First Merchants Corporation (NASDAQ:FRME) – DA Davidson lifted their FY2017 earnings estimates for First Merchants Corporation in a note issued to investors on Friday. DA Davidson analyst K. Reevey now forecasts that the bank will post earnings per share of $2.24 for the year, up from their prior estimate of $2.22.
First Merchants Corporation (NASDAQ:FRME) last released its quarterly earnings data on Thursday, July 27th. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. First Merchants Corporation had a net margin of 27.04% and a return on equity of 9.96%. The company had revenue of $81.53 million for the quarter, compared to analysts’ expectations of $78.75 million.
A number of other brokerages have also issued reports on FRME. Zacks Investment Research raised First Merchants Corporation from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Monday, May 1st. BidaskClub raised First Merchants Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. ValuEngine raised First Merchants Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $44.00 target price on shares of First Merchants Corporation in a research report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $39.67.
Shares of First Merchants Corporation (FRME) opened at 39.41 on Monday. First Merchants Corporation has a 12-month low of $25.84 and a 12-month high of $43.48. The firm has a market cap of $1.62 billion, a PE ratio of 18.68 and a beta of 0.93. The firm’s 50-day moving average is $40.46 and its 200-day moving average is $39.83.
In related news, Director Terry L. Walker sold 1,221 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $42.30, for a total transaction of $51,648.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.41% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Cornerstone Capital Management Holdings LLC. purchased a new stake in First Merchants Corporation during the first quarter valued at about $115,000. Bronfman E.L. Rothschild L.P. raised its stake in First Merchants Corporation by 6.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,979 shares of the bank’s stock valued at $117,000 after buying an additional 183 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in First Merchants Corporation during the first quarter valued at about $138,000. Meeder Asset Management Inc. raised its stake in First Merchants Corporation by 5.7% in the first quarter. Meeder Asset Management Inc. now owns 3,538 shares of the bank’s stock valued at $139,000 after buying an additional 190 shares in the last quarter. Finally, Invictus RG purchased a new stake in First Merchants Corporation during the first quarter valued at about $196,000. 67.56% of the stock is currently owned by institutional investors and hedge funds.
About First Merchants Corporation
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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