Paradigm Capital Management Inc. NY Acquires Shares of 27,500 First Merchants Corporation $FRME

Paradigm Capital Management Inc. NY acquired a new position in shares of First Merchants Corporation (NASDAQ:FRME) during the 2nd quarter, Holdings Channel reports. The firm acquired 27,500 shares of the bank’s stock, valued at approximately $1,201,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FRME. AQR Capital Management LLC boosted its position in shares of First Merchants by 19.5% in the first quarter. AQR Capital Management LLC now owns 118,650 shares of the bank’s stock valued at $4,798,000 after acquiring an additional 19,375 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Merchants by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,708 shares of the bank’s stock worth $1,404,000 after acquiring an additional 1,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in First Merchants by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,785 shares of the bank’s stock worth $5,370,000 after purchasing an additional 8,212 shares in the last quarter. Jane Street Group LLC raised its stake in First Merchants by 941.6% in the 1st quarter. Jane Street Group LLC now owns 107,859 shares of the bank’s stock worth $4,362,000 after purchasing an additional 97,504 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in First Merchants by 42.6% in the 1st quarter. Intech Investment Management LLC now owns 43,260 shares of the bank’s stock valued at $1,749,000 after purchasing an additional 12,922 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

First Merchants Trading Down 0.3%

Shares of First Merchants stock opened at $41.92 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.56. First Merchants Corporation has a 12-month low of $34.66 and a 12-month high of $45.33. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.44 and a beta of 0.84. The firm’s 50-day moving average price is $42.95 and its two-hundred day moving average price is $40.98.

First Merchants (NASDAQ:FRME) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.74 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.28). First Merchants had a net margin of 17.05% and a return on equity of 8.86%. The firm had revenue of $202.49 million during the quarter, compared to analyst estimates of $202.78 million. On average, analysts forecast that First Merchants Corporation will post 3.94 earnings per share for the current fiscal year.

First Merchants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.37 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.48 annualized dividend and a dividend yield of 3.5%. First Merchants’s dividend payout ratio (DPR) is presently 47.44%.

Insider Transactions at First Merchants

In other First Merchants news, Director Larry W. Myers sold 10,000 shares of First Merchants stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $41.50, for a total value of $415,000.00. Following the transaction, the director owned 99,751 shares in the company, valued at $4,139,666.50. The trade was a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.77% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FRME has been the topic of several recent research reports. Weiss Ratings raised shares of First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a report on Monday, August 3rd. Wall Street Zen upgraded First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Piper Sandler increased their price target on First Merchants from $49.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.00.

First Merchants Company Profile

First Merchants Corporation, through its subsidiary First Merchants Bank, offers a comprehensive suite of banking and financial services to individuals, businesses and public sector clients. The company’s core business activities include retail and commercial banking, lending, treasury and cash management, and wealth advisory services. With a focus on relationship banking, First Merchants seeks to deliver tailored solutions for deposit accounts, loan financing and other credit products.

On the consumer side, First Merchants provides checking and savings accounts, certificates of deposit, personal and mortgage loans, and electronic banking conveniences.