First Merchants (NASDAQ:FRME) Earns Equal Weight Rating from Stephens

Stephens reiterated their equal weight rating on shares of First Merchants (NASDAQ:FRME) in a research note published on Monday morning,Benzinga reports. The firm currently has a $46.00 target price on the bank’s stock.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods raised their price target on First Merchants from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Raymond James Financial downgraded First Merchants from an “outperform” rating to a “market perform” rating in a report on Friday, September 26th. Finally, Piper Sandler reduced their target price on shares of First Merchants from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, First Merchants currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

First Merchants Trading Up 0.2%

Shares of NASDAQ:FRME opened at $37.79 on Monday. The firm has a fifty day moving average of $39.58 and a two-hundred day moving average of $38.60. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.41. First Merchants has a 12-month low of $33.13 and a 12-month high of $46.13. The firm has a market capitalization of $2.18 billion, a P/E ratio of 9.79 and a beta of 1.06.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. The business had revenue of $170.52 million for the quarter, compared to the consensus estimate of $172.13 million. First Merchants had a net margin of 21.35% and a return on equity of 9.88%. During the same period in the prior year, the business posted $0.68 earnings per share. On average, equities analysts expect that First Merchants will post 3.79 EPS for the current fiscal year.

First Merchants Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, September 5th. First Merchants’s payout ratio is presently 37.31%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in First Merchants by 0.3% during the second quarter. State Street Corp now owns 2,005,625 shares of the bank’s stock valued at $76,815,000 after acquiring an additional 6,924 shares during the period. American Century Companies Inc. boosted 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 purchasing an additional 27,965 shares during the period. Systematic Financial Management LP grew its holdings in First Merchants by 2.0% in the 2nd quarter. Systematic Financial Management LP now owns 760,551 shares of the bank’s stock valued at $29,129,000 after buying an additional 15,143 shares during the last quarter. Nuveen LLC bought a new position in First Merchants in the 1st quarter worth approximately $24,523,000. Finally, The Manufacturers Life Insurance Company increased its position in First Merchants by 1.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 472,974 shares of the bank’s stock worth $19,127,000 after buying an additional 4,813 shares during the period. Institutional investors own 73.92% of the company’s stock.

First Merchants Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.