First Merchants Co. (NASDAQ:FRMEP) Sees Large Increase in Short Interest

First Merchants Co. (NASDAQ:FRMEP) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 3,907 shares, an increase of 506.7% from the December 31st total of 644 shares. Based on an average daily volume of 1,225 shares, the days-to-cover ratio is presently 3.2 days. Based on an average daily volume of 1,225 shares, the days-to-cover ratio is presently 3.2 days.

First Merchants Stock Performance

Shares of NASDAQ FRMEP opened at $25.99 on Wednesday. First Merchants has a twelve month low of $24.15 and a twelve month high of $27.09. The stock’s 50-day simple moving average is $25.72 and its two-hundred day simple moving average is $25.66.

First Merchants Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 16th. Stockholders of record on Friday, January 30th will be given a $0.4688 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend is Friday, January 30th.

First Merchants Company Profile

First Merchants Corporation (NASDAQ: FRMEP) is a bank holding company headquartered in Muncie, Indiana, offering a full suite of financial services through its subsidiary, First Merchants Bank. The company provides consumer and commercial banking products, including checking and savings accounts, business and real estate loans, treasury management, and digital banking solutions. First Merchants also offers mortgage origination, wealth management, trust services, and insurance brokerage through dedicated teams.

Incorporated in 1983, First Merchants traces its roots to Merchant’s National Bank of Muncie, which was founded in 1893.