First Merchants Corporation (NASDAQ:FRME) Short Interest Update

First Merchants Corporation (NASDAQ:FRME) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totaling 911,365 shares, a decline of 20.2% from the December 15th total of 1,142,561 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily volume of 280,994 shares, the short-interest ratio is currently 3.2 days. Based on an average daily volume of 280,994 shares, the short-interest ratio is currently 3.2 days. Currently, 1.6% of the shares of the company are sold short.

First Merchants Price Performance

Shares of NASDAQ:FRME traded down $0.45 during midday trading on Monday, reaching $38.08. 258,690 shares of the company’s stock traded hands, compared to its average volume of 249,733. The company has a fifty day simple moving average of $37.50 and a two-hundred day simple moving average of $38.43. First Merchants has a 1 year low of $33.13 and a 1 year high of $45.62. The company has a market cap of $2.20 billion, a P/E ratio of 9.52 and a beta of 0.93. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.90 and a current ratio of 0.91.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.03. First Merchants had a net margin of 22.04% and a return on equity of 9.82%. The company had revenue of $172.35 million during the quarter, compared to analysts’ expectations of $172.78 million. During the same period in the prior year, the business posted $0.84 earnings per share. Equities analysts predict that First Merchants will post 3.79 EPS for the current fiscal year.

First Merchants Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.8%. First Merchants’s dividend payout ratio is presently 36.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FRME shares. Stephens reiterated an “equal weight” rating and set a $46.00 price objective on shares of First Merchants in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Merchants in a research report on Monday, December 29th. Wall Street Zen raised First Merchants from a “sell” rating to a “hold” rating in a report on Tuesday, October 28th. Raymond James Financial cut shares of First Merchants from an “outperform” rating to a “market perform” rating in a research note on Friday, September 26th. Finally, Zacks Research cut shares of First Merchants from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $47.60.

Institutional Trading of First Merchants

Several large investors have recently made changes to their positions in the company. State Street Corp boosted its stake in First Merchants by 0.3% during the 2nd quarter. State Street Corp now owns 2,005,625 shares of the bank’s stock worth $76,815,000 after purchasing an additional 6,924 shares during the last quarter. Capital International Investors boosted its position in First Merchants by 64.4% during the third quarter. Capital International Investors now owns 1,346,300 shares of the bank’s stock worth $50,756,000 after acquiring an additional 527,545 shares during the last quarter. American Century Companies Inc. grew its stake in First Merchants by 2.5% during the 2nd quarter. American Century Companies Inc. now owns 1,127,423 shares of the bank’s stock valued at $43,180,000 after acquiring an additional 27,965 shares in the last quarter. Victory Capital Management Inc. raised its holdings in First Merchants by 8.4% in the 3rd quarter. Victory Capital Management Inc. now owns 947,498 shares of the bank’s stock valued at $35,721,000 after acquiring an additional 73,725 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in First Merchants by 16.4% in the 3rd quarter. William Blair Investment Management LLC now owns 843,174 shares of the bank’s stock worth $31,788,000 after purchasing an additional 118,495 shares in the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

About First Merchants

First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.

On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.