First Merchants Corporation $FRME Holdings Decreased by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its position in shares of First Merchants Corporation (NASDAQ:FRME) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,186 shares of the bank’s stock after selling 22,535 shares during the period. Glenmede Trust Co. NA owned about 0.38% of First Merchants worth $9,225,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of First Merchants by 361.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 771 shares of the bank’s stock valued at $30,000 after buying an additional 604 shares during the period. Smartleaf Asset Management LLC raised its stake in First Merchants by 325.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 796 shares of the bank’s stock worth $30,000 after acquiring an additional 609 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in First Merchants during the fourth quarter worth about $37,000. Covestor Ltd lifted its holdings in First Merchants by 68.9% in the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock worth $39,000 after acquiring an additional 425 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in First Merchants by 10.5% in the fourth quarter. Allworth Financial LP now owns 3,424 shares of the bank’s stock worth $128,000 after acquiring an additional 324 shares during the last quarter. 73.92% of the stock is currently owned by institutional investors.

Insider Transactions at First Merchants

In related news, Director Larry W. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $41.50, for a total value of $415,000.00. Following the sale, the director directly owned 99,751 shares in the company, valued at $4,139,666.50. This trade represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.77% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Weiss Ratings cut First Merchants from a “buy (b)” rating to a “hold (c+)” rating in a research report on Monday, May 18th. Piper Sandler boosted their price objective on First Merchants from $49.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, First Merchants currently has an average rating of “Hold” and a consensus price target of $49.00.

First Merchants Trading Up 1.1%

Shares of NASDAQ:FRME opened at $43.63 on Tuesday. The company has a market cap of $2.75 billion, a PE ratio of 13.98 and a beta of 0.84. The company’s 50-day moving average price is $42.24 and its 200 day moving average price is $40.55. First Merchants Corporation has a fifty-two week low of $34.66 and a fifty-two week high of $45.33. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.52.

First Merchants (NASDAQ:FRME) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.28). First Merchants had a return on equity of 9.02% and a net margin of 17.05%.The firm had revenue of $202.49 million during the quarter, compared to the consensus estimate of $202.78 million. Sell-side analysts anticipate that First Merchants Corporation will post 3.94 earnings per share for the current year.

First Merchants Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were issued a $0.37 dividend. This is a positive change from First Merchants’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. First Merchants’s dividend payout ratio is currently 47.44%.

About First Merchants

First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.

On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.