Amalgamated Bank boosted its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,181 shares of the bank’s stock after buying an additional 58 shares during the period. Amalgamated Bank’s holdings in First Merchants Corporation were worth $208,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Cornerstone Capital Management Holdings LLC. acquired a new stake in First Merchants Corporation during the 1st quarter worth approximately $115,000. Bronfman E.L. Rothschild L.P. raised its holdings in First Merchants Corporation by 1.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,029 shares of the bank’s stock worth $122,000 after buying an additional 50 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in First Merchants Corporation during the 1st quarter worth approximately $138,000. Meeder Asset Management Inc. raised its holdings in First Merchants Corporation by 5.7% during the 1st quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock worth $139,000 after buying an additional 190 shares during the period. Finally, Invictus RG acquired a new stake in First Merchants Corporation during the 1st quarter worth approximately $196,000. Hedge funds and other institutional investors own 67.35% of the company’s stock.

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Several analysts have commented on the stock. Zacks Investment Research downgraded shares of First Merchants Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Piper Jaffray Companies restated a “neutral” rating and set a $46.00 target price on shares of First Merchants Corporation in a report on Friday, October 6th. Finally, BidaskClub downgraded shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $44.33.

Shares of First Merchants Corporation (FRME) opened at 43.29 on Tuesday. The firm’s 50-day moving average is $40.94 and its 200 day moving average is $40.34. The firm has a market capitalization of $2.13 billion, a P/E ratio of 19.77 and a beta of 0.94. First Merchants Corporation has a one year low of $25.84 and a one year high of $44.36.

First Merchants Corporation (NASDAQ:FRME) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. The firm had revenue of $81.53 million for the quarter, compared to analysts’ expectations of $78.75 million. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. Equities research analysts predict that First Merchants Corporation will post $2.32 earnings per share for the current year.

In other First Merchants Corporation news, insider Mark K. Hardwick sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $39.69, for a total transaction of $73,466.19. Following the transaction, the insider now directly owns 75,120 shares in the company, valued at approximately $2,981,512.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have acquired a total of 66 shares of company stock worth $2,644 over the last 90 days. Company insiders own 1.41% of the company’s stock.

First Merchants Corporation Profile

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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Institutional Ownership by Quarter for First Merchants Corporation (NASDAQ:FRME)

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