Summit Global Investments Takes Position in First Merchants Co. (NASDAQ:FRME)

Summit Global Investments bought a new position in shares of First Merchants Co. (NASDAQ:FRME - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,332 shares of the bank's stock, valued at approximately $811,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Schechter Investment Advisors LLC raised its position in First Merchants by 3.2% in the fourth quarter. Schechter Investment Advisors LLC now owns 7,388 shares of the bank's stock worth $295,000 after acquiring an additional 228 shares during the period. Waterfront Wealth Inc. raised its holdings in shares of First Merchants by 0.9% in the 4th quarter. Waterfront Wealth Inc. now owns 26,908 shares of the bank's stock valued at $1,073,000 after acquiring an additional 234 shares in the last quarter. US Bancorp DE lifted its position in First Merchants by 1.4% during the fourth quarter. US Bancorp DE now owns 17,308 shares of the bank's stock valued at $690,000 after purchasing an additional 236 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of First Merchants by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 7,141 shares of the bank's stock worth $285,000 after acquiring an additional 269 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of First Merchants by 108.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank's stock worth $28,000 after purchasing an additional 390 shares in the last quarter. Institutional investors own 73.92% of the company's stock.

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First Merchants Stock Down 0.1 %

Shares of FRME stock traded down $0.03 during trading hours on Thursday, reaching $41.04. 426,071 shares of the company's stock were exchanged, compared to its average volume of 245,905. First Merchants Co. has a fifty-two week low of $30.55 and a fifty-two week high of $46.13. The stock's 50 day moving average is $42.20 and its 200-day moving average is $40.59. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 12.00 and a beta of 1.05.

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, topping analysts' consensus estimates of $0.90 by $0.10. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. Analysts predict that First Merchants Co. will post 3.79 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date was Friday, March 7th. First Merchants's dividend payout ratio is presently 40.94%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FRME shares. Raymond James restated an "outperform" rating and issued a $50.00 target price (up previously from $42.00) on shares of First Merchants in a report on Friday, January 31st. Piper Sandler reissued an "overweight" rating and set a $55.00 price target (up from $52.00) on shares of First Merchants in a research report on Friday, January 31st. Keefe, Bruyette & Woods increased their target price on First Merchants from $50.00 to $52.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Finally, 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 report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Merchants presently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

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.