First Merchants Corp. Upgraded to Outperform at Zacks (FRME)
First Merchants Corp. (NASDAQ:FRME) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Monday, American Banking News.com reports. The firm currently has a $23.60 target price on the stock. Zacks‘ target price points to a potential upside of 15.40% from the stock’s previous close.
Separately, analysts at DA Davidson downgraded shares of First Merchants Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, January 6th.
First Merchants Corp. (NASDAQ:FRME) traded up 2.35% during mid-day trading on Monday, hitting $20.93. 46,978 shares of the company’s stock traded hands. First Merchants Corp. has a 52 week low of $14.08 and a 52 week high of $23.35. The stock’s 50-day moving average is $20.80 and its 200-day moving average is $19.54. The company has a market cap of $751.8 million and a price-to-earnings ratio of 14.50.
First Merchants Corp. (NASDAQ:FRME) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.33 by $0.01. Analysts expect that First Merchants Corp. will post $1.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Wednesday, March 5th.
First Merchants Corporation is a financial holding company. The Company has one full-service bank charter, First Merchants Bank, National Association (NASDAQ:FRME).
To view Zacks’ full report, visit www.zacks.com
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