OneAscent Financial Services LLC Buys New Shares in First Merchants Corporation $FRME

Key Points

• OneAscent Financial Services bought 97,810 First Merchants shares worth approximately $4.27 million, while institutional investors collectively own 73.92% of the bank.
• First Merchants reported quarterly EPS of $0.74, missing the $1.02 consensus estimate, while revenue of $202.49 million was roughly in line with expectations.
• The company declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 dividend and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $49.

OneAscent Financial Services LLC purchased a new stake in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 97,810 shares of the bank's stock, valued at approximately $4,273,000. OneAscent Financial Services LLC owned approximately 0.16% of First Merchants as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in shares of First Merchants in the 2nd quarter worth about $190,000. Vise Technologies Inc. purchased a new position in shares of First Merchants during the 2nd quarter valued at about $233,000. Great Lakes Advisors LLC purchased a new position in shares of First Merchants during the 2nd quarter valued at about $5,072,000. BlackRock Inc. bought a new stake in First Merchants in the 2nd quarter worth approximately $232,637,000. Finally, Deutsche Bank AG bought a new stake in First Merchants in the 2nd quarter worth approximately $2,939,000. Institutional investors own 73.92% of the company's stock.

First Merchants Price Performance

Shares of First Merchants stock opened at $41.94 on Friday. The company's fifty day simple moving average is $42.94 and its two-hundred day simple moving average is $40.96. First Merchants Corporation has a 12-month low of $34.66 and a 12-month high of $45.33. The firm has a market cap of $2.63 billion, a PE ratio of 13.44 and a beta of 0.84. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.56.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.28). The firm had revenue of $202.49 million for the quarter, compared to the consensus estimate of $202.78 million. First Merchants had a net margin of 17.05% and a return on equity of 8.86%. As a group, equities analysts expect that First Merchants Corporation will post 3.94 EPS for the current year.

First Merchants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, September 4th. First Merchants's payout ratio is currently 47.44%.

Insider Buying and Selling

In other First Merchants news, Director Larry W. Myers sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $41.50, for a total transaction of $415,000.00. Following the completion of the transaction, the director owned 99,751 shares of the company's stock, valued at $4,139,666.50. This represents a 9.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.77% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FRME shares. Wall Street Zen upgraded shares of First Merchants from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Piper Sandler boosted their price objective on shares of First Merchants from $49.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Finally, Weiss Ratings raised shares of First Merchants from a "hold (c+)" rating to a "buy (b)" rating in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, First Merchants presently has a consensus rating of "Moderate Buy" and an average 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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