Jupiter Topco LLC Acquires Shares of 27,284 First Merchants Corporation $FRME

Jupiter Topco LLC purchased a new position in First Merchants Corporation (NASDAQ:FRME) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 27,284 shares of the bank’s stock, valued at approximately $1,193,000.

Several other hedge funds and other institutional investors have also modified their holdings of FRME. EverSource Wealth Advisors LLC lifted its holdings in shares of First Merchants by 361.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock valued at $30,000 after buying an additional 604 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in First Merchants by 325.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock worth $30,000 after buying an additional 609 shares during the last quarter. Fiduciary Financial Advisors acquired a new position in First Merchants in the second quarter worth approximately $32,000. Covestor Ltd raised its position in First Merchants by 68.9% during the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock valued at $39,000 after acquiring an additional 425 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in First Merchants by 24.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the bank’s stock valued at $61,000 after acquiring an additional 280 shares in the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

First Merchants Stock Performance

Shares of NASDAQ FRME opened at $42.06 on Friday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 13.48 and a beta of 0.84. First Merchants Corporation has a one year low of $34.66 and a one year high of $45.33. The business has a fifty day simple moving average of $42.93 and a 200 day simple moving average of $40.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.56.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.28). First Merchants had a net margin of 17.05% and a return on equity of 8.86%. The business had revenue of $202.49 million during the quarter, compared to the consensus estimate of $202.78 million. Sell-side analysts expect that First Merchants Corporation will post 3.94 EPS for the current year.

First Merchants Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. First Merchants’s payout ratio is presently 47.44%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a report on Monday, August 3rd. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Piper Sandler boosted their price target on First Merchants from $49.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.00.

Insider Transactions at First Merchants

In other First Merchants news, Director Larry W. Myers sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $41.50, for a total transaction of $415,000.00. Following the completion of the transaction, the director owned 99,751 shares in the company, valued at $4,139,666.50. This trade represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.77% of the stock is owned by company insiders.

First Merchants Profile

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.