First Merchants (NASDAQ:FRME) Upgraded by StockNews.com to “Hold”

First Merchants (NASDAQ:FRME) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other brokerages also recently weighed in on FRME. Piper Sandler boosted their target price on First Merchants from $41.00 to $42.50 and gave the stock an “overweight” rating in a research note on Monday. Raymond James boosted their target price on First Merchants from $33.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th.

First Merchants Trading Up 2.3 %

FRME opened at $34.19 on Thursday. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 9.85 and a beta of 1.08. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.39. First Merchants has a 12 month low of $24.52 and a 12 month high of $38.16. The stock has a fifty day moving average price of $33.75 and a 200-day moving average price of $33.24.

Insider Buying and Selling at First Merchants

In other First Merchants news, insider Stephan Fluhler sold 3,193 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $33.17, for a total transaction of $105,911.81. Following the sale, the insider now owns 24,070 shares in the company, valued at approximately $798,401.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.40% of the company’s stock.

Institutional Trading of First Merchants

Several large investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its stake in First Merchants by 27.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock valued at $57,000 after purchasing an additional 330 shares during the last quarter. Assetmark Inc. grew its stake in First Merchants by 16.0% during the 3rd quarter. Assetmark Inc. now owns 2,806 shares of the bank’s stock valued at $78,000 after purchasing an additional 387 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of First Merchants in the fourth quarter worth about $29,000. US Bancorp DE boosted its stake in shares of First Merchants by 5.1% in the fourth quarter. US Bancorp DE now owns 16,405 shares of the bank’s stock worth $608,000 after buying an additional 791 shares during the last quarter. Finally, Voisard Asset Management Group Inc. purchased a new stake in shares of First Merchants in the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 73.92% of the company’s stock.

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.