Pitcairn Co. decreased its stake in First Merchants Corporation (NASDAQ:FRME) by 4.8% during the second quarter, Holdings Channel reports. The institutional investor owned 6,834 shares of the bank’s stock after selling 342 shares during the period. Pitcairn Co.’s holdings in First Merchants Corporation were worth $274,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of FRME. ClariVest Asset Management LLC boosted its stake in shares of First Merchants Corporation by 14.7% in the second quarter. ClariVest Asset Management LLC now owns 286,826 shares of the bank’s stock valued at $11,514,000 after buying an additional 36,800 shares in the last quarter. Rhumbline Advisers boosted its position in shares of First Merchants Corporation by 2.2% in the second quarter. Rhumbline Advisers now owns 51,419 shares of the bank’s stock worth $2,064,000 after buying an additional 1,111 shares in the last quarter. First Trust Advisors LP boosted its position in shares of First Merchants Corporation by 41.1% in the second quarter. First Trust Advisors LP now owns 137,931 shares of the bank’s stock worth $5,537,000 after buying an additional 40,183 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of First Merchants Corporation by 1.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 176,741 shares of the bank’s stock worth $7,095,000 after buying an additional 1,704 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of First Merchants Corporation during the second quarter worth about $559,000. Institutional investors own 68.28% of the company’s stock.

First Merchants Corporation (NASDAQ:FRME) opened at 39.31 on Thursday. The firm has a market cap of $1.93 billion, a PE ratio of 17.95 and a beta of 0.92. The company’s 50-day moving average is $40.10 and its 200-day moving average is $40.12. First Merchants Corporation has a one year low of $25.84 and a one year high of $43.48.

First Merchants Corporation (NASDAQ:FRME) last released its earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. The business had revenue of $81.53 million during the quarter, compared to the consensus estimate of $78.75 million. First Merchants Corporation had a net margin of 27.04% and a return on equity of 9.63%. On average, analysts forecast that First Merchants Corporation will post $2.32 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, August 30th. First Merchants Corporation’s dividend payout ratio is presently 32.88%.

COPYRIGHT VIOLATION WARNING: This article was originally published by Watch List News and is the sole property of of Watch List News. If you are accessing this article on another site, it was illegally stolen and republished in violation of US & international trademark & copyright legislation. The original version of this article can be viewed at https://www.watchlistnews.com/pitcairn-co-has-274000-stake-in-first-merchants-corporation-frme/1498336.html.

A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of First Merchants Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, April 25th. BidaskClub cut shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Piper Jaffray Companies restated a “hold” rating on shares of First Merchants Corporation in a report on Thursday, August 3rd. Finally, ValuEngine upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. First Merchants Corporation presently has an average rating of “Buy” and a consensus price target of $39.33.

In other First Merchants Corporation news, Director Terry L. Walker sold 1,221 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $42.30, for a total transaction of $51,648.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark K. Hardwick sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total transaction of $73,466.19. Following the sale, the insider now directly owns 75,120 shares of the company’s stock, valued at approximately $2,981,512.80. The disclosure for this sale can be found here. Insiders have acquired a total of 65 shares of company stock valued at $2,616 in the last three months. Insiders own 1.41% of the company’s stock.

First Merchants Corporation Company 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).

Want to see what other hedge funds are holding FRME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Merchants Corporation (NASDAQ:FRME).

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

Receive News & Ratings for First Merchants Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.