Castine Capital Management LLC cut its stake in shares of First Merchants Corporation (NASDAQ:FRME) by 2.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 233,321 shares of the bank’s stock after selling 6,730 shares during the quarter. First Merchants makes up approximately 3.7% of Castine Capital Management LLC’s holdings, making the stock its 6th biggest holding. Castine Capital Management LLC owned about 0.47% of First Merchants worth $10,016,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of FRME. Teachers Advisors LLC increased its position in shares of First Merchants by 3.4% during the first quarter. Teachers Advisors LLC now owns 94,852 shares of the bank’s stock worth $3,730,000 after acquiring an additional 3,147 shares during the period. Sei Investments Co. increased its position in shares of First Merchants by 12.6% during the second quarter. Sei Investments Co. now owns 57,007 shares of the bank’s stock worth $2,288,000 after acquiring an additional 6,376 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of First Merchants by 1.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 176,741 shares of the bank’s stock worth $7,095,000 after acquiring an additional 1,704 shares during the period. First Trust Advisors LP increased its position in shares of First Merchants by 41.1% during the second quarter. First Trust Advisors LP now owns 137,931 shares of the bank’s stock worth $5,537,000 after acquiring an additional 40,183 shares during the period. Finally, Rhumbline Advisers increased its position in shares of First Merchants by 2.2% during the second quarter. Rhumbline Advisers now owns 51,419 shares of the bank’s stock worth $2,064,000 after acquiring an additional 1,111 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on FRME shares. Zacks Investment Research downgraded shares of First Merchants from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Piper Jaffray Companies reiterated a “neutral” rating and set a $46.00 price objective on shares of First Merchants in a research note on Friday, October 6th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $47.00 price objective on shares of First Merchants in a research note on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $47.33.
In other news, President Michael C. Rechin sold 5,332 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $41.41, for a total transaction of $220,798.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael C. Marhenke acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were acquired at an average price of $43.68 per share, for a total transaction of $87,360.00. Following the completion of the purchase, the director now owns 33,543 shares of the company’s stock, valued at approximately $1,465,158.24. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,036 shares of company stock worth $88,908. Insiders own 1.41% of the company’s stock.
First Merchants Corporation (NASDAQ FRME) opened at $42.69 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. First Merchants Corporation has a one year low of $35.26 and a one year high of $45.42. The stock has a market cap of $2,118.05, a P/E ratio of 18.82, a PEG ratio of 2.69 and a beta of 0.90.
First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Thursday, October 26th. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.05). First Merchants had a net margin of 26.28% and a return on equity of 9.56%. The business had revenue of $93.09 million for the quarter, compared to the consensus estimate of $97.45 million. analysts predict that First Merchants Corporation will post 2.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.69%. First Merchants’s dividend payout ratio is presently 33.03%.
TRADEMARK VIOLATION WARNING: This article was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another domain, it was copied illegally and reposted in violation of U.S. & international copyright and trademark legislation. The legal version of this article can be viewed at https://ledgergazette.com/2017/12/07/castine-capital-management-llc-sells-6730-shares-of-first-merchants-corporation-frme.html.
First Merchants Company Profile
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).
Receive News & Ratings for First Merchants Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Merchants Corporation and related companies with MarketBeat.com's FREE daily email newsletter.