Bank of New York Mellon Corp Has $33.48 Million Stake in First Merchants Corporation (FRME)
Bank of New York Mellon Corp reduced its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 779,840 shares of the bank’s stock after selling 16,892 shares during the quarter. Bank of New York Mellon Corp owned 1.59% of First Merchants worth $33,479,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in shares of First Merchants by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 12,013 shares of the bank’s stock worth $482,000 after purchasing an additional 31 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its holdings in shares of First Merchants 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 purchasing an additional 50 shares in the last quarter. Amalgamated Bank lifted its position in shares of First Merchants 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 during the last quarter. Suntrust Banks Inc. lifted its position in shares of First Merchants by 1.6% during the 2nd quarter. Suntrust Banks Inc. now owns 6,610 shares of the bank’s stock worth $265,000 after buying an additional 101 shares during the last quarter. Finally, Advisor Group Inc. lifted its position in shares of First Merchants by 8.3% during the 2nd quarter. Advisor Group Inc. now owns 2,981 shares of the bank’s stock worth $120,000 after buying an additional 228 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.
Shares of First Merchants Corporation (FRME) opened at $42.58 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. First Merchants Corporation has a 1 year low of $35.26 and a 1 year high of $45.42. The firm has a market capitalization of $2,097.90, a price-to-earnings ratio of 18.64, a P/E/G ratio of 2.66 and a beta of 0.90.
First Merchants (NASDAQ:FRME) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.05). First Merchants had a return on equity of 9.56% and a net margin of 26.28%. The business had revenue of $93.09 million for the quarter, compared to the consensus estimate of $97.45 million. analysts predict that First Merchants Corporation will post 2.29 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.69%. First Merchants’s dividend payout ratio is currently 33.03%.
FRME has been the subject of several recent analyst reports. Zacks Investment Research upgraded First Merchants from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Monday, October 30th. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 price objective on shares of First Merchants in a research report on Sunday, October 29th. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $46.00 price objective on shares of First Merchants in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. First Merchants currently has an average rating of “Hold” and a consensus target price of $47.33.
In other news, Director Michael C. Marhenke bought 2,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was purchased at an average cost of $43.68 per share, for a total transaction of $87,360.00. Following the completion of the transaction, the director now owns 33,543 shares of the company’s stock, valued at $1,465,158.24. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark K. Hardwick sold 4,301 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $42.61, for a total value of $183,265.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 2,036 shares of company stock valued at $88,908. 1.41% of the stock is owned by corporate insiders.
First Merchants Profile
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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