Curi RMB Capital LLC Buys New Shares in First Merchants Corporation $FRME

Key Points

• Curi RMB Capital LLC has acquired a new position in First Merchants Corporation, purchasing 125,000 shares valued at approximately $5.06 million, representing 0.21% ownership as of the end of the last quarter.
• First Merchants recently declared a quarterly dividend of $0.36 per share, which will be paid to shareholders on September 19, indicating a yield of 3.4% based on an annualized rate.
• Recent analyst ratings for First Merchants show a consensus Buy rating with an average target price of $48.25, despite Piper Sandler reducing their price target to $48.00.

Curi RMB Capital LLC bought a new position in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 125,000 shares of the bank's stock, valued at approximately $5,055,000. Curi RMB Capital LLC owned approximately 0.21% of First Merchants as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Westend Capital Management LLC acquired a new position in First Merchants during the first quarter worth approximately $46,000. Thurston Springer Miller Herd & Titak Inc. increased its position in First Merchants by 314.5% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,318 shares of the bank's stock worth $53,000 after buying an additional 1,000 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in First Merchants during the first quarter worth approximately $56,000. CWM LLC increased its position in First Merchants by 44.2% during the first quarter. CWM LLC now owns 4,669 shares of the bank's stock worth $189,000 after buying an additional 1,432 shares during the period. Finally, New York State Teachers Retirement System acquired a new position in First Merchants during the first quarter worth approximately $216,000. Institutional investors and hedge funds own 73.92% of the company's stock.

First Merchants Price Performance

Shares of First Merchants stock traded down $0.67 during trading on Tuesday, reaching $40.22. The company's stock had a trading volume of 199,091 shares, compared to its average volume of 281,764. 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 Corporation has a 12-month low of $33.13 and a 12-month high of $46.13. The company has a market capitalization of $2.32 billion, a P/E ratio of 10.42 and a beta of 1.10. The business has a 50 day moving average price of $40.05 and a 200-day moving average price of $38.82.

First Merchants (NASDAQ:FRME - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.04. First Merchants had a return on equity of 9.88% and a net margin of 21.35%.The firm had revenue of $170.52 million for the quarter, compared to the consensus estimate of $172.13 million. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, sell-side analysts anticipate that First Merchants Corporation will post 3.79 EPS for the current year.

First Merchants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.36 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.6%. First Merchants's payout ratio is 37.31%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Piper Sandler cut their price target on First Merchants from $49.00 to $48.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Wall Street Zen upgraded First Merchants from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $48.25.

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.