LSV Asset Management Has $7,011,000 Stake in First Merchants Corporation (FRME)

LSV Asset Management continued to hold its position in shares of First Merchants Corporation (NASDAQ:FRME) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,678 shares of the bank’s stock at the end of the second quarter. LSV Asset Management owned approximately 0.40% of First Merchants Corporation worth $7,011,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FRME. BlackRock Inc. raised its stake in shares of First Merchants Corporation by 17,626.9% during the 1st quarter. BlackRock Inc. now owns 3,402,680 shares of the bank’s stock worth $133,795,000 after buying an additional 3,383,485 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of First Merchants Corporation by 181.0% during the 1st quarter. JPMorgan Chase & Co. now owns 813,654 shares of the bank’s stock worth $31,993,000 after buying an additional 524,053 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of First Merchants Corporation by 122.5% during the 1st quarter. Bank of New York Mellon Corp now owns 595,009 shares of the bank’s stock worth $23,395,000 after buying an additional 327,556 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of First Merchants Corporation by 141.9% during the 1st quarter. Principal Financial Group Inc. now owns 350,903 shares of the bank’s stock worth $13,798,000 after buying an additional 205,871 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of First Merchants Corporation by 181.9% during the 1st quarter. Wells Fargo & Company MN now owns 261,646 shares of the bank’s stock worth $10,287,000 after buying an additional 168,830 shares during the last quarter. 67.45% of the stock is owned by institutional investors and hedge funds.

In related news, insider Mark K. Hardwick sold 1,851 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $39.69, for a total value of $73,466.19. Following the completion of the transaction, the insider now owns 75,120 shares in the company, valued at approximately $2,981,512.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased a total of 66 shares of company stock valued at $2,617 in the last quarter. 1.41% of the stock is currently owned by corporate insiders.

Several research firms have recently issued reports on FRME. Zacks Investment Research raised First Merchants Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub downgraded First Merchants Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Piper Jaffray Companies reaffirmed a “hold” rating on shares of First Merchants Corporation in a research note on Thursday, August 3rd. Finally, ValuEngine raised First Merchants Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. First Merchants Corporation has a consensus rating of “Buy” and a consensus target price of $39.00.

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First Merchants Corporation (FRME) opened at 38.75 on Friday. The company has a 50-day moving average of $39.17 and a 200 day moving average of $39.88. First Merchants Corporation has a 52 week low of $25.84 and a 52 week high of $43.48. The firm has a market cap of $1.90 billion, a P/E ratio of 17.69 and a beta of 0.94.

First Merchants Corporation (NASDAQ:FRME) last released its quarterly earnings results on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $81.53 million during the quarter, compared to analyst estimates of $78.75 million. On average, equities analysts predict that First Merchants Corporation will post $2.32 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a $0.18 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. First Merchants Corporation’s dividend payout ratio (DPR) is 32.88%.

First Merchants Corporation 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).

Institutional Ownership by Quarter for First Merchants Corporation (NASDAQ:FRME)

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