Denali Advisors LLC Sells 8,121 Shares of First Merchants Corporation (NASDAQ:FRME)

Denali Advisors LLC trimmed its stake in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) by 4.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,379 shares of the bank's stock after selling 8,121 shares during the quarter. Denali Advisors LLC owned 0.27% of First Merchants worth $6,486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FRME. Federated Hermes Inc. acquired a new position in First Merchants in the 4th quarter valued at about $37,000. Westend Capital Management LLC acquired a new position in First Merchants in the 1st quarter valued at about $46,000. Thurston Springer Miller Herd & Titak Inc. increased its position in First Merchants by 314.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,318 shares of the bank's stock valued at $53,000 after acquiring an additional 1,000 shares during the period. Sterling Capital Management LLC increased its position in First Merchants by 809.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,838 shares of the bank's stock valued at $73,000 after acquiring an additional 1,636 shares during the period. Finally, CWM LLC increased its position in First Merchants by 44.2% during the 1st quarter. CWM LLC now owns 4,669 shares of the bank's stock worth $189,000 after purchasing an additional 1,432 shares during the period. 73.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FRME shares. Raymond James Financial reduced their target price on First Merchants from $50.00 to $46.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Wall Street Zen raised First Merchants from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Piper Sandler reduced their target price on First Merchants from $55.00 to $49.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their target price on First Merchants from $52.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $46.40.

First Merchants Trading Up 1.5%

NASDAQ FRME traded up $0.60 on Tuesday, hitting $41.50. 577,480 shares of the stock were exchanged, compared to its average volume of 278,715. The company's 50-day moving average price is $38.47 and its two-hundred day moving average price is $39.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.90 and a quick ratio of 0.90. First Merchants Corporation has a 52-week low of $33.13 and a 52-week high of $46.13. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 11.66 and a beta of 1.02.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. First Merchants had a net margin of 19.63% and a return on equity of 9.28%. The firm had revenue of $160.32 million during the quarter, compared to analysts' expectations of $171.23 million. Research analysts predict that First Merchants Corporation will post 3.79 EPS for the current year.

First Merchants Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Friday, June 6th. This is a boost from First Merchants's previous quarterly dividend of $0.35. First Merchants's dividend payout ratio (DPR) is presently 40.45%.

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.