International Assets Investment Management LLC Makes New $29,000 Investment in First Merchants Co. (NASDAQ:FRME)

International Assets Investment Management LLC purchased a new stake in First Merchants Co. (NASDAQ:FRME) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 779 shares of the bank’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Denali Advisors LLC increased its stake in First Merchants by 92.8% during the fourth quarter. Denali Advisors LLC now owns 106,800 shares of the bank’s stock worth $3,960,000 after acquiring an additional 51,400 shares during the last quarter. American Century Companies Inc. increased its position in shares of First Merchants by 7.8% during the 3rd quarter. American Century Companies Inc. now owns 992,748 shares of the bank’s stock worth $27,618,000 after purchasing an additional 71,527 shares during the last quarter. Schroder Investment Management Group raised its holdings in First Merchants by 8.5% in the 3rd quarter. Schroder Investment Management Group now owns 335,292 shares of the bank’s stock valued at $9,328,000 after buying an additional 26,159 shares during the period. Envestnet Asset Management Inc. lifted its position in First Merchants by 131.2% in the third quarter. Envestnet Asset Management Inc. now owns 184,438 shares of the bank’s stock valued at $5,131,000 after buying an additional 104,675 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in First Merchants by 5.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,673 shares of the bank’s stock valued at $17,796,000 after buying an additional 35,795 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

First Merchants Stock Performance

NASDAQ:FRME opened at $34.19 on Thursday. The firm has a market capitalization of $2.03 billion, a PE ratio of 9.85 and a beta of 1.08. 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 business’s fifty day moving average price is $33.75 and its 200 day moving average price is $33.24. First Merchants Co. has a 12 month low of $24.52 and a 12 month high of $38.16.

First Merchants Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Thursday, February 29th. First Merchants’s dividend payout ratio (DPR) is presently 39.19%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com lowered First Merchants from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Piper Sandler boosted their price objective on First Merchants from $41.00 to $42.50 and gave the stock an “overweight” rating in a research report on Monday. Finally, Raymond James raised their target price on shares of 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 other First Merchants news, insider Stephan Fluhler sold 3,193 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $33.17, for a total value of $105,911.81. Following the transaction, the insider now directly owns 24,070 shares in the company, valued at $798,401.90. The sale 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 company insiders.

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.