Nuveen LLC Invests $24.52 Million in First Merchants Corporation $FRME

Key Points

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Nuveen LLC acquired a new position in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 606,404 shares of the bank's stock, valued at approximately $24,523,000. Nuveen LLC owned 1.04% of First Merchants as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FRME. Capital International Investors purchased a new stake in First Merchants during the fourth quarter worth approximately $23,739,000. OneAscent Financial Services LLC lifted its position in shares of First Merchants by 100.4% during the first quarter. OneAscent Financial Services LLC now owns 247,024 shares of the bank's stock worth $9,984,000 after purchasing an additional 123,738 shares in the last quarter. First Trust Advisors LP lifted its position in shares of First Merchants by 18.8% during the fourth quarter. First Trust Advisors LP now owns 689,556 shares of the bank's stock worth $27,506,000 after purchasing an additional 108,929 shares in the last quarter. Systematic Financial Management LP lifted its position in shares of First Merchants by 9.7% during the fourth quarter. Systematic Financial Management LP now owns 749,055 shares of the bank's stock worth $29,880,000 after purchasing an additional 66,380 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of First Merchants by 7.4% during the fourth quarter. Nuveen Asset Management LLC now owns 626,508 shares of the bank's stock worth $24,991,000 after purchasing an additional 43,066 shares in the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.

First Merchants Stock Up 5.2%

FRME traded up $2.06 during trading on Friday, hitting $41.74. The company had a trading volume of 320,731 shares, compared to its average volume of 232,889. The company has a market cap of $2.41 billion, a PE ratio of 10.81 and a beta of 1.08. The business has a 50-day moving average of $39.05 and a 200-day moving average of $39.10. 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 business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.44 annualized dividend and a yield of 3.4%. First Merchants's dividend payout ratio is currently 37.31%.

Analyst Ratings Changes

A number of research firms have recently commented on FRME. Wall Street Zen raised shares of First Merchants from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. 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. Finally, Keefe, Bruyette & Woods reduced their target price on shares of First Merchants from $52.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $48.25.

About First Merchants

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.