Short Interest in First Merchants Co. (NASDAQ:FRME) Increases By 20.0%

First Merchants Co. (NASDAQ:FRME) saw a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 563,900 shares, a growth of 20.0% from the October 31st total of 469,900 shares. Based on an average daily volume of 269,300 shares, the short-interest ratio is presently 2.1 days.

First Merchants Price Performance

NASDAQ FRME opened at $43.69 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average price of $39.54 and a two-hundred day moving average price of $36.91. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 14.42 and a beta of 1.01. First Merchants has a 52 week low of $30.55 and a 52 week high of $46.13.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). First Merchants had a net margin of 16.94% and a return on equity of 8.94%. The company had revenue of $265.95 million for the quarter, compared to analyst estimates of $160.55 million. During the same quarter last year, the company posted $0.94 EPS. Analysts forecast that First Merchants will post 3.38 EPS for the current year.

First Merchants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.20%. First Merchants’s dividend payout ratio is currently 46.20%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On First Merchants

Several institutional investors and hedge funds have recently modified their holdings of FRME. Nomura Asset Management Co. Ltd. raised its position in shares of First Merchants by 108.3% in 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. Strategic Investment Solutions Inc. IL acquired a new stake in First Merchants during the second quarter worth about $34,000. Quest Partners LLC bought a new stake in First Merchants in the 2nd quarter valued at $45,000. CWM LLC raised its stake in shares of First Merchants by 511.5% in the 2nd quarter. CWM LLC now owns 1,920 shares of the bank’s stock valued at $64,000 after buying an additional 1,606 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of First Merchants by 78.9% during the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock worth $70,000 after acquiring an additional 835 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

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.