Principal Financial Group Inc. decreased its holdings in First Merchants Co. (NASDAQ:FRME - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 806,638 shares of the bank's stock after selling 79,450 shares during the quarter. Principal Financial Group Inc. owned about 1.37% of First Merchants worth $32,177,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. grew its holdings in shares of First Merchants by 108.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank's stock worth $28,000 after buying an additional 390 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in First Merchants by 139.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank's stock worth $51,000 after acquiring an additional 750 shares during the period. Blue Trust Inc. grew its stake in shares of First Merchants by 78.9% in the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank's stock valued at $70,000 after purchasing an additional 835 shares during the last quarter. KBC Group NV purchased a new position in shares of First Merchants in the 3rd quarter valued at approximately $89,000. Finally, Allworth Financial LP increased its holdings in shares of First Merchants by 270.1% in the fourth quarter. Allworth Financial LP now owns 2,728 shares of the bank's stock valued at $109,000 after purchasing an additional 1,991 shares during the period. Institutional investors and hedge funds own 73.92% of the company's stock.
First Merchants Price Performance
Shares of FRME traded down $0.07 during trading hours on Tuesday, reaching $42.98. The company had a trading volume of 270,544 shares, compared to its average volume of 229,307. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. First Merchants Co. has a 12-month low of $30.55 and a 12-month high of $46.13. The firm has a 50 day simple moving average of $41.62 and a 200-day simple moving average of $40.00. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 12.57 and a beta of 1.07.
First Merchants (NASDAQ:FRME - Get Free Report) last issued its earnings results on Thursday, January 30th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.90 by $0.10. First Merchants had a net margin of 18.76% and a return on equity of 9.23%. Research analysts expect that First Merchants Co. will post 3.79 earnings per share for the current year.
First Merchants Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Friday, March 7th. First Merchants's dividend payout ratio is currently 40.94%.
Analysts Set New Price Targets
Several brokerages recently weighed in on FRME. Raymond James reaffirmed an "outperform" rating and set a $50.00 price target (up from $42.00) on shares of First Merchants in a report on Friday, January 31st. Hovde Group upgraded 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 increased their price target on shares of First Merchants from $50.00 to $52.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 price objective (up previously from $52.00) on shares of First Merchants in a report on Friday, January 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, First Merchants currently has a consensus rating of "Moderate Buy" and an average target price of $49.00.
Check Out Our Latest Analysis on FRME
Insider Transactions at First Merchants
In other news, President Michael J. Stewart sold 7,248 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were 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 directly owns 92,664 shares of the company's stock, valued at $4,052,196.72. This trade represents a 7.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.32% of the company's stock.
About First Merchants
(
Free Report)
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.
Further Reading
Before you consider First Merchants, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and First Merchants wasn't on the list.
While First Merchants currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
