First Merchants Co. (NASDAQ:FRME) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. reduced its position in shares of First Merchants Co. (NASDAQ:FRME) by 3.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,238 shares of the bank’s stock after selling 314 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in First Merchants were worth $381,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in First Merchants in the second quarter worth $34,000. Quest Partners LLC acquired a new stake in First Merchants in the second quarter worth $45,000. CWM LLC increased its position in First Merchants by 511.5% in the second quarter. CWM LLC now owns 1,920 shares of the bank’s stock worth $64,000 after buying an additional 1,606 shares during the period. Blue Trust Inc. increased its position in First Merchants by 78.9% in the third quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock worth $70,000 after buying an additional 835 shares during the period. Finally, Innealta Capital LLC acquired a new stake in First Merchants in the second quarter worth $79,000. 73.92% of the stock is owned by institutional investors and hedge funds.

First Merchants Trading Down 0.1 %

Shares of FRME stock opened at $37.12 on Wednesday. The stock has a 50-day simple moving average of $37.22 and a 200 day simple moving average of $35.56. First Merchants Co. has a fifty-two week low of $26.85 and a fifty-two week high of $42.44. The stock has a market capitalization of $2.17 billion, a P/E ratio of 10.70 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.42.

First Merchants (NASDAQ:FRME) last announced its earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.06). First Merchants had a net margin of 17.77% and a return on equity of 9.17%. The firm had revenue of $265.95 million for the quarter, compared to the consensus estimate of $160.55 million. During the same period in the prior year, the business earned $0.94 EPS. On average, sell-side analysts expect that First Merchants Co. will post 3.29 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a $0.35 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.77%. First Merchants’s dividend payout ratio (DPR) is 40.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Stephens lowered First Merchants from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $45.00 to $38.00 in a research report on Wednesday, August 7th. Hovde Group assumed coverage on First Merchants in a research note on Monday, August 12th. They issued a “market perform” rating and a $38.00 price target for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 price target on shares of First Merchants in a research note on Wednesday, August 28th. Finally, Piper Sandler decreased their price target on First Merchants from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.60.

First Merchants Company 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.