The Manufacturers Life Insurance Company Has $17.65 Million Stake in First Merchants Co. (NASDAQ:FRME)

The Manufacturers Life Insurance Company cut its position in shares of First Merchants Co. (NASDAQ:FRME - Free Report) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 474,438 shares of the bank's stock after selling 13,649 shares during the quarter. The Manufacturers Life Insurance Company owned 0.81% of First Merchants worth $17,649,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eagle Asset Management Inc. increased its position in First Merchants by 93.3% during the third quarter. Eagle Asset Management Inc. now owns 424,130 shares of the bank's stock worth $15,778,000 after buying an additional 204,736 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in First Merchants by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 722,148 shares of the bank's stock valued at $26,864,000 after acquiring an additional 5,367 shares during the period. Intech Investment Management LLC acquired a new stake in shares of First Merchants in the third quarter valued at about $396,000. PNC Financial Services Group Inc. boosted its holdings in First Merchants by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,867 shares of the bank's stock worth $925,000 after acquiring an additional 1,010 shares during the period. Finally, OneAscent Financial Services LLC acquired a new stake in First Merchants in the third quarter valued at approximately $4,577,000. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Stock Performance

NASDAQ FRME traded down $0.02 during trading hours on Monday, reaching $43.73. The company's stock had a trading volume of 50,980 shares, compared to its average volume of 255,570. 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 business has a 50-day simple moving average of $39.42 and a 200 day simple moving average of $36.85. First Merchants Co. has a 52 week low of $30.55 and a 52 week high of $46.13. The stock has a market cap of $2.57 billion, a PE ratio of 14.44 and a beta of 1.01.

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

First Merchants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 3.20%. First Merchants's dividend payout ratio (DPR) is 46.20%.

Analysts Set New Price Targets

Several analysts have recently weighed in on FRME shares. Piper Sandler lowered their target price on First Merchants from $50.00 to $47.00 and set an "overweight" rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $45.00 target price on shares of First Merchants in a research note on Wednesday, August 28th. Hovde Group assumed coverage on First Merchants in a research note on Monday, August 12th. They set a "market perform" rating and a $38.00 target price for the company. Finally, Stephens cut shares of First Merchants from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $45.00 to $38.00 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.60.

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.