First Merchants (NASDAQ:FRME) PT Raised to $42.50

First Merchants (NASDAQ:FRME - Free Report) had its price target boosted by Piper Sandler from $41.00 to $42.50 in a report published on Monday, Benzinga reports. They currently have an overweight rating on the bank's stock.

A number of other equities analysts have also issued reports on FRME. Raymond James raised their price target on First Merchants from $33.00 to $40.00 and gave the stock an outperform rating in a report on Monday, January 29th. StockNews.com lowered First Merchants from a hold rating to a sell rating in a report on Tuesday, April 23rd.

First Merchants Stock Performance

Shares of FRME stock traded down $0.31 during trading hours on Monday, hitting $33.82. The stock had a trading volume of 237,301 shares, compared to its average volume of 263,906. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $2.00 billion, a PE ratio of 9.75 and a beta of 1.08. The stock's 50 day moving average is $33.76 and its 200 day moving average is $33.19. First Merchants has a twelve month low of $24.52 and a twelve month high of $38.16.

First Merchants (NASDAQ:FRME - Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. First Merchants had a net margin of 20.15% and a return on equity of 10.29%. The firm had revenue of $156.51 million during the quarter, compared to analysts' expectations of $158.50 million. As a group, research analysts forecast that First Merchants will post 3.35 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.36 annualized dividend and a yield of 4.02%. First Merchants's dividend payout ratio is currently 39.19%.

Insider Activity at First Merchants

In other First Merchants news, insider Stephan Fluhler sold 3,193 shares of the business's stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $33.17, for a total transaction of $105,911.81. Following the transaction, the insider now owns 24,070 shares in the company, valued at approximately $798,401.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On First Merchants

A number of institutional investors and hedge funds have recently made changes to their positions in FRME. Parkside Financial Bank & Trust boosted its holdings in First Merchants by 27.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank's stock worth $57,000 after buying an additional 330 shares in the last quarter. Assetmark Inc. boosted its stake in shares of First Merchants by 16.0% during the 3rd quarter. Assetmark Inc. now owns 2,806 shares of the bank's stock worth $78,000 after acquiring an additional 387 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of First Merchants during the 4th quarter worth approximately $29,000. US Bancorp DE grew its holdings in shares of First Merchants by 5.1% in the 4th quarter. US Bancorp DE now owns 16,405 shares of the bank's stock worth $608,000 after acquiring an additional 791 shares during the period. Finally, Voisard Asset Management Group Inc. purchased a new position in First Merchants in the 4th quarter valued at approximately $31,000. 73.92% of the stock is owned by institutional investors and hedge funds.

About First Merchants

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.