Price T Rowe Associates Inc. MD Lowers Holdings in First Merchants Co. (NASDAQ:FRME)

Price T Rowe Associates Inc. MD decreased its stake in First Merchants Co. (NASDAQ:FRME) by 8.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,698 shares of the bank’s stock after selling 3,700 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.07% of First Merchants worth $1,654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Systematic Financial Management LP boosted its stake in shares of First Merchants by 17.6% in the second quarter. Systematic Financial Management LP now owns 621,512 shares of the bank’s stock worth $25,898,000 after buying an additional 92,994 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of First Merchants by 2.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 449,462 shares of the bank’s stock worth $18,730,000 after buying an additional 8,755 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of First Merchants by 18.7% in the second quarter. Federated Hermes Inc. now owns 2,569 shares of the bank’s stock worth $107,000 after buying an additional 404 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of First Merchants by 1.7% in the second quarter. First Trust Advisors LP now owns 123,164 shares of the bank’s stock worth $5,132,000 after buying an additional 2,064 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of First Merchants by 39.7% in the second quarter. Handelsbanken Fonder AB now owns 14,416 shares of the bank’s stock worth $601,000 after buying an additional 4,100 shares during the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded First Merchants from a “buy” rating to a “hold” rating in a research report on Wednesday, November 3rd. Raymond James lowered their price target on First Merchants from $55.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 28th. Finally, Janney Montgomery Scott upgraded First Merchants from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Thursday, July 29th.

Shares of FRME stock opened at $42.72 on Thursday. The company has a market capitalization of $2.30 billion, a P/E ratio of 11.39 and a beta of 1.23. The business’s 50 day moving average is $42.05 and its two-hundred day moving average is $42.31. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. First Merchants Co. has a 12-month low of $33.13 and a 12-month high of $50.65.

First Merchants (NASDAQ:FRME) last announced its earnings results on Monday, October 25th. The bank reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.07. First Merchants had a return on equity of 10.94% and a net margin of 36.19%. The business had revenue of $133.22 million during the quarter, compared to analysts’ expectations of $132.07 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. On average, research analysts predict that First Merchants Co. will post 3.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 17th. Shareholders of record on Friday, December 3rd will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, December 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.72%. First Merchants’s payout ratio is currently 30.93%.

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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