Northern Trust Corp grew its holdings in First Merchants Corporation (NASDAQ:FRME) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 997,546 shares of the bank’s stock after acquiring an additional 15,374 shares during the quarter. Northern Trust Corp owned 2.31% of First Merchants Corporation worth $40,042,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Capital Management Holdings LLC. bought a new position in First Merchants Corporation in the first quarter worth $115,000. Bronfman E.L. Rothschild L.P. lifted its position in First Merchants Corporation by 1.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,029 shares of the bank’s stock worth $122,000 after purchasing an additional 50 shares during the period. Ameritas Investment Partners Inc. bought a new position in First Merchants Corporation in the first quarter worth $138,000. Meeder Asset Management Inc. lifted its position in First Merchants Corporation by 5.7% in the first quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock worth $139,000 after purchasing an additional 190 shares during the period. Finally, Invictus RG bought a new position in First Merchants Corporation in the first quarter worth $196,000. 67.76% of the stock is owned by institutional investors.
First Merchants Corporation (NASDAQ FRME) opened at 43.49 on Friday. First Merchants Corporation has a one year low of $25.84 and a one year high of $44.36. The firm’s 50 day moving average price is $40.81 and its 200-day moving average price is $40.27. The company has a market capitalization of $2.14 billion, a PE ratio of 19.86 and a beta of 0.94.
First Merchants Corporation (NASDAQ:FRME) last released its earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. The firm had revenue of $81.53 million during the quarter, compared to the consensus estimate of $78.75 million. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. Equities analysts forecast that First Merchants Corporation will post $2.32 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.18 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.66%. First Merchants Corporation’s payout ratio is 32.88%.
In other news, insider Mark K. Hardwick sold 1,851 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $39.69, for a total transaction of $73,466.19. Following the completion of the sale, the insider now directly owns 75,120 shares in the company, valued at approximately $2,981,512.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have bought 66 shares of company stock valued at $2,644. Corporate insiders own 1.41% of the company’s stock.
FRME has been the subject of several research reports. BidaskClub raised First Merchants Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Zacks Investment Research raised First Merchants Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating on shares of First Merchants Corporation in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. First Merchants Corporation has a consensus rating of “Hold” and a consensus target price of $44.33.
First Merchants Corporation Profile
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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