Empowered Funds LLC Purchases 10,934 Shares of First Merchants Co. (NASDAQ:FRME)

Empowered Funds LLC boosted its position in shares of First Merchants Co. (NASDAQ:FRME - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 222,066 shares of the bank's stock after purchasing an additional 10,934 shares during the quarter. Empowered Funds LLC owned 0.38% of First Merchants worth $8,858,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FRME. Nordea Investment Management AB raised its stake in First Merchants by 67.9% during the 4th quarter. Nordea Investment Management AB now owns 134,136 shares of the bank's stock worth $5,368,000 after buying an additional 54,265 shares during the period. Principal Financial Group Inc. raised its position in shares of First Merchants by 1.3% during the third quarter. Principal Financial Group Inc. now owns 886,088 shares of the bank's stock worth $32,962,000 after purchasing an additional 11,521 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in shares of First Merchants by 123.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 24,174 shares of the bank's stock valued at $899,000 after purchasing an additional 13,370 shares in the last quarter. Sentinel Pension Advisors Inc. acquired a new position in shares of First Merchants in the 4th quarter valued at approximately $607,000. Finally, US Bancorp DE increased its stake in First Merchants by 10.6% during the 3rd quarter. US Bancorp DE now owns 17,072 shares of the bank's stock worth $635,000 after purchasing an additional 1,637 shares in the last quarter. Institutional investors own 73.92% of the company's stock.

First Merchants Stock Up 1.1 %

FRME stock traded up $0.47 during midday trading on Thursday, hitting $44.75. The company's stock had a trading volume of 187,897 shares, compared to its average volume of 237,296. The company's fifty day moving average price is $41.48 and its 200 day moving average price is $39.63. First Merchants Co. has a twelve month low of $30.55 and a twelve month high of $46.13. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $2.63 billion, a P/E ratio of 13.08 and a beta of 1.07.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.90 by $0.10. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. As a group, equities research analysts predict that First Merchants Co. will post 3.71 EPS for the current year.

First Merchants Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.13%. First Merchants's payout ratio is 40.94%.

Insiders Place Their Bets

In related news, President Michael J. Stewart sold 7,248 shares of First Merchants stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $43.73, for a total transaction of $316,955.04. Following the completion of the transaction, the president now owns 92,664 shares in the company, valued at approximately $4,052,196.72. This trade represents a 7.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.32% of the company's stock.

Analyst Upgrades and Downgrades

FRME has been the topic of a number of research reports. Hovde Group raised shares of First Merchants from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research note on Friday, January 31st. Keefe, Bruyette & Woods boosted their price objective on shares of First Merchants from $50.00 to $52.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 target price (up from $52.00) on shares of First Merchants in a research note on Friday, January 31st. Finally, Raymond James reissued an "outperform" rating and issued a $50.00 price target (up previously from $42.00) on shares of First Merchants in a research note on Friday, January 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, First Merchants currently has an average rating of "Moderate Buy" and a consensus price target of $49.00.

About First Merchants

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.