Susquehanna International Group LLP Sells 50,160 Shares of First Merchants Corporation $FRME

Key Points

• Susquehanna International Group reduced its First Merchants stake by 24.9%, selling 50,160 shares and retaining 151,364 shares valued at approximately $6.6 million. Institutional investors collectively own 73.92% of the company.
• First Merchants reported quarterly EPS of $0.74, missing the $1.02 analyst consensus, while revenue of $202.49 million was roughly in line with expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $49.
• The bank declared a quarterly dividend of $0.37 per share, equivalent to $1.48 annually and a 3.5% yield. A director also sold 10,000 shares in June, while insiders own 1.77% of the stock.

Susquehanna International Group LLP decreased its position in shares of First Merchants Corporation (NASDAQ:FRME - Free Report) by 24.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 151,364 shares of the bank's stock after selling 50,160 shares during the period. Susquehanna International Group LLP owned about 0.24% of First Merchants worth $6,613,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new position in shares of First Merchants in the 2nd quarter valued at approximately $339,000. Empowered Funds LLC purchased a new stake in First Merchants in the second quarter worth $12,142,000. Public Employees Retirement System of Ohio purchased a new stake in First Merchants in the second quarter worth $43,000. Capstone Investment Advisors LLC purchased a new stake in First Merchants in the second quarter worth $490,000. Finally, Corient Private Wealth LP bought a new position in First Merchants in the second quarter worth $225,000. Institutional investors own 73.92% of the company's stock.

First Merchants Price Performance

FRME stock opened at $41.93 on Monday. The business has a 50 day moving average of $43.02 and a 200 day moving average of $40.97. The firm has a market cap of $2.63 billion, a PE ratio of 13.44 and a beta of 0.84. First Merchants Corporation has a twelve month low of $34.66 and a twelve month high of $45.33. 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 released its earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.28). The company had revenue of $202.49 million during the quarter, compared to the consensus estimate of $202.78 million. First Merchants had a return on equity of 8.86% and a net margin of 17.05%. On average, research analysts forecast that First Merchants Corporation will post 3.94 EPS for the current fiscal year.

First Merchants Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity at First Merchants

In related news, Director Larry W. Myers sold 10,000 shares of the company's stock in a transaction 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 sale, the director owned 99,751 shares in the company, valued at approximately $4,139,666.50. This represents a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is owned by insiders.

First Merchants 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source