First Merchants Corporation (FRME) President Michael C. Rechin Sells 5,332 Shares of Stock
First Merchants Corporation (NASDAQ:FRME) President Michael C. Rechin sold 5,332 shares of First Merchants Corporation stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $41.41, for a total transaction of $220,798.12. The sale was disclosed in a filing with the SEC, which is available through this link.
First Merchants Corporation (NASDAQ FRME) traded down $0.49 on Friday, reaching $40.85. 100,294 shares of the company’s stock traded hands, compared to its average volume of 194,259. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43. The firm has a market cap of $2,031.56, a PE ratio of 18.05, a PEG ratio of 2.58 and a beta of 0.92. First Merchants Corporation has a 52-week low of $33.61 and a 52-week high of $44.36.
First Merchants Corporation (NASDAQ:FRME) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.05). The company had revenue of $93.09 million during the quarter, compared to analyst estimates of $97.45 million. First Merchants Corporation had a net margin of 26.28% and a return on equity of 9.56%. sell-side analysts expect that First Merchants Corporation will post 2.29 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, November 30th. First Merchants Corporation’s payout ratio is presently 33.03%.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. California Public Employees Retirement System grew its position in shares of First Merchants Corporation by 1.6% during the 3rd quarter. California Public Employees Retirement System now owns 129,912 shares of the bank’s stock worth $5,577,000 after buying an additional 2,033 shares during the period. Valeo Financial Advisors LLC acquired a new stake in shares of First Merchants Corporation during the 3rd quarter worth approximately $1,434,000. Highbridge Capital Management LLC acquired a new stake in shares of First Merchants Corporation during the 3rd quarter worth approximately $474,000. Private Advisor Group LLC acquired a new stake in shares of First Merchants Corporation during the 3rd quarter worth approximately $1,165,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of First Merchants Corporation during the 3rd quarter worth approximately $1,063,000. Hedge funds and other institutional investors own 67.72% of the company’s stock.
FRME has been the subject of several research reports. Zacks Investment Research upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Monday, October 30th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $47.00 price objective on shares of First Merchants Corporation in a research report on Sunday, October 29th. Piper Jaffray Companies restated a “hold” rating on shares of First Merchants Corporation in a research report on Thursday, August 3rd. Finally, BidaskClub cut shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $47.33.
About First Merchants Corporation
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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