First Merchants (NASDAQ:FRME) Posts Earnings Results, Beats Expectations By $0.04 EPS

First Merchants (NASDAQ:FRME - Get Free Report) posted its earnings results on Wednesday. The bank reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.94 by $0.04, Zacks reports. First Merchants had a net margin of 21.35% and a return on equity of 9.91%. The firm had revenue of $170.52 million for the quarter, compared to the consensus estimate of $172.13 million. During the same period in the previous year, the firm posted $0.68 EPS.

First Merchants Stock Up 0.2%

NASDAQ FRME traded up $0.06 during midday trading on Friday, hitting $39.80. 321,506 shares of the company traded hands, compared to its average volume of 295,204. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $2.32 billion, a PE ratio of 10.31 and a beta of 1.02. The company's 50-day simple moving average is $38.57 and its 200-day simple moving average is $39.41. First Merchants has a 52 week low of $33.13 and a 52 week high of $46.13.

First Merchants Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.62%. The ex-dividend date was Friday, June 6th. This is a boost from First Merchants's previous quarterly dividend of $0.35. First Merchants's dividend payout ratio (DPR) is 40.45%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FRME shares. Raymond James Financial reduced their target price on shares of First Merchants from $50.00 to $46.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Piper Sandler cut their price target on shares of First Merchants from $55.00 to $49.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price target 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, Wall Street Zen upgraded First Merchants from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.40.

Institutional Trading of First Merchants

Several hedge funds and other institutional investors have recently bought and sold shares of FRME. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 valued at $1,404,000 after purchasing an additional 1,522 shares during the period. Intech Investment Management LLC boosted its position in shares of First Merchants by 42.6% during the first quarter. Intech Investment Management LLC now owns 43,260 shares of the bank's stock worth $1,749,000 after buying an additional 12,922 shares during the period. Jane Street Group LLC increased its stake in First Merchants by 941.6% during the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank's stock worth $4,362,000 after buying an additional 97,504 shares during the period. AQR Capital Management LLC lifted its holdings in First Merchants by 19.5% during the 1st quarter. AQR Capital Management LLC now owns 118,650 shares of the bank's stock worth $4,798,000 after buying an additional 19,375 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Merchants by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank's stock worth $5,370,000 after buying an additional 8,212 shares in the last quarter. Institutional investors own 73.92% of the company's stock.

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.