Short Interest in First Merchants Co. (NASDAQ:FRMEP) Rises By 498.0%

First Merchants Co. (NASDAQ:FRMEP) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totaling 1,818 shares, a growth of 498.0% from the April 30th total of 304 shares. Based on an average daily volume of 2,571 shares, the days-to-cover ratio is currently 0.7 days.

First Merchants Price Performance

Shares of First Merchants stock traded up $0.16 on Friday, hitting $25.26. The stock had a trading volume of 3,093 shares, compared to its average volume of 1,370. First Merchants has a twelve month low of $24.73 and a twelve month high of $27.09. The business’s 50 day moving average is $25.68 and its two-hundred day moving average is $25.72.

First Merchants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $0.4688 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $1.88 annualized dividend and a dividend yield of 7.4%.

About First Merchants

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.