Dupont Capital Management Corp grew its position in First Merchants Co. (NASDAQ:FRME) by 135.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,231 shares of the bank’s stock after purchasing an additional 13,932 shares during the period. Dupont Capital Management Corp’s holdings in First Merchants were worth $668,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Strs Ohio increased its position in First Merchants by 29.0% during the second quarter. Strs Ohio now owns 124,700 shares of the bank’s stock worth $3,437,000 after buying an additional 28,000 shares during the last quarter. Denali Advisors LLC grew its position in shares of First Merchants by 66.6% in the second quarter. Denali Advisors LLC now owns 61,300 shares of the bank’s stock valued at $1,690,000 after purchasing an additional 24,500 shares during the last quarter. First Merchants Corp boosted its stake in shares of First Merchants by 3.3% in the second quarter. First Merchants Corp now owns 517,310 shares of the bank’s stock valued at $14,258,000 after buying an additional 16,706 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of First Merchants by 9.2% in the second quarter. Envestnet Asset Management Inc. now owns 31,351 shares of the bank’s stock valued at $864,000 after buying an additional 2,648 shares during the period. Finally, FDx Advisors Inc. bought a new stake in shares of First Merchants in the first quarter valued at approximately $50,000. Institutional investors own 70.77% of the company’s stock.

In other First Merchants news, CEO Michael C. Rechin sold 10,000 shares of First Merchants stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $25.40, for a total transaction of $254,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael J. Stewart sold 3,323 shares of First Merchants stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $26.86, for a total transaction of $89,255.78. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Shares of NASDAQ FRME opened at $24.43 on Friday. First Merchants Co. has a fifty-two week low of $21.18 and a fifty-two week high of $42.48. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 8.60 and a beta of 1.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50-day simple moving average is $25.79 and its 200 day simple moving average is $30.27.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.15. First Merchants had a net margin of 26.38% and a return on equity of 8.68%. The business had revenue of $119.50 million for the quarter, compared to analysts’ expectations of $120.30 million. On average, sell-side analysts predict that First Merchants Co. will post 2.44 EPS for the current year.

Several equities research analysts have weighed in on FRME shares. BidaskClub cut First Merchants from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. ValuEngine upgraded First Merchants from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. Raymond James downgraded First Merchants from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 17th. Zacks Investment Research upgraded First Merchants from a “sell” rating to a “hold” rating and set a $31.00 price target for the company in a report on Monday, June 29th. Finally, Piper Sandler decreased their price target on First Merchants from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Friday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $30.00.

First Merchants Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as rents safe deposit facilities.

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Institutional Ownership by Quarter for First Merchants (NASDAQ:FRME)

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