277,911 Shares in First Merchants Corporation $FRME Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 277,911 shares of First Merchants Corporation in the second quarter, worth approximately $12.1 million and representing a 0.44% stake. Institutional investors collectively own 73.92% of the company.
• First Merchants reported quarterly earnings of $0.74 per share, below the $1.02 analyst consensus, while revenue of $202.49 million was roughly in line with expectations. Analysts project full-year earnings of $3.94 per share.
• The bank declared a quarterly dividend of $0.37 per share, equivalent to $1.48 annually and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with a $49 average price target, compared with a recent share price of $41.93.

Empowered Funds LLC bought a new stake in First Merchants Corporation (NASDAQ:FRME - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 277,911 shares of the bank's stock, valued at approximately $12,142,000. Empowered Funds LLC owned 0.44% of First Merchants as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fiduciary Financial Advisors acquired a new position in shares of First Merchants in the 2nd quarter valued at $32,000. EverSource Wealth Advisors LLC increased 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 worth $30,000 after buying an additional 604 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of First Merchants by 325.7% during the 4th 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. Public Employees Retirement System of Ohio purchased a new position in shares of First Merchants in the 2nd quarter worth $43,000. Finally, Covestor Ltd raised its position in shares of First Merchants by 68.9% in the 4th 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. Institutional investors and hedge funds own 73.92% of the company's stock.

First Merchants Stock Performance

Shares of FRME stock opened at $41.93 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.56. The company has a market cap of $2.63 billion, a PE ratio of 13.44 and a beta of 0.84. The company's fifty day simple moving average is $43.02 and its 200-day simple moving average is $40.98. First Merchants Corporation has a 52 week low of $34.66 and a 52 week high of $45.33.

First Merchants (NASDAQ:FRME - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.74 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.28). First Merchants had a return on equity of 8.86% and a net margin of 17.05%.The business had revenue of $202.49 million for the quarter, compared to analysts' expectations of $202.78 million. As a group, equities research analysts anticipate that First Merchants Corporation will post 3.94 EPS for the current year.

First Merchants Announces Dividend

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

Insider Buying and Selling at First Merchants

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

Wall Street Analyst Weigh In

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

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.

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