Short Interest in First Merchants Co. (NASDAQ:FRMEP) Drops By 64.5%

First Merchants Co. (NASDAQ:FRMEP) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 2,050 shares, a drop of 64.5% from the July 15th total of 5,778 shares. Based on an average daily trading volume, of 2,842 shares, the short-interest ratio is currently 0.7 days.

First Merchants Stock Up 1.0%

First Merchants stock traded up $0.26 during mid-day trading on Friday, reaching $25.46. 287 shares of the stock traded hands, compared to its average volume of 1,694. First Merchants has a 12-month low of $24.73 and a 12-month high of $27.09. The business’s 50-day moving average is $25.48 and its 200-day moving average is $25.60.

First Merchants Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, July 30th were paid a dividend of $0.4688 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Thursday, July 30th.

First Merchants Company Profile

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.