Keefe, Bruyette & Woods Boosts First Merchants (NASDAQ:FRME) Price Target to $50.00

Key Points

• Keefe, Bruyette & Woods raised the price target for First Merchants (NASDAQ:FRME) from $49.00 to $50.00, indicating a potential upside of 28.34% from its previous close and maintaining an "outperform" rating.
• In contrast, Piper Sandler reduced their target price from $49.00 to $48.00, still rating the stock as "overweight," which reflects mixed analyst sentiments about the stock.
• First Merchants reported a quarterly EPS of $0.98, exceeding expectations, but revenue fell slightly short of consensus estimates at $170.52 million.

First Merchants (NASDAQ:FRME - Get Free Report) had its target price boosted by investment analysts at Keefe, Bruyette & Woods from $49.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 28.34% from the company's previous close.

Separately, Piper Sandler lowered their target price on First Merchants from $49.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.50.

First Merchants Stock Down 1.4%

Shares of FRME stock opened at $38.96 on Friday. First Merchants has a fifty-two week low of $33.13 and a fifty-two week high of $46.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $2.25 billion, a PE ratio of 10.09 and a beta of 1.10. The stock's 50-day simple moving average is $39.85 and its 200-day simple moving average is $38.65.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its 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. First Merchants had a return on equity of 9.88% and a net margin of 21.35%.The firm had revenue of $170.52 million for the quarter, compared to the consensus estimate of $172.13 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. Equities analysts expect that First Merchants will post 3.79 earnings per share for the current year.

Hedge Funds Weigh In On First Merchants

A number of hedge funds have recently bought and sold shares of FRME. EverSource Wealth Advisors LLC boosted its position in First Merchants by 361.7% during 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 in the last quarter. Westend Capital Management LLC purchased a new position in shares of First Merchants in the first quarter valued at approximately $46,000. Caldwell Trust Co purchased a new position in shares of First Merchants in the second quarter valued at approximately $50,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of First Merchants by 314.5% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,318 shares of the bank's stock valued at $53,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Spectrum Wealth Counsel LLC purchased a new position in shares of First Merchants in the first quarter valued at approximately $56,000. Hedge funds and other 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.

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