Wall Street analysts predict that First Merchants Corporation (NASDAQ:FRME) will report earnings of $0.55 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for First Merchants Corporation’s earnings, with the lowest EPS estimate coming in at $0.53 and the highest estimate coming in at $0.57. First Merchants Corporation posted earnings per share of $0.51 in the same quarter last year, which would indicate a positive year over year growth rate of 7.8%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Thursday, October 26th.
On average, analysts expect that First Merchants Corporation will report full year earnings of $2.31 per share for the current year, with EPS estimates ranging from $2.24 to $2.38. For the next fiscal year, analysts anticipate that the firm will post earnings of $2.60 per share, with EPS estimates ranging from $2.50 to $2.72. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover First Merchants Corporation.
First Merchants Corporation (NASDAQ:FRME) last released its quarterly earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. The business had revenue of $81.53 million for the quarter, compared to analysts’ expectations of $78.75 million. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%.
FRME has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Monday, July 31st. Piper Jaffray Companies reiterated a “neutral” rating and set a $46.00 price objective on shares of First Merchants Corporation in a research note on Friday, October 6th. Finally, BidaskClub lowered shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $44.33.
In other First Merchants Corporation news, insider Mark K. Hardwick sold 1,851 shares of First Merchants Corporation stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total value of $73,466.19. Following the transaction, the insider now owns 75,120 shares in the company, valued at $2,981,512.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders acquired 66 shares of company stock worth $2,644. 1.41% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Alps Advisors Inc. grew its position in First Merchants Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 12,013 shares of the bank’s stock worth $482,000 after buying an additional 31 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its position in First Merchants Corporation by 1.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,029 shares of the bank’s stock worth $122,000 after buying an additional 50 shares during the last quarter. Amalgamated Bank grew its position in First Merchants Corporation by 1.1% in the second quarter. Amalgamated Bank now owns 5,181 shares of the bank’s stock worth $208,000 after buying an additional 58 shares during the last quarter. Suntrust Banks Inc. grew its position in First Merchants Corporation by 1.6% in the second quarter. Suntrust Banks Inc. now owns 6,610 shares of the bank’s stock worth $265,000 after buying an additional 101 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in First Merchants Corporation by 5.7% in the first quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock worth $139,000 after buying an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 67.35% of the company’s stock.
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Shares of First Merchants Corporation (NASDAQ:FRME) opened at 42.83 on Thursday. The company has a 50 day moving average price of $41.20 and a 200-day moving average price of $40.41. First Merchants Corporation has a 12-month low of $25.84 and a 12-month high of $44.36. The firm has a market cap of $2.10 billion, a PE ratio of 19.56 and a beta of 0.94.
First Merchants Corporation Company Profile
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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