Oppenheimer Asset Management Inc. Acquires 4,066 Shares of First Merchants Co. (NASDAQ:FRME)

Oppenheimer Asset Management Inc. boosted its holdings in shares of First Merchants Co. (NASDAQ:FRME) by 10.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,020 shares of the bank’s stock after acquiring an additional 4,066 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in First Merchants were worth $1,399,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FRME. Public Employees Retirement Association of Colorado raised its position in First Merchants by 4,586.1% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 700,711 shares of the bank’s stock worth $25,982,000 after purchasing an additional 685,758 shares during the last quarter. First Merchants Corp raised its position in shares of First Merchants by 457.3% during the second quarter. First Merchants Corp now owns 581,863 shares of the bank’s stock worth $19,370,000 after acquiring an additional 477,462 shares during the last quarter. Norges Bank acquired a new position in shares of First Merchants in the fourth quarter worth approximately $14,400,000. Mesirow Institutional Investment Management Inc. bought a new stake in First Merchants in the second quarter valued at approximately $8,218,000. Finally, rhino investment partners Inc acquired a new stake in First Merchants during the 4th quarter valued at approximately $8,572,000. 73.92% of the stock is currently owned by institutional investors and hedge funds.

First Merchants Stock Up 0.2 %

FRME opened at $37.38 on Thursday. First Merchants Co. has a twelve month low of $25.70 and a twelve month high of $42.44. The company’s 50-day moving average price is $37.60 and its two-hundred day moving average price is $34.92. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 10.77 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 quarterly earnings data on Thursday, July 25th. The bank reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). The firm had revenue of $267.72 million for the quarter, compared to the consensus estimate of $156.35 million. First Merchants had a net margin of 17.77% and a return on equity of 9.17%. During the same period last year, the company posted $1.02 earnings per share. As a group, equities analysts expect that First Merchants Co. will post 3.29 earnings per share for the current year.

First Merchants Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a yield of 3.75%. First Merchants’s dividend payout ratio is presently 40.35%.

Wall Street Analyst Weigh In

FRME has been the topic of a number of analyst reports. Stephens lowered shares of First Merchants from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $45.00 to $38.00 in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $45.00 target price on shares of First Merchants in a report on Wednesday, August 28th. Hovde Group initiated coverage on First Merchants in a research report on Monday, August 12th. They issued a “market perform” rating and a $38.00 price objective for the company. Finally, Piper Sandler upped their target price on First Merchants from $41.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, First Merchants presently has an average rating of “Moderate Buy” and a consensus price target of $42.20.

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.