LSV Asset Management reduced its position in shares of First Merchants Co. (NASDAQ:FRME) by 3.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,638 shares of the company’s stock after selling 10,500 shares during the period. LSV Asset Management’s holdings in First Merchants were worth $7,591,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Swiss National Bank raised its position in First Merchants by 12.4% in the fourth quarter. Swiss National Bank now owns 47,762 shares of the company’s stock worth $1,214,000 after buying an additional 5,262 shares in the last quarter. Rhumbline Advisers increased its stake in First Merchants by 2.7% in the fourth quarter. Rhumbline Advisers now owns 52,936 shares of the company’s stock valued at $1,346,000 after buying an additional 1,375 shares during the period. First Trust Advisors LP raised its stake in First Merchants by 60.3% in the fourth quarter. First Trust Advisors LP now owns 53,874 shares of the company’s stock worth $1,369,000 after buying an additional 20,267 shares during the last quarter. California State Teachers Retirement System raised its stake in First Merchants by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 70,054 shares of the company’s stock worth $1,781,000 after buying an additional 1,248 shares during the last quarter. Finally, Shinko Asset Management Co. Ltd. raised its stake in First Merchants by 12.1% in the fourth quarter. Shinko Asset Management Co. Ltd. now owns 122,913 shares of the company’s stock worth $3,124,000 after buying an additional 13,267 shares during the last quarter.
First Merchants Co. (NASDAQ:FRME) opened at 23.78 on Friday. The company has a 50 day moving average of $22.73 and a 200 day moving average of $24.89. First Merchants Co. has a 1-year low of $21.10 and a 1-year high of $27.60. The firm has a market capitalization of $966.99 million and a PE ratio of 13.83.
The company also recently declared a quarterly dividend, which was paid on Friday, March 18th. Shareholders of record on Friday, March 4th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.85%. The ex-dividend date was Wednesday, March 2nd.
FRME has been the subject of a number of research reports. Zacks Investment Research downgraded shares of First Merchants from a “buy” rating to a “hold” rating in a research report on Thursday, November 26th. Keefe, Bruyette & Woods reduced their price objective on First Merchants from $28.50 to $27.50 in a research note on Friday, January 29th. Stephens raised First Merchants from an “equal weight” rating to an “overweight” rating in a report on Friday, January 29th. Finally, SunTrust started coverage on First Merchants in a research note on Wednesday, December 16th. They issued a “neutral” rating and a $27.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $26.50.
First Merchants Corporation is a financial holding Company. The Company has one full-service bank charter, First Merchants Bank, National Association (NASDAQ:FRME), which opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Commerce National Bank and First Merchants Trust Company as divisions of First Merchants Bank, N.A.
