Stifel Financial Corp Purchases 5,016 Shares of First Merchants Co. (NASDAQ:FRME)

Stifel Financial Corp grew its holdings in shares of First Merchants Co. (NASDAQ:FRME) by 13.1% in the third quarter, Holdings Channel.com reports. The firm owned 43,275 shares of the bank’s stock after buying an additional 5,016 shares during the period. Stifel Financial Corp’s holdings in First Merchants were worth $1,610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of First Merchants during the second quarter worth $34,000. Quest Partners LLC purchased a new stake in First Merchants during the 2nd quarter worth about $45,000. Blue Trust Inc. boosted its stake in First Merchants by 78.9% in the 3rd quarter. Blue Trust Inc. now owns 1,893 shares of the bank’s stock worth $70,000 after purchasing an additional 835 shares during the period. Innealta Capital LLC bought a new position in First Merchants in the 2nd quarter worth about $79,000. Finally, KBC Group NV purchased a new position in First Merchants during the 3rd quarter valued at about $89,000. Hedge funds and other institutional investors own 73.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Piper Sandler decreased their target price on shares of First Merchants from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Keefe, Bruyette & Woods upped their price target on shares of First Merchants from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.60.

Insider Buying and Selling

In related news, President Michael J. Stewart sold 7,248 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $43.73, for a total value of $316,955.04. Following the sale, the president now owns 92,664 shares in the company, valued at $4,052,196.72. This represents a 7.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.32% of the stock is owned by insiders.

First Merchants Stock Performance

NASDAQ:FRME opened at $40.89 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.89 and a current ratio of 0.90. First Merchants Co. has a fifty-two week low of $30.55 and a fifty-two week high of $46.13. The business has a 50 day moving average price of $41.31 and a 200-day moving average price of $37.74. The firm has a market cap of $2.40 billion, a PE ratio of 13.50 and a beta of 1.05.

First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.06). The business had revenue of $265.95 million during the quarter, compared to analysts’ expectations of $160.55 million. First Merchants had a return on equity of 8.94% and a net margin of 16.94%. During the same quarter last year, the business posted $0.94 EPS. Equities research analysts predict that First Merchants Co. will post 3.38 earnings per share for the current year.

First Merchants Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 3.42%. First Merchants’s dividend payout ratio is presently 46.20%.

About First Merchants

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.