Envestnet Asset Management Inc. Sells 2,712 Shares of First Merchants Co. (NASDAQ:FRME)

Envestnet Asset Management Inc. decreased its position in First Merchants Co. (NASDAQ:FRME) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,743 shares of the bank’s stock after selling 2,712 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of First Merchants worth $1,489,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in First Merchants by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,241,288 shares of the bank’s stock worth $57,721,000 after purchasing an additional 26,173 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in First Merchants by 126.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 23,898 shares of the bank’s stock worth $1,111,000 after purchasing an additional 13,358 shares during the last quarter. The PNC Financial Services Group Inc. lifted its holdings in First Merchants by 2.3% in the 1st quarter. The PNC Financial Services Group Inc. now owns 11,449 shares of the bank’s stock worth $532,000 after purchasing an additional 257 shares during the last quarter. Berman Capital Advisors LLC acquired a new stake in First Merchants in the 1st quarter worth approximately $28,000. Finally, Prudential Financial Inc. lifted its holdings in First Merchants by 10.1% in the 1st quarter. Prudential Financial Inc. now owns 75,556 shares of the bank’s stock worth $3,513,000 after purchasing an additional 6,916 shares during the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.

Several research firms recently weighed in on FRME. Raymond James reduced their target price on First Merchants from $55.00 to $47.00 and set an “outperform” rating for the company in a report on Wednesday, July 28th. Janney Montgomery Scott upgraded First Merchants from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Thursday, July 29th. Finally, Zacks Investment Research lowered First Merchants from a “buy” rating to a “hold” rating in a research note on Friday, August 13th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $41.20.

Shares of FRME stock opened at $38.04 on Tuesday. The stock’s fifty day moving average is $40.64 and its 200-day moving average is $43.87. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $2.06 billion, a PE ratio of 11.06 and a beta of 1.29. First Merchants Co. has a 52 week low of $21.50 and a 52 week high of $50.65.

First Merchants (NASDAQ:FRME) last posted its quarterly earnings results on Sunday, July 25th. The bank reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.11. The business had revenue of $135.15 million for the quarter, compared to analysts’ expectations of $131.17 million. First Merchants had a return on equity of 10.09% and a net margin of 33.81%. As a group, analysts forecast that First Merchants Co. will post 3.78 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 17th. Investors of record on Friday, September 3rd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.05%. The ex-dividend date was Thursday, September 2nd. First Merchants’s dividend payout ratio is 42.34%.

About First Merchants

First Merchants Corp. (Indiana) is a holding company, which engages in the provision of financial services. It also offers personal banking, business banking, mortgage lending, treasury management services, and wealth management. The company was founded in September 1982 and is headquartered in Muncie, IN.

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Institutional Ownership by Quarter for First Merchants (NASDAQ:FRME)

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