First Merchants (NASDAQ:FRME) Hits New 52-Week High at $40.21

First Merchants Co. (NASDAQ:FRME) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.21 and last traded at $40.17, with a volume of 47764 shares. The stock had previously closed at $39.36.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FRME. StockNews.com upgraded shares of First Merchants from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler boosted their price target on shares of First Merchants from $41.00 to $42.50 and gave the stock an “overweight” rating in a report on Monday, April 29th.

First Merchants Stock Up 2.0 %

The stock’s fifty day moving average is $33.76 and its two-hundred day moving average is $34.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $2.37 billion, a PE ratio of 11.73 and a beta of 1.04.

First Merchants (NASDAQ:FRME) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. The company had revenue of $153.70 million for the quarter, compared to the consensus estimate of $154.95 million. First Merchants had a net margin of 20.15% and a return on equity of 10.21%. As a group, analysts predict that First Merchants Co. will post 3.25 EPS for the current year.

First Merchants Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were issued a $0.35 dividend. This is an increase from First Merchants’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Friday, June 7th. First Merchants’s payout ratio is 40.35%.

Insider Buying and Selling at First Merchants

In other First Merchants news, Director Patrick J. Fehring sold 23,936 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $32.51, for a total transaction of $778,159.36. Following the sale, the director now directly owns 122,706 shares of the company’s stock, valued at $3,989,172.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.32% of the company’s stock.

Institutional Investors Weigh In On First Merchants

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in First Merchants during the fourth quarter valued at about $29,000. Voisard Asset Management Group Inc. purchased a new stake in First Merchants during the fourth quarter valued at about $31,000. Jones Financial Companies Lllp bought a new stake in shares of First Merchants during the fourth quarter valued at about $36,000. Parkside Financial Bank & Trust increased its position in shares of First Merchants by 27.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock valued at $57,000 after buying an additional 330 shares during the period. Finally, CWM LLC increased its position in shares of First Merchants by 511.5% during the second quarter. CWM LLC now owns 1,920 shares of the bank’s stock valued at $64,000 after buying an additional 1,606 shares during the period. 73.92% of the stock is owned by hedge funds and other institutional investors.

About First Merchants

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.