Analysts Set First Merchants Co. (NASDAQ:FRME) Price Target at $42.60

First Merchants Co. (NASDAQ:FRME) has earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $42.60.

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on First Merchants from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler dropped their target price on First Merchants from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, October 28th.

Insider Buying and Selling at First Merchants

In related news, President Michael J. Stewart sold 7,248 shares of First Merchants stock in a transaction on Monday, December 16th. The shares were sold at an average price of $43.73, for a total value of $316,955.04. Following the transaction, the president now directly owns 92,664 shares of the company’s stock, valued at $4,052,196.72. The trade was a 7.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.32% of the company’s stock.

Institutional Investors Weigh In On First Merchants

A number of large investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. boosted its holdings in shares of First Merchants by 108.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock worth $28,000 after purchasing an additional 390 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in First Merchants in the 2nd quarter worth approximately $34,000. Quest Partners LLC bought a new stake in shares of First Merchants in the 2nd quarter worth approximately $45,000. Blue Trust Inc. increased its stake in shares of First Merchants by 78.9% during the third quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock valued at $70,000 after buying an additional 835 shares during the period. Finally, Innealta Capital LLC bought a new position in shares of First Merchants during the second quarter valued at approximately $79,000. Institutional investors own 73.92% of the company’s stock.

First Merchants Stock Down 0.3 %

FRME stock opened at $39.89 on Thursday. The company’s 50 day moving average is $41.64 and its 200 day moving average is $38.28. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 13.17 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. First Merchants has a 1-year low of $30.55 and a 1-year high of $46.13.

First Merchants (NASDAQ:FRME) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). First Merchants had a return on equity of 8.94% and a net margin of 16.94%. The company had revenue of $265.95 million during the quarter, compared to the consensus estimate of $160.55 million. During the same period in the previous year, the company earned $0.94 EPS. Sell-side analysts predict that First Merchants will post 3.38 EPS for the current fiscal year.

First Merchants Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.51%. First Merchants’s dividend payout ratio (DPR) is currently 46.20%.

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.