Mendon Capital Advisors Corp Buys Shares of 131,125 First Merchants Corporation $FRME

Key Points

• Mendon Capital Advisors Corp acquired a new stake in First Merchants Corporation, purchasing 131,125 shares valued at approximately $5,303,000, making it 2.6% of their investment portfolio.
• First Merchants Corporation plans to pay a quarterly dividend of $0.36 per share on September 19th, yielding 3.6% annually, with a dividend payout ratio of 37.31%.
• Wall Street analysts currently rate First Merchants as a "Buy" with an average target price of $48.25, despite Piper Sandler recently lowering their target from $49.00 to $48.00.

Mendon Capital Advisors Corp purchased a new stake in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 131,125 shares of the bank's stock, valued at approximately $5,303,000. First Merchants makes up approximately 2.6% of Mendon Capital Advisors Corp's holdings, making the stock its 14th largest holding. Mendon Capital Advisors Corp owned about 0.22% of First Merchants at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Intech Investment Management LLC lifted its position in First Merchants by 42.6% during the first quarter. Intech Investment Management LLC now owns 43,260 shares of the bank's stock valued at $1,749,000 after buying an additional 12,922 shares in the last quarter. Jane Street Group LLC lifted its position in First Merchants by 941.6% during the first quarter. Jane Street Group LLC now owns 107,859 shares of the bank's stock valued at $4,362,000 after buying an additional 97,504 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Merchants by 6.6% during the first 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 buying an additional 8,212 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of First Merchants by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank's stock worth $1,404,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Curi RMB Capital LLC acquired a new position in shares of First Merchants during the first quarter worth $5,055,000. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Stock Down 0.6%

FRME traded down $0.22 during trading on Monday, hitting $39.81. The company had a trading volume of 79,654 shares, compared to its average volume of 278,475. The company has a market cap of $2.30 billion, a PE ratio of 10.31 and a beta of 1.10. The business has a 50-day moving average of $40.04 and a 200-day moving average of $38.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.90. First Merchants Corporation has a 1-year low of $33.13 and a 1-year high of $46.13.

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 (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The firm had revenue of $170.52 million for the quarter, compared to analysts' expectations of $172.13 million. First Merchants had a net margin of 21.35% and a return on equity of 9.88%. During the same period in the prior year, the company posted $0.68 earnings per share. As a group, analysts forecast that First Merchants Corporation will post 3.79 earnings per share for the current year.

First Merchants Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of 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 raised shares of First Merchants from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $48.25.

First Merchants 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.