Ieq Capital LLC Purchases Shares of 68,021 First Merchants Corporation $FRME

Key Points

• Ieq Capital acquired 68,021 First Merchants shares in the second quarter, valued at approximately $2.97 million. Institutional investors collectively own 73.92% of the company.
• First Merchants reported quarterly EPS of $0.74, missing analyst expectations of $1.02, while revenue of $202.49 million was roughly in line with forecasts.
• The bank declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with a $49 price target.

Ieq Capital LLC acquired a new stake in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 68,021 shares of the bank's stock, valued at approximately $2,972,000. Ieq Capital LLC owned about 0.11% of First Merchants as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC raised its position in shares of First Merchants by 19.5% during the first quarter. AQR Capital Management LLC now owns 118,650 shares of the bank's stock worth $4,798,000 after purchasing an additional 19,375 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Merchants by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank's stock valued at $1,404,000 after purchasing an additional 1,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Merchants by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank's stock valued at $5,370,000 after purchasing an additional 8,212 shares during the period. Jane Street Group LLC increased its stake in First Merchants by 941.6% in the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank's stock worth $4,362,000 after purchasing an additional 97,504 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in First Merchants by 42.6% in the 1st quarter. Intech Investment Management LLC now owns 43,260 shares of the bank's stock worth $1,749,000 after purchasing an additional 12,922 shares in the last quarter. 73.92% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Larry W. Myers sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $41.50, for a total transaction of $415,000.00. Following the completion of the sale, the director directly 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 document filed with the SEC, which can be accessed through the SEC website. 1.77% of the stock is owned by company insiders.

First Merchants Stock Performance

Shares of FRME stock opened at $41.92 on Tuesday. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.44 and a beta of 0.84. First Merchants Corporation has a 1-year low of $34.66 and a 1-year high of $45.33. 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 stock's fifty day simple moving average is $42.95 and its 200-day simple moving average is $40.98.

First Merchants (NASDAQ:FRME - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $202.78 million. On average, sell-side analysts predict that First Merchants Corporation will post 3.94 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The business also recently declared 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. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. First Merchants's dividend payout ratio is 47.44%.

Analysts Set New Price Targets

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