First Merchants (NASDAQ:FRME) Share Price Crosses Above 200-Day Moving Average - Here's Why

First Merchants Corporation (NASDAQ:FRME - Get Free Report) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $38.54 and traded as high as $40.71. First Merchants shares last traded at $40.41, with a volume of 249,479 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of First Merchants from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Piper Sandler lifted their price objective on shares of First Merchants from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of First Merchants from a "hold" rating to a "sell" rating in a research note on Saturday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, First Merchants has an average rating of "Moderate Buy" and an average target price of $48.33.

First Merchants Trading Down 0.2%

The company has a quick ratio of 0.90, a current ratio of 0.94 and a debt-to-equity ratio of 0.52. The business's 50 day moving average is $39.17 and its 200-day moving average is $38.54. The firm has a market cap of $2.55 billion, a P/E ratio of 11.89 and a beta of 0.86.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.07. The business had revenue of $163.53 million during the quarter, compared to analyst estimates of $201.91 million. First Merchants had a net margin of 18.87% and a return on equity of 9.58%. During the same quarter in the previous year, the firm earned $1.00 earnings per share. As a group, analysts forecast that First Merchants Corporation will post 4.24 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Friday, March 6th. First Merchants's payout ratio is 42.35%.

Insider Activity

In related news, VP Larry W. Myers sold 5,000 shares of First Merchants stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $41.50, for a total value of $207,500.00. Following the completion of the sale, the vice president owned 109,491 shares in the company, valued at approximately $4,543,876.50. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.77% of the company's stock.

Hedge Funds Weigh In On First Merchants

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its holdings in First Merchants by 361.7% in the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank's stock worth $30,000 after purchasing an additional 604 shares during the period. Smartleaf Asset Management LLC boosted its holdings in First Merchants by 325.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank's stock worth $30,000 after purchasing an additional 609 shares during the period. GAMMA Investing LLC boosted its holdings in First Merchants by 62.1% in the fourth quarter. GAMMA Investing LLC now owns 987 shares of the bank's stock worth $37,000 after purchasing an additional 378 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in First Merchants in the fourth quarter worth $37,000. Finally, Covestor Ltd boosted its holdings in First Merchants by 68.9% in the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank's stock worth $39,000 after purchasing an additional 425 shares during the period. Institutional investors and hedge funds own 73.92% of the company's stock.

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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