Great Lakes Advisors LLC Makes New $5.07 Million Investment in First Merchants Corporation $FRME

Great Lakes Advisors LLC purchased a new position in shares of First Merchants Corporation (NASDAQ:FRME) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 116,095 shares of the bank’s stock, valued at approximately $5,072,000.

A number of other institutional investors have also modified their holdings of the company. AQR Capital Management LLC increased its stake in First Merchants by 19.5% during the first quarter. AQR Capital Management LLC now owns 118,650 shares of the bank’s stock worth $4,798,000 after purchasing an additional 19,375 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Merchants by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank’s stock worth $1,404,000 after buying an additional 1,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Merchants by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank’s stock worth $5,370,000 after buying an additional 8,212 shares in the last quarter. Jane Street Group LLC lifted its holdings in First Merchants by 941.6% during the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank’s stock worth $4,362,000 after buying an additional 97,504 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in First Merchants by 42.6% in the 1st quarter. Intech Investment Management LLC now owns 43,260 shares of the bank’s stock valued at $1,749,000 after buying an additional 12,922 shares during the period. 73.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FRME has been the subject of several research reports. Weiss Ratings upgraded shares of First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a research note on Monday, August 3rd. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Piper Sandler upped their price target on First Merchants from $49.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Insider Transactions at First Merchants

In other First Merchants news, Director Larry W. Myers sold 10,000 shares of First Merchants stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $41.50, for a total transaction of $415,000.00. Following the completion of the sale, the director directly owned 99,751 shares of the company’s stock, valued at $4,139,666.50. The trade was a 9.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.77% of the stock is owned by company insiders.

First Merchants Trading Down 2.8%

Shares of NASDAQ:FRME opened at $42.02 on Thursday. First Merchants Corporation has a 52 week low of $34.66 and a 52 week high of $45.33. The company’s 50 day moving average is $42.92 and its two-hundred day moving average is $40.95. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.56. The company has a market cap of $2.64 billion, a PE ratio of 13.47 and a beta of 0.84.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.28). The firm had revenue of $202.49 million during the quarter, compared to analyst estimates of $202.78 million. First Merchants had a net margin of 17.05% and a return on equity of 8.86%. Equities analysts predict that First Merchants Corporation will post 3.94 earnings per share for the current fiscal year.

First Merchants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.37 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. First Merchants’s dividend payout ratio (DPR) is currently 47.44%.

First Merchants Company Profile

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.