Fisher Asset Management LLC Cuts Stock Position in First Merchants Co. (NASDAQ:FRME)

Fisher Asset Management LLC cut its holdings in shares of First Merchants Co. (NASDAQ:FRME) by 2.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 477,896 shares of the bank’s stock after selling 9,602 shares during the quarter. Fisher Asset Management LLC owned approximately 0.80% of First Merchants worth $17,720,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of First Merchants during the 4th quarter worth approximately $29,000. Parkside Financial Bank & Trust increased its position in First Merchants by 27.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock worth $57,000 after buying an additional 330 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of First Merchants in the fourth quarter valued at $75,000. Assetmark Inc. raised its stake in shares of First Merchants by 16.0% in the third quarter. Assetmark Inc. now owns 2,806 shares of the bank’s stock valued at $78,000 after buying an additional 387 shares during the period. Finally, Larson Financial Group LLC purchased a new position in shares of First Merchants during the 3rd quarter valued at $81,000. Institutional investors own 73.92% of the company’s stock.

Insider Buying and Selling at First Merchants

In other news, insider Stephan Fluhler sold 3,193 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $33.17, for a total value of $105,911.81. Following the transaction, the insider now owns 24,070 shares of the company’s stock, valued at $798,401.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.32% of the company’s stock.

First Merchants Trading Up 0.9 %

Shares of FRME opened at $34.69 on Monday. First Merchants Co. has a twelve month low of $24.52 and a twelve month high of $38.16. The stock has a market cap of $2.03 billion, a PE ratio of 10.00 and a beta of 1.08. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $33.77 and its 200-day moving average price is $33.36.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.92%. The ex-dividend date was Thursday, February 29th. First Merchants’s payout ratio is 39.19%.

Wall Street Analyst Weigh In

FRME has been the subject of several recent research reports. Raymond James lifted their target price on shares of First Merchants from $33.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Piper Sandler lifted their price objective on shares of First Merchants from $41.00 to $42.50 and gave the company an “overweight” rating in a research note on Monday, April 29th. Finally, StockNews.com upgraded First Merchants from a “sell” rating to a “hold” rating in a research report on Thursday.

First Merchants 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.