Short Interest in First Merchants Co. (NASDAQ:FRMEP) Declines By 56.3%

First Merchants Co. (NASDAQ:FRMEP) was the recipient of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 1,708 shares, a drop of 56.3% from the January 15th total of 3,907 shares. Based on an average daily volume of 1,059 shares, the short-interest ratio is presently 1.6 days. Based on an average daily volume of 1,059 shares, the short-interest ratio is presently 1.6 days.

First Merchants Stock Up 1.0%

Shares of NASDAQ FRMEP traded up $0.26 during midday trading on Friday, reaching $25.66. 1,700 shares of the stock were exchanged, compared to its average volume of 1,152. The company has a 50 day simple moving average of $25.68 and a 200 day simple moving average of $25.68. First Merchants has a twelve month low of $24.15 and a twelve month high of $27.09.

First Merchants Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 16th. Investors of record on Friday, January 30th will be issued a $0.4688 dividend. This represents a $1.88 annualized dividend and a yield of 7.3%. The ex-dividend date is Friday, January 30th.

First Merchants Company Profile

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.