Vanguard Group Inc. Lowers Position in First Merchants Corporation $FRME

Vanguard Group Inc. decreased its holdings in shares of First Merchants Corporation (NASDAQ:FRME) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,078,518 shares of the bank’s stock after selling 107,689 shares during the quarter. Vanguard Group Inc. owned 10.51% of First Merchants worth $229,160,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in First Merchants by 361.7% during the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock valued at $30,000 after purchasing an additional 604 shares during the last quarter. Caldwell Trust Co purchased a new position in First Merchants in the second quarter worth $50,000. State of Alaska Department of Revenue purchased a new position in First Merchants in the third quarter worth $92,000. Cerity Partners LLC bought a new position in First Merchants in the second quarter valued at $203,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in First Merchants during the second quarter valued at about $240,000. 73.92% of the stock is currently owned by institutional investors.

First Merchants Trading Down 4.8%

NASDAQ:FRME opened at $39.08 on Monday. The firm has a market capitalization of $2.48 billion, a P/E ratio of 10.05 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $39.55 and a 200 day moving average of $38.62. First Merchants Corporation has a 52 week low of $33.13 and a 52 week high of $44.33.

First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Monday, January 26th. The bank reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The firm had revenue of $178.36 million for the quarter, compared to analysts’ expectations of $172.89 million. First Merchants had a net margin of 21.49% and a return on equity of 9.58%. During the same quarter in the previous year, the company earned $1.10 earnings per share. On average, research analysts predict that First Merchants Corporation will post 3.79 earnings per share for the current year.

First Merchants Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $0.36 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.44 annualized dividend and a yield of 3.7%. First Merchants’s dividend payout ratio (DPR) is 37.02%.

Analysts Set New Price Targets

FRME has been the subject of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Merchants in a report on Monday, December 29th. Piper Sandler increased their price target on shares of First Merchants from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, February 4th. Finally, Zacks Research lowered shares of First Merchants from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.75.

Insider Buying and Selling

In other news, VP Larry W. Myers sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $41.50, for a total transaction of $207,500.00. Following the transaction, the vice president directly owned 109,491 shares of the company’s stock, valued at approximately $4,543,876.50. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eva D. Scurlock sold 3,227 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $42.29, for a total value of $136,469.83. Following the transaction, the insider owned 20,063 shares of the company’s stock, valued at approximately $848,464.27. This represents a 13.86% decrease in their position. The SEC filing for this sale provides additional information. 1.40% of the stock is currently owned by company insiders.

About First Merchants

First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.

On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.