Victory Capital Management Inc. Sells 103,480 Shares of First Merchants Corporation (NASDAQ:FRME)

Victory Capital Management Inc. lessened its holdings in First Merchants Corporation (NASDAQ:FRME - Free Report) by 10.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 855,132 shares of the bank's stock after selling 103,480 shares during the quarter. Victory Capital Management Inc. owned approximately 1.46% of First Merchants worth $34,582,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Barclays PLC lifted its position in shares of First Merchants by 8.6% during the 4th quarter. Barclays PLC now owns 121,969 shares of the bank's stock valued at $4,866,000 after acquiring an additional 9,679 shares during the period. SG Americas Securities LLC purchased a new position in shares of First Merchants in the 1st quarter worth $658,000. Oppenheimer Asset Management Inc. grew its stake in First Merchants by 0.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 41,288 shares of the bank's stock worth $1,670,000 after buying an additional 387 shares during the period. Citadel Advisors LLC increased its holdings in First Merchants by 43.2% in the 4th quarter. Citadel Advisors LLC now owns 41,781 shares of the bank's stock valued at $1,667,000 after purchasing an additional 12,600 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in First Merchants by 10,900.5% in the 1st quarter. GAMMA Investing LLC now owns 21,231 shares of the bank's stock worth $859,000 after buying an additional 21,038 shares in the last quarter. Institutional investors and hedge funds own 73.92% of the company's stock.

First Merchants Stock Down 3.7%

FRME stock traded down $1.51 during mid-day trading on Thursday, hitting $39.74. The stock had a trading volume of 313,731 shares, compared to its average volume of 385,708. First Merchants Corporation has a 1-year low of $33.13 and a 1-year high of $46.13. The company has a fifty day moving average of $38.57 and a 200 day moving average of $39.41. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 10.30 and a beta of 1.02.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.04. The company had revenue of $170.52 million during the quarter, compared to analyst estimates of $172.13 million. First Merchants had a return on equity of 9.91% and a net margin of 21.35%. During the same period in the previous year, the company earned $0.68 earnings per share. On average, equities analysts expect that First Merchants Corporation will post 3.79 EPS for the current fiscal year.

First Merchants Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.62%. The ex-dividend date was Friday, June 6th. This is a positive change from First Merchants's previous quarterly dividend of $0.35. First Merchants's dividend payout ratio is 40.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FRME shares. Wall Street Zen raised First Merchants from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Piper Sandler reduced their target price on shares of First Merchants from $55.00 to $49.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their target price on First Merchants from $52.00 to $49.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Raymond James Financial cut their price objective on First Merchants from $50.00 to $46.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, First Merchants presently has a consensus rating of "Moderate Buy" and an average price target of $46.40.

First Merchants Company 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.