Michael J. Stewart Sells 7,248 Shares of First Merchants Co. (NASDAQ:FRME) Stock

First Merchants Co. (NASDAQ:FRME - Get Free Report) President Michael J. Stewart sold 7,248 shares of the firm's stock in a transaction that occurred on 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 sale, the president now owns 92,664 shares in the company, valued at $4,052,196.72. This represents a 7.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

First Merchants Stock Performance

FRME traded down $1.03 during midday trading on Tuesday, reaching $42.74. The company had a trading volume of 397,317 shares, compared to its average volume of 256,199. The business has a 50-day moving average of $40.93 and a two-hundred day moving average of $37.58. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.41. First Merchants Co. has a 1 year low of $30.55 and a 1 year high of $46.13. The company has a market cap of $2.51 billion, a P/E ratio of 14.34 and a beta of 1.05.

First Merchants (NASDAQ:FRME - Get Free Report) last released its earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.06). First Merchants had a return on equity of 8.94% and a net margin of 16.94%. The firm had revenue of $265.95 million during the quarter, compared to analysts' expectations of $160.55 million. During the same period in the prior year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that First Merchants Co. will post 3.38 earnings per share for the current fiscal year.

First Merchants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, December 6th. First Merchants's dividend payout ratio (DPR) is 46.20%.

Hedge Funds Weigh In On First Merchants

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its position in shares of First Merchants by 1.3% in the third quarter. Principal Financial Group Inc. now owns 886,088 shares of the bank's stock worth $32,962,000 after buying an additional 11,521 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in First Merchants by 123.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 24,174 shares of the bank's stock worth $899,000 after acquiring an additional 13,370 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of First Merchants by 6.1% during the 3rd quarter. Empowered Funds LLC now owns 211,132 shares of the bank's stock worth $7,854,000 after acquiring an additional 12,050 shares in the last quarter. US Bancorp DE boosted its position in shares of First Merchants by 10.6% during the 3rd quarter. US Bancorp DE now owns 17,072 shares of the bank's stock valued at $635,000 after acquiring an additional 1,637 shares during the last quarter. Finally, First Merchants Corp grew its holdings in shares of First Merchants by 457.3% in the second quarter. First Merchants Corp now owns 581,863 shares of the bank's stock valued at $19,370,000 after purchasing an additional 477,462 shares in the last quarter. Institutional investors own 73.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FRME shares. Keefe, Bruyette & Woods raised their target price on First Merchants from $43.00 to $50.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Piper Sandler dropped their price objective on shares of First Merchants from $50.00 to $47.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.60.

First Merchants Company Profile

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.