In yesterday’s Wall Street session, First Merchants Corp. (NASDAQ:FRME) shares traded at $33.33, up 0.39% from the previous session.
FRME stock price is now -2.38% away from the 50-day moving average and 3.04% away from the 200-day moving average. The market capitalization of the company currently stands at $1.95B.
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With the price target maintained at $50, Raymond James recently Downgraded its rating from Strong Buy to Outperform for First Merchants Corp. (NASDAQ: FRME). , while ‘Hovde Group’ rates the stock as ‘Outperform’
In other news, Stewart Michael J, President bought 36 shares of the company’s stock on Mar 29 ’24. The stock was bought for $1,068 at an average price of $29.67. Upon completion of the transaction, the President now directly owns 88,952 shares in the company, valued at $2.96 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 28 ’24, Chief Information Officer FLUHLER STEPHAN sold 3,193 shares of the business’s stock. A total of $105,912 was realized by selling the stock at an average price of $33.17. This leaves the insider owning 24,070 shares of the company worth $0.8 million. A total of 1.47% of the company’s stock is owned by insiders.
During the past 12 months, First Merchants Corp. has had a low of $25.70 and a high of $38.16. According to the stock market information, the enterprise value for the company is $2328115968, which is based on a 9.63 price-to-earnings ratio, a 1.38 price-to-earnings-growth ratio, and a beta of 1.08. The fifty day moving average price for FRME is $34.155 and a two-hundred day moving average price translates $32.3538 for the stock.
The latest earnings results from First Merchants Corp. (NASDAQ: FRME) was released for 2024-03-31. According to the Banks – Regional Company, earnings per share came in at 1.02, inline with analysts’ expectations of 1.02. This compares to $1.07 EPS in the same period last year. The net profit margin was 20.04% and return on equity was 9.55% for FRME. The company reported revenue of $235.9 million for the quarter, compared to $206.4 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 14.29 percent. For the current quarter, analysts expect FRME to generate $160.33M in revenue.
