First Merchants Co. (NASDAQ:FRMEP) Stock Short Interest Declines 76.9%

First Merchants Co. (NASDAQ:FRMEP) was the target of a large decrease in short interest in the month of October. As of October 30th, there was short interest totaling 268 shares, a decrease of 76.9% from the October 15th total of 1,161 shares. Based on an average daily trading volume, of 571 shares, the days-to-cover ratio is presently 0.5 days.

First Merchants Price Performance

FRMEP opened at $25.29 on Thursday. First Merchants has a 12-month low of $24.73 and a 12-month high of $27.09. The business’s fifty day simple moving average is $25.20 and its 200-day simple moving average is $25.49.

First Merchants Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Friday, October 30th will be paid a $0.4688 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.88 dividend on an annualized basis and a yield of 7.4%.

About First Merchants

First Merchants Corporation is a bank holding company headquartered in Muncie, Indiana. Through its subsidiary, First Merchants Bank, it provides commercial and consumer banking services, including deposit accounts, lending, treasury management and mortgage banking. The company also offers wealth management and trust services, along with insurance and other financial solutions. Its banking operations primarily serve individuals, businesses and communities across Indiana and neighboring markets in Ohio, Michigan and Illinois.