Algert Global LLC Takes $330,000 Position in First Merchants Co. (NASDAQ:FRME)

Algert Global LLC bought a new position in First Merchants Co. (NASDAQ:FRME) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 9,904 shares of the bank’s stock, valued at approximately $330,000.

A number of other institutional investors have also bought and sold shares of FRME. State Board of Administration of Florida Retirement System lifted its position in shares of First Merchants by 84.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 31,082 shares of the bank’s stock valued at $1,024,000 after acquiring an additional 14,200 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in First Merchants by 21.0% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 154,379 shares of the bank’s stock valued at $5,388,000 after buying an additional 26,772 shares in the last quarter. Empowered Funds LLC raised its position in shares of First Merchants by 40.7% during the first quarter. Empowered Funds LLC now owns 184,862 shares of the bank’s stock valued at $6,452,000 after buying an additional 53,463 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Merchants by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,571,539 shares of the bank’s stock worth $243,673,000 after buying an additional 32,126 shares in the last quarter. Finally, Denali Advisors LLC lifted its holdings in shares of First Merchants by 37.1% in the first quarter. Denali Advisors LLC now owns 146,377 shares of the bank’s stock worth $5,109,000 after buying an additional 39,577 shares in the last quarter. Hedge funds and other institutional investors own 73.92% of the company’s stock.

First Merchants Trading Up 0.3 %

Shares of NASDAQ FRME opened at $36.10 on Wednesday. First Merchants Co. has a 1-year low of $25.70 and a 1-year high of $42.44. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.86. The business’s 50 day moving average is $36.97 and its two-hundred day moving average is $35.21. The stock has a market capitalization of $2.11 billion, a P/E ratio of 10.40 and a beta of 1.02.

First Merchants (NASDAQ:FRME) last released its quarterly earnings results on Thursday, July 25th. The bank reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). The company had revenue of $267.72 million for the quarter, compared to analysts’ expectations of $156.35 million. First Merchants had a net margin of 17.77% and a return on equity of 9.17%. During the same quarter in the previous year, the company posted $1.02 EPS. As a group, research analysts expect that First Merchants Co. will post 3.29 EPS for the current year.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.88%. First Merchants’s payout ratio is 40.35%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Hovde Group initiated coverage on shares of First Merchants in a report on Monday, August 12th. They issued a “market perform” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $45.00 target price on shares of First Merchants in a report on Wednesday, August 28th. Stephens cut First Merchants from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $45.00 to $38.00 in a report on Wednesday, August 7th. Finally, Piper Sandler lifted their price objective on First Merchants from $41.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.20.

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.