Insider Selling: First Merchants Co. (NASDAQ:FRME) President Sells $316,955.04 in Stock

First Merchants Co. (NASDAQ:FRME) President Michael J. Stewart sold 7,248 shares of First Merchants stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $43.73, for a total transaction of $316,955.04. Following the completion of the transaction, the president now directly owns 92,664 shares in the company, valued at $4,052,196.72. This trade represents a 7.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

First Merchants Trading Up 0.3 %

NASDAQ FRME opened at $40.36 on Friday. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 13.32 and a beta of 1.05. First Merchants Co. has a twelve month low of $30.55 and a twelve month high of $46.13. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.41. The business’s fifty day moving average is $41.23 and its 200 day moving average is $37.68.

First Merchants (NASDAQ:FRME) last posted its earnings results on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.06). The firm had revenue of $265.95 million during the quarter, compared to the consensus estimate of $160.55 million. First Merchants had a net margin of 16.94% and a return on equity of 8.94%. During the same quarter in the prior year, the business posted $0.94 earnings per share. As a group, sell-side analysts expect that First Merchants Co. will post 3.38 EPS for the current fiscal year.

First Merchants Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Friday, December 6th. First Merchants’s payout ratio is 46.20%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on First Merchants from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler decreased their target price on First Merchants from $50.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.60.

Hedge Funds Weigh In On First Merchants

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. grew its stake in shares of First Merchants by 108.3% in 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 last quarter. Strategic Investment Solutions Inc. IL bought a new position in First Merchants during the 2nd quarter worth $34,000. Quest Partners LLC acquired a new position in First Merchants during the 2nd quarter worth about $45,000. CWM LLC grew its position in shares of First Merchants by 511.5% in the 2nd quarter. CWM LLC now owns 1,920 shares of the bank’s stock valued at $64,000 after buying an additional 1,606 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of First Merchants by 78.9% in the 3rd 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 last quarter. 73.92% of the stock is currently owned by institutional investors and hedge funds.

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.