First Merchants Co. (NASDAQ:FRMEP) Stock Short Interest Rises 815.5%

First Merchants Co. (NASDAQ:FRMEP) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 1,419 shares, a growth of 815.5% from the August 31st total of 155 shares. Based on an average trading volume of 1,538 shares, the days-to-cover ratio is presently 0.9 days.

First Merchants Stock Performance

Shares of FRMEP stock traded up $0.10 during trading hours on Thursday, reaching $25.30. 1,009 shares of the company’s stock were exchanged, compared to its average volume of 1,715. The stock’s 50 day moving average is $25.33 and its 200-day moving average is $25.49. First Merchants has a fifty-two week low of $24.73 and a fifty-two week high of $27.09.

First Merchants Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, July 30th were given a dividend of $0.4688 per share. The ex-dividend date was Thursday, July 30th. This represents a $1.88 dividend on an annualized basis and a yield of 7.4%.

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.