Quantbot Technologies LP Acquires New Shares in First Merchants Corporation $FRME

Quantbot Technologies LP bought a new stake in shares of First Merchants Corporation (NASDAQ:FRME) during the 2nd quarter, HoldingsChannel reports. The firm bought 27,675 shares of the bank’s stock, valued at approximately $1,209,000.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in shares of First Merchants by 361.7% in the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock worth $30,000 after purchasing an additional 604 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of First Merchants by 325.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock valued at $30,000 after purchasing an additional 609 shares in the last quarter. Covestor Ltd boosted its position in shares of First Merchants by 68.9% during the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock valued at $39,000 after buying an additional 425 shares during the last quarter. GAMMA Investing LLC increased its holdings in First Merchants by 24.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the bank’s stock worth $61,000 after buying an additional 280 shares in the last quarter. Finally, Allworth Financial LP raised its position in First Merchants by 10.5% in the 4th quarter. Allworth Financial LP now owns 3,424 shares of the bank’s stock worth $128,000 after buying an additional 324 shares during the last quarter. Institutional investors own 73.92% of the company’s stock.

First Merchants Price Performance

Shares of NASDAQ:FRME opened at $41.56 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.56. First Merchants Corporation has a twelve month low of $34.66 and a twelve month high of $45.33. The stock has a market capitalization of $2.61 billion, a PE ratio of 13.32 and a beta of 0.84. The firm’s 50 day moving average price is $42.96 and its 200-day moving average price is $40.98.

First Merchants (NASDAQ:FRME) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.28). The company had revenue of $202.49 million for the quarter, compared to the consensus estimate of $202.78 million. First Merchants had a net margin of 17.05% and a return on equity of 8.86%. Equities research analysts expect that First Merchants Corporation will post 3.94 EPS for the current year.

First Merchants Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, September 4th. First Merchants’s payout ratio is currently 47.44%.

Analyst Ratings Changes

Several equities analysts have issued reports on FRME shares. 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. Piper Sandler boosted their price objective on shares of First Merchants from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of First Merchants from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Buying and Selling

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

First Merchants 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.