First Merchants Co. (FRME) to Issue Quarterly Dividend of $0.35 on March 21st

First Merchants Co. (NASDAQ:FRME) declared a quarterly dividend on Friday, February 7th, RTT News reports. Stockholders of record on Friday, March 7th will be paid a dividend of 0.35 per share by the bank on Friday, March 21st. This represents a $1.40 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Friday, March 7th.

First Merchants has raised its dividend by an average of 7.2% annually over the last three years and has raised its dividend every year for the last 13 years. First Merchants has a dividend payout ratio of 33.9% meaning its dividend is sufficiently covered by earnings. Analysts expect First Merchants to earn $4.06 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 34.5%.

First Merchants Trading Down 2.9 %

Shares of NASDAQ:FRME opened at $42.50 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $2.49 billion, a PE ratio of 12.43 and a beta of 1.07. First Merchants has a 12-month low of $30.55 and a 12-month high of $46.13. The business’s fifty day simple moving average is $41.87 and its 200-day simple moving average is $40.31.

First Merchants (NASDAQ:FRME) last released its quarterly earnings results on Thursday, January 30th. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.90 by $0.10. First Merchants had a net margin of 18.76% and a return on equity of 9.23%. As a group, equities research analysts predict that First Merchants will post 3.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FRME. Keefe, Bruyette & Woods raised their price target on shares of First Merchants from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Hovde Group raised shares of First Merchants from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Friday, January 31st. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 target price (up previously from $52.00) on shares of First Merchants in a report on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $50.00 target price (up from $42.00) on shares of First Merchants in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.00.

Insider Buying and Selling at First Merchants

In related news, President Michael J. Stewart sold 7,248 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $43.73, for a total value of $316,955.04. Following the completion of the sale, the president now owns 92,664 shares in the company, valued at $4,052,196.72. This trade represents a 7.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.32% of the stock is currently owned by insiders.

First Merchants Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans.