First Merchants Corporation (NASDAQ:FRME) insider Mark K. Hardwick sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total value of $73,466.19. Following the transaction, the insider now directly owns 75,120 shares of the company’s stock, valued at $2,981,512.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
First Merchants Corporation (FRME) traded down 1.02% during mid-day trading on Friday, reaching $38.90. The company had a trading volume of 229,037 shares. The company’s 50-day moving average is $40.11 and its 200-day moving average is $40.07. First Merchants Corporation has a one year low of $25.84 and a one year high of $43.48. The stock has a market capitalization of $1.91 billion, a PE ratio of 17.76 and a beta of 0.92.
First Merchants Corporation (NASDAQ:FRME) last released its earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.02. First Merchants Corporation had a return on equity of 9.63% and a net margin of 27.04%. The company had revenue of $81.53 million during the quarter, compared to analyst estimates of $78.75 million. Equities research analysts anticipate that First Merchants Corporation will post $2.32 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of the stock. Cornerstone Capital Management Holdings LLC. purchased a new position in First Merchants Corporation during the first quarter valued at approximately $115,000. Bronfman E.L. Rothschild L.P. increased its position in First Merchants Corporation by 6.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,979 shares of the bank’s stock valued at $117,000 after buying an additional 183 shares during the last quarter. Advisor Group Inc. increased its position in First Merchants Corporation by 8.3% in the second quarter. Advisor Group Inc. now owns 2,981 shares of the bank’s stock valued at $120,000 after buying an additional 228 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in First Merchants Corporation during the first quarter valued at approximately $138,000. Finally, Meeder Asset Management Inc. increased its position in First Merchants Corporation by 5.7% in the first quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock valued at $139,000 after buying an additional 190 shares during the last quarter. Institutional investors and hedge funds own 67.85% of the company’s stock.
FRME has been the subject of a number of recent analyst reports. Zacks Investment Research cut First Merchants Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. BidaskClub cut First Merchants Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Piper Jaffray Companies reaffirmed a “hold” rating on shares of First Merchants Corporation in a research report on Thursday, August 3rd. Finally, ValuEngine raised First Merchants Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. First Merchants Corporation presently has an average rating of “Buy” and an average price target of $39.33.
First Merchants Corporation Company Profile
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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