Susquehanna International Group LLP Sells 50,160 Shares of First Merchants Corporation $FRME

Susquehanna International Group LLP lowered its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 24.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 151,364 shares of the bank’s stock after selling 50,160 shares during the quarter. Susquehanna International Group LLP’s holdings in First Merchants were worth $6,613,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Kingsview Wealth Management LLC bought a new stake in First Merchants in the 2nd quarter valued at $339,000. Empowered Funds LLC bought a new position in shares of First Merchants during the 2nd quarter valued at about $12,142,000. Public Employees Retirement System of Ohio purchased a new position in shares of First Merchants during the second quarter valued at about $43,000. Capstone Investment Advisors LLC purchased a new position in shares of First Merchants during the second quarter valued at about $490,000. Finally, Corient Private Wealth LP bought a new stake in shares of First Merchants in the second quarter worth about $225,000. 73.92% of the stock is owned by hedge funds and other institutional investors.

First Merchants Stock Performance

First Merchants stock opened at $41.93 on Monday. The company’s 50-day moving average price is $43.02 and its 200-day moving average price is $40.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.56. The company has a market cap of $2.63 billion, a PE ratio of 13.44 and a beta of 0.84. First Merchants Corporation has a twelve month low of $34.66 and a twelve month high of $45.33.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.28). First Merchants had a net margin of 17.05% and a return on equity of 8.86%. The business had revenue of $202.49 million during the quarter, compared to the consensus estimate of $202.78 million. On average, equities research analysts forecast that First Merchants Corporation will post 3.94 EPS for the current fiscal year.

First Merchants Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.48 annualized dividend and a dividend yield of 3.5%. First Merchants’s payout ratio is currently 47.44%.

Insider Buying and Selling at First Merchants

In related news, Director Larry W. Myers sold 10,000 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $41.50, for a total transaction of $415,000.00. Following the sale, the director owned 99,751 shares in the company, valued at approximately $4,139,666.50. This represents a 9.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Piper Sandler increased their price target on First Merchants from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Wall Street Zen raised First Merchants from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Weiss Ratings upgraded First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

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.