Phocas Financial Corp. Sells 197,499 Shares of First Merchants Co. (NASDAQ:FRME)

Phocas Financial Corp. decreased its holdings in shares of First Merchants Co. (NASDAQ:FRME) by 82.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,731 shares of the bank’s stock after selling 197,499 shares during the period. First Merchants comprises approximately 1.3% of Phocas Financial Corp.’s holdings, making the stock its 16th largest position. Phocas Financial Corp.’s holdings in First Merchants were worth $1,705,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. boosted its stake in shares of First Merchants by 108.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 750 shares of the bank’s stock valued at $28,000 after purchasing an additional 390 shares during the period. Nisa Investment Advisors LLC raised its stake in First Merchants by 139.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,289 shares of the bank’s stock worth $51,000 after buying an additional 750 shares in the last quarter. Blue Trust Inc. grew its stake in First Merchants by 78.9% in the third quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock valued at $70,000 after purchasing an additional 835 shares during the last quarter. KBC Group NV purchased a new stake in shares of First Merchants during the 3rd quarter valued at $89,000. Finally, Allworth Financial LP raised its holdings in shares of First Merchants by 270.1% in the fourth quarter. Allworth Financial LP now owns 2,728 shares of the bank’s stock worth $109,000 after buying an additional 1,991 shares during the last quarter. 73.92% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, President Michael J. Stewart sold 7,248 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $43.73, for a total value of $316,955.04. Following the completion of the sale, the president now owns 92,664 shares of the company’s stock, valued at approximately $4,052,196.72. The trade was a 7.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.32% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Raymond James reissued an “outperform” rating and issued a $50.00 price target (up from $42.00) on shares of First Merchants in a report on Friday, January 31st. Hovde Group upgraded First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Friday, January 31st. Keefe, Bruyette & Woods boosted their price target on shares of First Merchants from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price objective (up previously from $52.00) on shares of First Merchants in a report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

First Merchants Trading Down 0.2 %

FRME opened at $42.98 on Wednesday. The stock has a market capitalization of $2.52 billion, a PE ratio of 12.57 and a beta of 1.07. First Merchants Co. has a 12-month low of $30.55 and a 12-month high of $46.13. The firm’s fifty day moving average price is $41.62 and its 200 day moving average price is $40.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.89.

First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Thursday, January 30th. The bank reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.10. First Merchants had a net margin of 18.76% and a return on equity of 9.23%. As a group, research analysts expect that First Merchants Co. will post 3.79 EPS for the current fiscal year.

First Merchants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Friday, March 7th. First Merchants’s dividend payout ratio is 40.94%.

First Merchants 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.