PL Capital Advisors LLC Reduces Position in First Merchants Co. (NASDAQ:FRME)

PL Capital Advisors LLC lowered its stake in shares of First Merchants Co. (NASDAQ:FRME - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 704,333 shares of the bank's stock after selling 47,000 shares during the quarter. First Merchants comprises about 9.0% of PL Capital Advisors LLC's holdings, making the stock its 3rd largest position. PL Capital Advisors LLC owned approximately 1.19% of First Merchants worth $26,117,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FRME. International Assets Investment Management LLC purchased a new position in shares of First Merchants during the fourth quarter worth about $29,000. Parkside Financial Bank & Trust grew its holdings in shares of 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 during the last quarter. Meeder Asset Management Inc. purchased a new stake in First Merchants in the 4th quarter valued at approximately $75,000. Assetmark Inc. boosted its holdings in First Merchants by 16.0% in the 3rd quarter. Assetmark Inc. now owns 2,806 shares of the bank's stock valued at $78,000 after purchasing an additional 387 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in First Merchants in the 3rd quarter valued at approximately $81,000. Hedge funds and other institutional investors own 73.92% of the company's stock.

First Merchants Price Performance

Shares of FRME stock traded down $0.33 during midday trading on Friday, reaching $34.13. 233,621 shares of the company traded hands, compared to its average volume of 217,263. The firm's 50 day simple moving average is $33.77 and its two-hundred day simple moving average is $33.14. First Merchants Co. has a 1-year low of $24.52 and a 1-year high of $38.16. 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 cap of $2.02 billion, a PE ratio of 9.84 and a beta of 1.08.

First Merchants (NASDAQ:FRME - Get Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. First Merchants had a net margin of 20.15% and a return on equity of 10.29%. The company had revenue of $156.51 million during the quarter, compared to the consensus estimate of $158.50 million. On average, equities research analysts expect that First Merchants Co. will post 3.35 EPS for the current fiscal year.

First Merchants Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.98%. First Merchants's dividend payout ratio is currently 39.19%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. StockNews.com lowered First Merchants from a "hold" rating to a "sell" rating in a report on Tuesday, April 23rd. Raymond James lifted their price objective on First Merchants from $33.00 to $40.00 and gave the company an "outperform" rating in a report on Monday, January 29th.

Insider Buying and Selling

In related news, insider Stephan Fluhler sold 3,193 shares of First Merchants 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 completion of the transaction, the insider now directly owns 24,070 shares in the company, valued at approximately $798,401.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.32% of the company's stock.

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.