Intech Investment Management LLC Takes Position in First Merchants Co. (NASDAQ:FRME)

Intech Investment Management LLC purchased a new position in shares of First Merchants Co. (NASDAQ:FRME) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,632 shares of the bank’s stock, valued at approximately $396,000.

Several other institutional investors also recently modified their holdings of FRME. Strategic Investment Solutions Inc. IL acquired a new position in First Merchants during the 2nd quarter worth about $34,000. Quest Partners LLC bought a new stake in First Merchants in the second quarter valued at approximately $45,000. CWM LLC increased its position in First Merchants by 511.5% during the 2nd quarter. CWM LLC now owns 1,920 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,606 shares during the period. Blue Trust Inc. raised its holdings in First Merchants by 78.9% during the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock worth $70,000 after purchasing an additional 835 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of First Merchants in the 2nd quarter worth approximately $79,000. Institutional investors own 73.92% of the company’s stock.

First Merchants Price Performance

Shares of NASDAQ:FRME opened at $42.97 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. The stock has a market cap of $2.52 billion, a PE ratio of 14.18 and a beta of 1.05. The stock’s fifty day simple moving average is $39.66 and its two-hundred day simple moving average is $36.96. First Merchants Co. 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). The company had revenue of $265.95 million during the quarter, compared to analysts’ expectations of $160.55 million. First Merchants had a return on equity of 8.94% and a net margin of 16.94%. During the same period last year, the firm posted $0.94 earnings per share. As a group, analysts forecast that First Merchants Co. will post 3.38 EPS for the current fiscal year.

First Merchants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.26%. First Merchants’s dividend payout ratio is currently 46.20%.

Wall Street Analyst Weigh In

FRME has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $45.00 price objective on shares of First Merchants in a research report on Wednesday, August 28th. Piper Sandler lowered their price objective 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. Hovde Group started coverage on First Merchants in a research note on Monday, August 12th. They issued a “market perform” rating and a $38.00 price objective on the stock. Finally, Stephens cut First Merchants from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $45.00 to $38.00 in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, First Merchants has a consensus rating of “Moderate Buy” and an average target price of $41.60.

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.