Noteworthy Price Action: Could First Merchants Corporation Skyrocket Even More? The Stock Just Made 52-Week High

Noteworthy Price Action: Could First Merchants Corporation Skyrocket Even More? The Stock Just Made 52 Week High

The stock of First Merchants Corporation (NASDAQ:FRME) hit a new 52-week high and has $36.57 target or 7.00% above today’s $34.18 share price. The 8 months bullish chart indicates low risk for the $1.42 billion company. The 1-year high was reported on Nov, 23 by If the $36.57 price target is reached, the company will be worth $99.40 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 35,305 shares traded hands. First Merchants Corporation (NASDAQ:FRME) has risen 39.01% since April 21, 2016 and is uptrending. It has outperformed by 33.68% the S&P500.

Analysts await First Merchants Corporation (NASDAQ:FRME) to report earnings on January, 26. They expect $0.50 EPS, up 35.14% or $0.13 from last year’s $0.37 per share. FRME’s profit will be $20.77 million for 17.09 P/E if the $0.50 EPS becomes a reality. After $0.51 actual EPS reported by First Merchants Corporation for the previous quarter, Wall Street now forecasts -1.96% negative EPS growth.

First Merchants Corporation (NASDAQ:FRME) Ratings Coverage

Out of 3 analysts covering First Merchants (NASDAQ:FRME), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. First Merchants has been the topic of 7 analyst reports since August 18, 2015 according to StockzIntelligence Inc. The rating was initiated by Stephens with “Equal-Weight” on Friday, October 2. The firm earned “Overweight” rating on Friday, January 29 by Stephens. The stock has “Sell” rating given by Zacks on Tuesday, August 18. The stock has “Neutral” rating given by SunTrust on Wednesday, December 16. As per Thursday, July 21, the company rating was initiated by DA Davidson. DA Davidson maintained First Merchants Corporation (NASDAQ:FRME) on Wednesday, September 28 with “Buy” rating.

According to Zacks Investment Research, “FIRST MERCHANTS CORP. is a bank holding company engaged in conducting commercial banking business through the offices of its banking subsidiaries.”

Insitutional Activity: The institutional sentiment increased to 1.56 in Q2 2016. Its up 0.46, from 1.1 in 2016Q1. The ratio improved, as 6 funds sold all First Merchants Corporation shares owned while 44 reduced positions. 8 funds bought stakes while 47 increased positions. They now own 30.26 million shares or 0.92% less from 30.54 million shares in 2016Q1.
Farmers Merchants Inc last reported 309 shares in the company. The Delaware-based Blackrock Advisors Ltd Llc has invested 0% in First Merchants Corporation (NASDAQ:FRME). Ladenburg Thalmann Service has 0.01% invested in the company for 14,826 shares. Wellington Mngmt Grp Incorporated Llp owns 1.04 million shares or 0.01% of their US portfolio. Springbok Management Ltd Limited Liability Company last reported 0% of its portfolio in the stock. Emerald Mutual Fund Advisers Tru has 0.03% invested in the company for 18,663 shares. Blackrock Fund last reported 957,812 shares in the company. State Bank Of Ny Mellon has invested 0% of its portfolio in First Merchants Corporation (NASDAQ:FRME). Allianz Asset Mngmt Ag last reported 1.03 million shares in the company. Wedge Cap Management L Limited Partnership Nc holds 0.09% or 342,471 shares in its portfolio. The Illinois-based Northern Trust has invested 0.01% in First Merchants Corporation (NASDAQ:FRME). Goldman Sachs Gru Inc holds 1.57M shares or 0.01% of its portfolio. Blackrock Institutional Na last reported 0% of its portfolio in the stock. Credit Suisse Ag last reported 53,492 shares in the company. Zurcher Kantonalbank (Zurich Cantonalbank) owns 830 shares or 0% of their US portfolio.

Insider Transactions: Since June 1, 2016, the stock had 12 insider buys, and 3 sales for $473,046 net activity. 19 shares were bought by Sherman Patrick A, worth $506. Another trade for 7,700 shares valued at $255,170 was made by HARDWICK MARK K on Friday, November 18. MARTIN JOHN had sold 5,000 shares worth $134,587. $1,661 worth of First Merchants Corporation (NASDAQ:FRME) was bought by Lehman Gary on Wednesday, June 1. LORENTSON JEFFREY B bought $296 worth of stock. $95,324 worth of First Merchants Corporation (NASDAQ:FRME) was sold by Stewart Michael J.

More news for First Merchants Corporation (NASDAQ:FRME) were recently published by:, which released: “First Merchants Corporation Announces Record Third Quarter 2016 Results” on October 25, 2016.‘s article titled: “First Merchants Corporation to Report Second Quarter 2016 Financial Results …” and published on May 02, 2016 is yet another important article.

FRME Company Profile

First Merchants Corporation, incorporated on September 20, 1982, is a financial holding company. The Firm has a bank charter, First Merchants Bank, National Association (the Bank), which is opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Ameriana Bank, Ameriana Financial Services and First Merchants Trust Company as divisions of First Merchants Bank, N.A. The Bank includes approximately 120 banking locations in approximately 30 Indiana, over two Illinois and over two Ohio counties. In addition to its branch network, the Company’s delivery channels include automated teller machines, check cards, remote deposit capture, interactive voice response systems and Internet technology. The Company, through the Bank, offers a range of financial services, including accepting time deposits, savings and demand deposits; making consumer, commercial, agri-business and real estate mortgage loans; renting safe deposit facilities; providing personal and corporate trust services; providing full-service brokerage, and providing other corporate services, letters of credit and repurchase agreements.

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