarter. Institutional investors and hedge funds own 67.45% of the company’s stock.
First Merchants Corporation (NASDAQ FRME) opened at 40.62 on Friday. First Merchants Corporation has a 12 month low of $25.84 and a 12 month high of $43.48. The firm has a market cap of $2.00 billion, a P/E ratio of 18.55 and a beta of 0.94. The company’s 50-day moving average is $39.17 and its 200 day moving average is $39.87.
First Merchants Corporation (NASDAQ:FRME) last released its quarterly earnings data on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The business had revenue of $81.53 million for the quarter, compared to analyst estimates of $78.75 million. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. Equities research analysts expect that First Merchants Corporation will post $2.32 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, August 30th. First Merchants Corporation’s dividend payout ratio (DPR) is presently 32.88%.
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In related news, insider Mark K. Hardwick sold 1,851 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $39.69, for a total value of $73,466.19. Following the sale, the insider now directly owns 75,120 shares of the company’s stock, valued at $2,981,512.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 66 shares of company stock worth $2,617 over the last ninety days. 1.41% of the stock is currently owned by insiders.
Several research analysts recently issued reports on FRME shares. ValuEngine upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Monday, July 31st. BidaskClub upgraded shares of First Merchants Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Finally, Piper Jaffray Companies reiterated a “hold” rating on shares of First Merchants Corporation in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $39.00.
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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