$78.75 Million in Sales Expected for First Merchants Corporation (NASDAQ:FRME) This Quarter
Equities research analysts expect First Merchants Corporation (NASDAQ:FRME) to report sales of $78.75 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for First Merchants Corporation’s earnings, with the highest sales estimate coming in at $81.70 million and the lowest estimate coming in at $75.80 million. First Merchants Corporation posted sales of $72.35 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.8%. The business is expected to announce its next earnings results on Thursday, July 27th.
According to Zacks, analysts expect that First Merchants Corporation will report full year sales of $78.75 million for the current year, with estimates ranging from $339.80 million to $362.10 million. For the next financial year, analysts expect that the company will post sales of $405.00 million per share, with estimates ranging from $390.90 million to $419.10 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover First Merchants Corporation.
First Merchants Corporation (NASDAQ:FRME) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.04. First Merchants Corporation had a return on equity of 9.57% and a net margin of 26.67%. The business had revenue of $75.85 million for the quarter, compared to analyst estimates of $76.65 million.
FRME has been the topic of several recent research reports. Zacks Investment Research raised shares of First Merchants Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub cut shares of First Merchants Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. ValuEngine upgraded shares of First Merchants Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $44.00 price target on shares of First Merchants Corporation in a research note on Wednesday, April 5th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $39.67.
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In other First Merchants Corporation news, Director Terry L. Walker sold 1,221 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $42.30, for a total value of $51,648.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders acquired 93 shares of company stock valued at $3,810 over the last three months. 1.41% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in FRME. Parametric Portfolio Associates LLC boosted its position in shares of First Merchants Corporation by 13.9% in the first quarter. Parametric Portfolio Associates LLC now owns 49,942 shares of the bank’s stock valued at $1,964,000 after buying an additional 6,081 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of First Merchants Corporation by 218.5% in the first quarter. Ameriprise Financial Inc. now owns 107,292 shares of the bank’s stock worth $4,219,000 after buying an additional 73,602 shares during the period. Sei Investments Co. boosted its stake in shares of First Merchants Corporation by 8.0% in the first quarter. Sei Investments Co. now owns 50,631 shares of the bank’s stock worth $1,990,000 after buying an additional 3,751 shares during the period. Teza Capital Management LLC acquired a new stake in shares of First Merchants Corporation during the first quarter worth $392,000. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of First Merchants Corporation by 116.1% in the first quarter. UBS Asset Management Americas Inc. now owns 14,264 shares of the bank’s stock worth $561,000 after buying an additional 7,664 shares during the period. Institutional investors own 78.62% of the company’s stock.
First Merchants Corporation (NASDAQ:FRME) opened at 40.05 on Friday. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 18.98 and a beta of 0.93. The firm’s 50-day moving average price is $40.51 and its 200 day moving average price is $39.39. First Merchants Corporation has a 12-month low of $23.89 and a 12-month high of $43.48.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 16th. Shareholders of record on Friday, June 2nd were paid a $0.18 dividend. The ex-dividend date was Wednesday, May 31st. This is an increase from First Merchants Corporation’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 1.80%. First Merchants Corporation’s payout ratio is currently 34.12%.
First Merchants Corporation 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).
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