First Merchants (NASDAQ:FRME – Get Free Report) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Thursday.
Several other equities research analysts have also recently commented on the stock. Raymond James boosted their price target on shares of First Merchants from $33.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. Piper Sandler upped their target price on First Merchants from $41.00 to $42.50 and gave the stock an “overweight” rating in a report on Monday, April 29th.
Check Out Our Latest Research Report on First Merchants
First Merchants Stock Up 0.9 %
Insider Activity
In related news, insider Stephan Fluhler sold 3,193 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $33.17, for a total transaction of $105,911.81. Following the transaction, the insider now directly owns 24,070 shares of the company’s stock, valued at approximately $798,401.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.32% of the company’s stock.
Institutional Trading of First Merchants
Several hedge funds and other institutional investors have recently modified their holdings of FRME. International Assets Investment Management LLC acquired a new stake in First Merchants during the fourth quarter worth approximately $29,000. Voisard Asset Management Group Inc. acquired a new stake in First Merchants during the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new stake in First Merchants in the 4th quarter valued at $36,000. Parkside Financial Bank & Trust grew its holdings in First Merchants by 27.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock valued at $57,000 after buying an additional 330 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in First Merchants in the 4th quarter valued at $75,000. Institutional investors own 73.92% of the company’s stock.
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.
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