First Merchants Co. (NASDAQ:FRME) Short Interest Update

First Merchants Co. (NASDAQ:FRMEGet Free Report) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 423,100 shares, a growth of 30.4% from the February 13th total of 324,400 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average daily trading volume, of 248,400 shares, the short-interest ratio is currently 1.7 days.

Institutional Investors Weigh In On First Merchants

A number of large investors have recently bought and sold shares of the business. Phocas Financial Corp. grew its holdings in First Merchants by 17.2% during the 4th quarter. Phocas Financial Corp. now owns 281,626 shares of the bank’s stock worth $11,234,000 after acquiring an additional 41,396 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in First Merchants by 21.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,573 shares of the bank’s stock valued at $4,969,000 after buying an additional 21,750 shares during the last quarter. Voloridge Investment Management LLC increased its stake in shares of First Merchants by 6.5% in the 4th quarter. Voloridge Investment Management LLC now owns 23,771 shares of the bank’s stock valued at $948,000 after buying an additional 1,453 shares during the period. Waverly Advisors LLC bought a new stake in shares of First Merchants during the fourth quarter worth $260,000. Finally, Squarepoint Ops LLC bought a new stake in First Merchants during the 4th quarter worth about $669,000. 73.92% of the stock is currently owned by institutional investors.

First Merchants Stock Performance

Shares of NASDAQ:FRME traded down $0.10 during midday trading on Tuesday, hitting $40.58. The company’s stock had a trading volume of 291,119 shares, compared to its average volume of 240,172. First Merchants has a fifty-two week low of $30.55 and a fifty-two week high of $46.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 11.87 and a beta of 1.05. The stock’s 50 day simple moving average is $41.94 and its 200 day simple moving average is $40.47.

First Merchants (NASDAQ:FRMEGet Free Report) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $1.00 EPS for the quarter, beating 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 anticipate that First Merchants will post 3.79 earnings per share for the current year.

First Merchants Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.45%. First Merchants’s dividend payout ratio is presently 40.94%.

Analyst Ratings Changes

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

View Our Latest Research Report on FRME

First Merchants Company Profile

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for First Merchants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants and related companies with MarketBeat.com's FREE daily email newsletter.