FJ Capital Management LLC Has $23.75 Million Position in First Merchants Corporation $FRME

FJ Capital Management LLC lifted its position in shares of First Merchants Corporation (NASDAQ:FRME) by 115.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 633,668 shares of the bank’s stock after purchasing an additional 338,950 shares during the quarter. First Merchants accounts for about 2.7% of FJ Capital Management LLC’s investment portfolio, making the stock its 11th biggest holding. FJ Capital Management LLC’s holdings in First Merchants were worth $23,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of FRME. EverSource Wealth Advisors LLC boosted its position in shares of First Merchants by 361.7% during the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock worth $30,000 after buying an additional 604 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of First Merchants by 325.7% during 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 period. GAMMA Investing LLC boosted its position in shares of First Merchants by 62.1% during the fourth quarter. GAMMA Investing LLC now owns 987 shares of the bank’s stock worth $37,000 after buying an additional 378 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of First Merchants during the fourth quarter worth about $37,000. Finally, Covestor Ltd boosted its position in shares of First Merchants by 68.9% during the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock worth $39,000 after buying an additional 425 shares during the period. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Trading Up 2.1%

First Merchants stock opened at $42.09 on Friday. First Merchants Corporation has a 52 week low of $34.66 and a 52 week high of $43.22. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.92 and a current ratio of 0.94. The stock has a market capitalization of $2.65 billion, a P/E ratio of 12.38 and a beta of 0.85. The stock has a 50-day simple moving average of $40.28 and a 200 day simple moving average of $39.26.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.07. First Merchants had a return on equity of 9.58% and a net margin of 18.87%.The business had revenue of $163.53 million during the quarter, compared to analysts’ expectations of $201.91 million. During the same quarter last year, the company posted $1.00 earnings per share. Analysts expect that First Merchants Corporation will post 4.24 earnings per share for the current year.

First Merchants Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, June 5th. This is an increase from First Merchants’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. First Merchants’s dividend payout ratio is 43.53%.

Analyst Ratings Changes

FRME has been the subject of several recent research reports. Wall Street Zen raised First Merchants from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Weiss Ratings cut First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 18th. Two investment 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 a consensus target price of $48.33.

First Merchants Company 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.