Short Interest in First Merchants Co. (NASDAQ:FRMEP) Grows By 29,069.6%

First Merchants Co. (NASDAQ:FRMEP) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 6,709 shares, an increase of 29,069.6% from the June 15th total of 23 shares. Based on an average trading volume of 1,971 shares, the days-to-cover ratio is presently 3.4 days.

First Merchants Price Performance

First Merchants stock traded down $0.29 during midday trading on Friday, hitting $25.51. The company’s stock had a trading volume of 199 shares, compared to its average volume of 1,493. First Merchants has a 1-year low of $24.73 and a 1-year high of $27.09. The company has a 50-day moving average price of $25.40 and a two-hundred day moving average price of $25.64.

First Merchants Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $0.4688 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Thursday, April 30th.

First Merchants Company Profile

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.