First Merchants (NASDAQ:FRME) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of First Merchants (NASDAQ:FRME) from a sell rating to a hold rating in a report issued on Thursday morning.

Several other equities analysts have also commented on the stock. Piper Sandler upped their price objective on shares of First Merchants from $41.00 to $42.50 and gave the stock an overweight rating in a report on Monday, April 29th. Raymond James upped their price target on First Merchants from $33.00 to $40.00 and gave the stock an outperform rating in a research note on Monday, January 29th.

First Merchants Trading Up 0.9 %

Shares of NASDAQ:FRME traded up $0.30 during midday trading on Thursday, reaching $34.69. 132,701 shares of the company’s stock were exchanged, compared to its average volume of 235,939. The firm’s 50 day simple moving average is $33.77 and its two-hundred day simple moving average is $33.29. First Merchants has a fifty-two week low of $24.52 and a fifty-two week high of $38.16. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 10.00 and a beta of 1.08.

First Merchants Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend was Thursday, February 29th. First Merchants’s dividend payout ratio (DPR) is currently 39.19%.

Insiders Place Their Bets

In other news, insider Stephan Fluhler sold 3,193 shares of the company’s stock in a transaction 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 sale, the insider now owns 24,070 shares of the company’s stock, valued at $798,401.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Merchants

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new position in First Merchants in the fourth quarter worth approximately $29,000. Voisard Asset Management Group Inc. acquired a new position in shares of First Merchants during the fourth quarter worth $31,000. Jones Financial Companies Lllp purchased a new position in First Merchants in the fourth quarter valued at $36,000. Parkside Financial Bank & Trust raised its stake in First Merchants by 27.6% in the fourth 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. purchased a new stake in First Merchants during the 4th quarter worth about $75,000. 73.92% of the stock is owned by institutional investors and hedge funds.

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.