Empowered Funds LLC Sells 14,002 Shares of First Merchants Corporation $FRME

Empowered Funds LLC decreased its holdings in First Merchants Corporation (NASDAQ:FRME) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 223,027 shares of the bank’s stock after selling 14,002 shares during the quarter. Empowered Funds LLC’s holdings in First Merchants were worth $8,638,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Waterfront Wealth Inc. raised its position in First Merchants by 1.0% during the 1st quarter. Waterfront Wealth Inc. now owns 28,184 shares of the bank’s stock worth $1,092,000 after purchasing an additional 275 shares during the last quarter. Allworth Financial LP grew its position in shares of First Merchants by 10.5% in the 4th quarter. Allworth Financial LP now owns 3,424 shares of the bank’s stock valued at $128,000 after buying an additional 324 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of First Merchants by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 25,264 shares of the bank’s stock valued at $962,000 after buying an additional 335 shares during the period. California State Teachers Retirement System increased its stake in shares of First Merchants by 0.8% in the second quarter. California State Teachers Retirement System now owns 54,058 shares of the bank’s stock valued at $2,070,000 after buying an additional 417 shares during the period. Finally, Covestor Ltd raised its position in shares of First Merchants by 68.9% during the fourth quarter. Covestor Ltd now owns 1,042 shares of the bank’s stock worth $39,000 after acquiring an additional 425 shares during the last quarter. 73.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of First Merchants from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings raised First Merchants from a “hold (c+)” rating to a “buy (b)” rating in a research note on Monday, August 3rd. Finally, Piper Sandler boosted their price target on First Merchants from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

Insider Buying and Selling at First Merchants

In related news, Director Larry W. Myers sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were 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 of the company’s stock, valued at approximately $4,139,666.50. This trade represents a 9.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is owned by corporate insiders.

First Merchants Stock Up 0.8%

Shares of NASDAQ:FRME opened at $43.70 on Friday. The firm has a market cap of $2.74 billion, a P/E ratio of 14.01 and a beta of 0.84. First Merchants Corporation has a 52-week low of $34.66 and a 52-week high of $45.33. The business’s 50 day simple moving average is $42.78 and its two-hundred day simple moving average is $40.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.95 and a current ratio of 0.95.

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

First Merchants Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were issued a dividend of $0.37 per share. This is an increase from First Merchants’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Friday, June 5th. First Merchants’s dividend payout ratio is 47.44%.

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.