First Merchants (FRME) – Investment Analysts’ Recent Ratings Changes

A number of research firms have changed their ratings and price targets for First Merchants (NASDAQ: FRME):

• 8/12/2024 – First Merchants is now covered by analysts at Hovde Group. They set a “market perform” rating and a $38.00 price target on the stock.
• 8/7/2024 – First Merchants was downgraded by analysts at Stephens from an “overweight” rating to an “equal weight” rating. They now have a $38.00 price target on the stock, down previously from $45.00.
• 7/29/2024 – First Merchants had its price target raised by analysts at Piper Sandler from $41.00 to $50.00. They now have an “overweight” rating on the stock.
• 7/29/2024 – First Merchants had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $45.00 price target on the stock, up previously from $43.00.
• 7/26/2024 – First Merchants had its price target raised by analysts at Stephens from $40.00 to $45.00. They now have an “overweight” rating on the stock.

First Merchants Stock Up 0.1 %

FRME traded up $0.05 during trading on Monday, hitting $36.81. 18,655 shares of the company’s stock traded hands, compared to its average volume of 253,602. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 10.61 and a beta of 1.04. The company’s 50 day simple moving average is $35.18 and its two-hundred day simple moving average is $34.33. First Merchants Co. has a 12-month low of $25.70 and a 12-month high of $42.44. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33.

First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Thursday, July 25th. The bank reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). First Merchants had a net margin of 17.77% and a return on equity of 9.20%. The business had revenue of $267.72 million for the quarter, compared to analysts’ expectations of $156.35 million. During the same period last year, the business earned $1.02 earnings per share. Analysts predict that First Merchants Co. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Patrick J. Fehring sold 23,936 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $32.51, for a total transaction of $778,159.36. Following the completion of the transaction, the director now directly owns 122,706 shares of the company’s stock, valued at $3,989,172.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.32% of the company’s stock.

Institutional Investors Weigh In On First Merchants

Hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in First Merchants during the fourth quarter valued at about $29,000. Voisard Asset Management Group Inc. purchased a new position in shares of First Merchants during the 4th quarter valued at about $31,000. Jones Financial Companies Lllp bought a new position in shares of First Merchants during the 4th quarter valued at approximately $36,000. Quest Partners LLC purchased a new stake in First Merchants in the 2nd quarter worth approximately $45,000. Finally, Parkside Financial Bank & Trust raised its stake in First Merchants by 27.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,524 shares of the bank’s stock worth $57,000 after acquiring an additional 330 shares during the period. Institutional investors own 73.92% of the company’s stock.

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.