Vaughan Nelson Investment Management L.P. lowered its position in First Merchants Corporation (NASDAQ:FRME) by 17.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,890,725 shares of the bank’s stock after selling 410,600 shares during the period. First Merchants Corporation accounts for approximately 1.0% of Vaughan Nelson Investment Management L.P.’s portfolio, making the stock its 25th largest position. Vaughan Nelson Investment Management L.P. owned 3.85% of First Merchants Corporation worth $81,169,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. bought a new stake in First Merchants Corporation during the 1st quarter valued at $115,000. Advisor Group Inc. grew its stake in shares of First Merchants Corporation by 8.3% in the 2nd quarter. Advisor Group Inc. now owns 2,981 shares of the bank’s stock worth $120,000 after acquiring an additional 228 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of First Merchants Corporation by 1.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,029 shares of the bank’s stock worth $122,000 after acquiring an additional 50 shares in the last quarter. Quantbot Technologies LP boosted its holdings in shares of First Merchants Corporation by 2,048.6% in the 2nd quarter. Quantbot Technologies LP now owns 3,975 shares of the bank’s stock worth $159,000 after buying an additional 3,790 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in shares of First Merchants Corporation by 28.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 4,553 shares of the bank’s stock worth $182,000 after buying an additional 1,015 shares during the last quarter. Institutional investors own 67.75% of the company’s stock.
A number of equities analysts recently weighed in on FRME shares. Zacks Investment Research raised shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Wednesday, August 23rd. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $46.00 price objective on shares of First Merchants Corporation in a report on Friday, October 6th. BidaskClub downgraded shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 price target on shares of First Merchants Corporation in a report on Sunday, October 29th. One research 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. First Merchants Corporation currently has an average rating of “Hold” and an average price target of $47.33.
First Merchants Corporation (FRME) traded down $0.13 during mid-day trading on Friday, hitting $40.32. 84,100 shares of the company traded hands, compared to its average volume of 195,882. The company has a market capitalization of $1,987.82, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.51 and a beta of 0.92. First Merchants Corporation has a one year low of $26.55 and a one year high of $44.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.92 and a current ratio of 0.92.
First Merchants Corporation (NASDAQ:FRME) last released its quarterly earnings data on Thursday, October 26th. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.05). First Merchants Corporation had a net margin of 26.28% and a return on equity of 10.38%. The company had revenue of $93.09 million for the quarter, compared to analysts’ expectations of $97.45 million. equities analysts anticipate that First Merchants Corporation will post 2.3 earnings per share for the current fiscal year.
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In other First Merchants Corporation news, insider Mark K. Hardwick sold 4,301 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $42.61, for a total transaction of $183,265.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired 66 shares of company stock valued at $2,681 in the last three months. Insiders own 1.41% of the company’s stock.
First Merchants Corporation 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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