AlphaMark Advisors LLC Makes New Investment in First Merchants Co. (NASDAQ:FRME)

AlphaMark Advisors LLC acquired a new stake in First Merchants Co. (NASDAQ:FRME) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,975 shares of the bank’s stock, valued at approximately $299,000.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in First Merchants in the 4th quarter valued at $29,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of First Merchants by 11.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,826 shares of the bank’s stock worth $1,032,000 after buying an additional 2,881 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of First Merchants by 27.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,337 shares of the bank’s stock worth $569,000 after buying an additional 3,335 shares during the last quarter. OLD National Bancorp IN increased its position in First Merchants by 3.3% in the 4th quarter. OLD National Bancorp IN now owns 42,584 shares of the bank’s stock valued at $1,579,000 after acquiring an additional 1,380 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in First Merchants by 7.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 18,817 shares of the bank’s stock valued at $698,000 after acquiring an additional 1,232 shares during the last quarter. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Trading Up 1.0 %

Shares of NASDAQ FRME traded up $0.37 during midday trading on Friday, reaching $36.67. 20,064 shares of the stock were exchanged, compared to its average volume of 254,214. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $2.15 billion, a P/E ratio of 10.46 and a beta of 1.04. The stock has a 50 day moving average price of $35.07 and a 200-day moving average price of $34.32. First Merchants Co. has a 52-week low of $25.70 and a 52-week high of $42.44.

First Merchants (NASDAQ:FRME) last released its earnings results on Thursday, July 25th. The bank reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). First Merchants had a return on equity of 9.20% and a net margin of 17.77%. The firm had revenue of $267.72 million during the quarter, compared to analysts’ expectations of $156.35 million. During the same period in the previous year, the firm posted $1.02 earnings per share. Equities research analysts expect that First Merchants Co. will post 3.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stephens lowered First Merchants from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $45.00 to $38.00 in a report on Wednesday, August 7th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $45.00 price objective (up previously from $43.00) on shares of First Merchants in a research report on Monday, July 29th. Piper Sandler raised their target price on shares of First Merchants from $41.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. StockNews.com upgraded First Merchants from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Hovde Group initiated coverage on First Merchants in a research note on Monday. They issued a “market perform” rating and a $38.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Merchants presently has an average rating of “Moderate Buy” and a consensus target price of $42.20.

Insider Activity at First Merchants

In related news, Director Patrick J. Fehring sold 23,936 shares of First Merchants stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $32.51, for a total value of $778,159.36. Following the transaction, the director now owns 122,706 shares in the company, valued at $3,989,172.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.