First Merchants Co. (NASDAQ:FRME) Stock Holdings Increased by Phocas Financial Corp.

Phocas Financial Corp. lifted its position in First Merchants Co. (NASDAQ:FRME - Free Report) by 17.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 281,626 shares of the bank's stock after purchasing an additional 41,396 shares during the quarter. First Merchants makes up 1.5% of Phocas Financial Corp.'s investment portfolio, making the stock its 11th biggest holding. Phocas Financial Corp. owned about 0.48% of First Merchants worth $11,234,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. purchased a new position in shares of First Merchants during the 4th quarter worth approximately $37,000. Nisa Investment Advisors LLC increased its stake in First Merchants by 139.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank's stock valued at $51,000 after purchasing an additional 750 shares in the last quarter. Sterling Capital Management LLC increased its stake 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 purchasing an additional 1,636 shares in the last quarter. Allworth Financial LP increased its position in First Merchants by 270.1% during the fourth quarter. Allworth Financial LP now owns 2,728 shares of the bank's stock worth $109,000 after buying an additional 1,991 shares in the last quarter. Finally, KBC Group NV increased its position in First Merchants by 27.9% during the fourth quarter. KBC Group NV now owns 3,052 shares of the bank's stock worth $122,000 after buying an additional 665 shares in the last quarter. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Stock Down 0.1%

Shares of FRME traded down $0.02 during midday trading on Friday, reaching $37.87. 209,181 shares of the company were exchanged, compared to its average volume of 264,681. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. First Merchants Co. has a 1-year low of $30.55 and a 1-year high of $46.13. The stock has a 50-day moving average price of $37.27 and a 200-day moving average price of $40.38. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 11.07 and a beta of 1.02.

First Merchants (NASDAQ:FRME - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. First Merchants had a return on equity of 9.23% and a net margin of 18.76%. The business had revenue of $160.32 million for the quarter, compared to analysts' expectations of $171.23 million. Research analysts expect that First Merchants Co. will post 3.79 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 20th. Investors of record on Friday, June 6th will be paid a $0.36 dividend. This is a boost from First Merchants's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.44 annualized dividend and a dividend yield of 3.80%. First Merchants's payout ratio is 40.45%.

Wall Street Analysts Forecast Growth

FRME has been the subject of several recent research reports. Hovde Group raised First Merchants from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Friday, January 31st. Wall Street Zen upgraded First Merchants from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. 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 report on Friday, April 25th. Raymond James reduced their price objective 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. Finally, Piper Sandler reduced their price objective 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, First Merchants has an average rating of "Moderate Buy" and an average price target of $46.40.

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.