5,457 Shares in First Merchants Co. (NASDAQ:FRME) Acquired by Cibc World Markets Corp

Cibc World Markets Corp purchased a new stake in shares of First Merchants Co. (NASDAQ:FRME) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 5,457 shares of the bank’s stock, valued at approximately $218,000.

Several other hedge funds also recently modified their holdings of FRME. Nomura Asset Management Co. Ltd. lifted its holdings in shares of First Merchants by 108.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock valued at $28,000 after buying an additional 390 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of First Merchants by 139.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank’s stock valued at $51,000 after purchasing an additional 750 shares in the last quarter. Allworth Financial LP grew its stake in shares of First Merchants by 270.1% in the 4th quarter. Allworth Financial LP now owns 2,728 shares of the bank’s stock worth $109,000 after purchasing an additional 1,991 shares during the last quarter. KBC Group NV raised its holdings in shares of First Merchants by 27.9% in the 4th quarter. KBC Group NV now owns 3,052 shares of the bank’s stock worth $122,000 after purchasing an additional 665 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in First Merchants during the third quarter valued at approximately $153,000. 73.92% of the stock is currently owned by institutional investors and hedge funds.

First Merchants Price Performance

FRME opened at $41.07 on Thursday. The firm has a market capitalization of $2.40 billion, a P/E ratio of 12.01 and a beta of 1.05. The stock has a fifty day moving average of $42.20 and a 200-day moving average of $40.59. 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 12-month low of $30.55 and a 12-month high of $46.13.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.10. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. Equities analysts forecast that First Merchants Co. will post 3.79 EPS for the current fiscal year.

First Merchants Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FRME. Piper Sandler restated an “overweight” rating and issued a $55.00 price target (up previously from $52.00) on shares of First Merchants in a research report on Friday, January 31st. Hovde Group upgraded First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Friday, January 31st. Keefe, Bruyette & Woods upped their target price on First Merchants from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Raymond James reissued an “outperform” rating and issued a $50.00 price target (up previously from $42.00) on shares of First Merchants in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, First Merchants presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

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.