First Merchants (NASDAQ:FRME) Sees Strong Trading Volume

Shares of First Merchants Co. (NASDAQ:FRMEGet Rating) saw strong trading volume on Wednesday . 6,090 shares were traded during trading, a decline of 95% from the previous session’s volume of 123,104 shares.The stock last traded at $39.14 and had previously closed at $39.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Raymond James raised First Merchants from an “outperform” rating to a “strong-buy” rating and set a $48.00 price target for the company in a research note on Thursday, July 7th. Piper Sandler increased their price target on First Merchants to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Finally, Stephens increased their price target on First Merchants to $50.00 in a research note on Tuesday, August 23rd.

First Merchants Price Performance

The business has a 50-day moving average price of $39.35 and a 200 day moving average price of $40.06. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 11.72 and a beta of 1.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.38.

First Merchants Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 16th. Stockholders of record on Friday, September 2nd will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.20%. First Merchants’s dividend payout ratio (DPR) is presently 37.54%.

Institutional Trading of First Merchants

A number of hedge funds have recently modified their holdings of the business. D.A. Davidson & CO. lifted its holdings in shares of First Merchants by 3.6% in the second quarter. D.A. Davidson & CO. now owns 7,664 shares of the bank’s stock valued at $273,000 after purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of First Merchants by 7.0% in the first quarter. HighTower Advisors LLC now owns 5,337 shares of the bank’s stock valued at $221,000 after purchasing an additional 349 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of First Merchants by 5.3% in the first quarter. Cetera Investment Advisers now owns 7,112 shares of the bank’s stock valued at $296,000 after purchasing an additional 356 shares in the last quarter. Connable Office Inc. lifted its holdings in shares of First Merchants by 4.6% in the fourth quarter. Connable Office Inc. now owns 9,327 shares of the bank’s stock valued at $391,000 after purchasing an additional 409 shares in the last quarter. Finally, IndexIQ Advisors LLC lifted its holdings in shares of First Merchants by 5.1% in the first quarter. IndexIQ Advisors LLC now owns 9,548 shares of the bank’s stock valued at $397,000 after purchasing an additional 466 shares in the last quarter. Hedge funds and other institutional investors own 72.37% of the company’s stock.

About First Merchants

(Get Rating)

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services.

Read More

Receive News & Ratings for First Merchants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants and related companies with MarketBeat.com's FREE daily email newsletter.