First Merchants Corp decreased its holdings in First Merchants Co. (NASDAQ:FRME) by 1.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 249,907 shares of the bank’s stock after selling 4,173 shares during the period. First Merchants makes up about 1.5% of First Merchants Corp’s holdings, making the stock its 11th biggest holding. First Merchants Corp owned approximately 0.50% of First Merchants worth $9,469,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Strs Ohio purchased a new stake in shares of First Merchants in the 1st quarter valued at $25,000. Denali Advisors LLC purchased a new stake in First Merchants during the 2nd quarter valued at $125,000. Bank of Montreal Can boosted its position in First Merchants by 106.4% during the 1st quarter. Bank of Montreal Can now owns 3,953 shares of the bank’s stock valued at $146,000 after buying an additional 2,038 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in First Merchants during the 1st quarter valued at $151,000. Finally, Ullmann Financial Group Inc. purchased a new stake in First Merchants during the 1st quarter valued at $206,000. 73.18% of the stock is owned by institutional investors.
Several brokerages have weighed in on FRME. Piper Jaffray Companies set a $44.00 price target on shares of First Merchants and gave the company a “buy” rating in a research report on Wednesday, April 10th. Zacks Investment Research raised shares of First Merchants from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. BidaskClub raised shares of First Merchants from a “sell” rating to a “hold” rating in a research report on Saturday, April 13th. Raymond James initiated coverage on shares of First Merchants in a report on Monday, April 8th. They issued an “outperform” rating and a $42.00 price objective for the company. Finally, ValuEngine upgraded shares of First Merchants from a “sell” rating to a “hold” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $43.33.
Shares of First Merchants stock opened at $37.89 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50-day simple moving average of $37.39. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.67 and a beta of 1.03. First Merchants Co. has a 1 year low of $32.49 and a 1 year high of $49.85.
First Merchants (NASDAQ:FRME) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.03. The company had revenue of $106.89 million during the quarter, compared to analyst estimates of $109.10 million. First Merchants had a net margin of 31.66% and a return on equity of 11.55%. Equities analysts anticipate that First Merchants Co. will post 3.23 EPS for the current fiscal year.
In other First Merchants news, Director Charles E. Schalliol sold 4,680 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $36.26, for a total transaction of $169,696.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by company insiders.
First Merchants Company Profile
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as rents safe deposit facilities.
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