Allspring Global Investments Holdings LLC Sells 576 Shares of First Merchants Co. (NASDAQ:FRME)

Allspring Global Investments Holdings LLC cut its stake in First Merchants Co. (NASDAQ:FRMEGet Rating) by 7.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,592 shares of the bank’s stock after selling 576 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First Merchants were worth $293,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. D.A. Davidson & CO. grew its position in shares of First Merchants by 3.6% during the 2nd quarter. D.A. Davidson & CO. now owns 7,664 shares of the bank’s stock worth $273,000 after buying an additional 268 shares during the period. HighTower Advisors LLC boosted its stake in First Merchants by 7.0% during the first quarter. HighTower Advisors LLC now owns 5,337 shares of the bank’s stock worth $221,000 after acquiring an additional 349 shares in the last quarter. Cetera Investment Advisers grew its holdings in First Merchants by 5.3% in the first quarter. Cetera Investment Advisers now owns 7,112 shares of the bank’s stock worth $296,000 after purchasing an additional 356 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in First Merchants by 2.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 26,461 shares of the bank’s stock worth $1,101,000 after purchasing an additional 519 shares during the period. Finally, Assetmark Inc. grew its holdings in First Merchants by 148.7% in the second quarter. Assetmark Inc. now owns 883 shares of the bank’s stock worth $31,000 after purchasing an additional 528 shares during the period. 71.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on FRME. Raymond James raised their price target on shares of First Merchants from $48.00 to $52.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 26th. StockNews.com began coverage on shares of First Merchants in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

First Merchants Stock Down 0.2 %

Shares of NASDAQ FRME opened at $40.18 on Wednesday. The stock has a market capitalization of $2.39 billion, a P/E ratio of 11.45 and a beta of 1.08. The company has a 50-day moving average price of $41.63 and a 200-day moving average price of $41.17. First Merchants Co. has a 1 year low of $34.07 and a 1 year high of $45.98. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.80 and a quick ratio of 0.80.

First Merchants (NASDAQ:FRMEGet Rating) last issued its quarterly earnings data on Tuesday, October 25th. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. The firm had revenue of $169.92 million during the quarter, compared to analysts’ expectations of $167.80 million. First Merchants had a net margin of 31.42% and a return on equity of 11.73%. On average, equities research analysts forecast that First Merchants Co. will post 4.17 EPS for the current fiscal year.

First Merchants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.19%. The ex-dividend date was Thursday, December 1st. First Merchants’s dividend payout ratio (DPR) is presently 36.47%.

Insider Buying and Selling

In related news, insider Stephan Fluhler sold 3,174 shares of the business’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $44.29, for a total transaction of $140,576.46. Following the transaction, the insider now directly owns 22,576 shares in the company, valued at $999,891.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Stephan Fluhler sold 3,174 shares of the business’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $44.29, for a total transaction of $140,576.46. Following the transaction, the insider now directly owns 22,576 shares in the company, valued at $999,891.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles E. Schalliol sold 24,523 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $44.25, for a total transaction of $1,085,142.75. Following the transaction, the director now owns 32,020 shares in the company, valued at $1,416,885. The disclosure for this sale can be found here. 1.24% of the stock is owned by corporate insiders.

First Merchants Company Profile

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First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services.

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Institutional Ownership by Quarter for First Merchants (NASDAQ:FRME)

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