Wedge Capital Management L L P NC Increases Position in First Merchants Co. (NASDAQ:FRME)

Wedge Capital Management L L P NC raised its position in First Merchants Co. (NASDAQ:FRME) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,817 shares of the bank’s stock after purchasing an additional 1,232 shares during the period. Wedge Capital Management L L P NC’s holdings in First Merchants were worth $698,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of First Merchants in the 4th quarter valued at $29,000. Meeder Asset Management Inc. acquired a new stake in First Merchants during the 4th quarter worth $75,000. Assetmark Inc. boosted its stake in First Merchants by 16.0% during the 3rd quarter. Assetmark Inc. now owns 2,806 shares of the bank’s stock worth $78,000 after purchasing an additional 387 shares during the period. Larson Financial Group LLC acquired a new stake in shares of First Merchants in the 3rd quarter worth $81,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of First Merchants by 1,013.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,125 shares of the bank’s stock worth $170,000 after acquiring an additional 5,575 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.

First Merchants Stock Performance

Shares of FRME opened at $34.46 on Friday. The company has a 50-day simple moving average of $33.78 and a 200-day simple moving average of $33.03. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $2.04 billion, a PE ratio of 9.21 and a beta of 1.08. First Merchants Co. has a 52-week low of $24.52 and a 52-week high of $38.16.

First Merchants (NASDAQ:FRME) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.87 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.87. The business had revenue of $156.51 million during the quarter, compared to the consensus estimate of $158.50 million. First Merchants had a net margin of 22.39% and a return on equity of 10.97%. Equities research analysts predict that First Merchants Co. will post 3.35 earnings per share for the current fiscal year.

First Merchants Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.36 annualized dividend and a yield of 3.95%. First Merchants’s dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling at First Merchants

In other First Merchants news, insider Stephan Fluhler sold 3,193 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $33.17, for a total transaction of $105,911.81. Following the completion of the transaction, the insider now directly owns 24,070 shares in the company, valued at approximately $798,401.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on FRME shares. StockNews.com cut shares of First Merchants from a “hold” rating to a “sell” rating in a research note on Tuesday. Raymond James increased their price target on shares of First Merchants from $33.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, January 29th.

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.