The stock of First Merchants Corporation (NASDAQ:FRME) reached all time high today, Nov, 29 and still has $35.40 target or 3.00% above today’s $34.37 share price. This indicates more upside for the $1.38 billion company. This technical setup was reported by Barchart.com. If the $35.40 PT is reached, the company will be worth $41.40 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 51,741 shares traded hands. First Merchants Corporation (NASDAQ:FRME) has risen 32.65% since April 26, 2016 and is uptrending. It has outperformed by 27.39% 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 $20.08 million for 17.19 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. As per Friday, October 2, the company rating was initiated by Stephens. The stock has “Buy” rating given by DA Davidson on Thursday, July 21. The firm has “Buy” rating by DA Davidson given on Wednesday, September 28. The rating was initiated by SunTrust on Wednesday, December 16 with “Neutral”. The firm has “Overweight” rating by Stephens given on Friday, January 29. On Tuesday, August 18 the stock rating was upgraded by Zacks to “Sell”.
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 is positive, 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.
Teachers Retirement Of The State Of Kentucky last reported 0.01% of its portfolio in the stock. Bank Of Mellon reported 232,858 shares or 0% of all its holdings. The Texas-based Bridgeway Cap Management has invested 0.06% in First Merchants Corporation (NASDAQ:FRME). Blackrock Advisors Llc has 19,472 shares for 0% of their US portfolio. Rhumbline Advisers last reported 49,815 shares in the company. Qs Investors Lc owns 192,082 shares or 0.04% of their US portfolio. Teachers Inc has 0% invested in the company for 82,089 shares. Castle Creek Prtn Iv Lp holds 11.15% or 929,747 shares in its portfolio. Pinnacle Holding Ltd Limited Liability Company accumulated 20,569 shares or 0% of the stock. Cornercap Invest Counsel Inc holds 0.1% of its portfolio in First Merchants Corporation (NASDAQ:FRME) for 20,595 shares. Zebra Capital Mngmt Lc holds 44,082 shares or 0.38% of its portfolio. The Georgia-based Voya Invest Management Llc has invested 0% in First Merchants Corporation (NASDAQ:FRME). Invesco Ltd reported 116,289 shares or 0% of all its holdings. Millennium Mgmt Ltd Liability holds 0% of its portfolio in First Merchants Corporation (NASDAQ:FRME) for 15,496 shares. Banc Funds Communications Ltd Com reported 783,326 shares or 1.14% of all its holdings.
Insider Transactions: Since June 1, 2016, the stock had 10 insider purchases, and 3 insider sales for $475,200 net activity. 61 shares were bought by Lehman Gary, worth $1,656. $134,587 worth of First Merchants Corporation (NASDAQ:FRME) was sold by MARTIN JOHN. Sherman Patrick A bought $493 worth of stock. Shares for $255,170 were sold by HARDWICK MARK K. The insider Stewart Michael J sold $95,324. The insider LORENTSON JEFFREY B bought $296.
More recent First Merchants Corporation (NASDAQ:FRME) news were published by: Businesswire.com which released: “First Merchants Corporation Announces a 7% Increase in Cash Dividend” on November 16, 2016. Also Streetinsider.com published the news titled: “Form 8-K FIRST MERCHANTS CORP For: Nov 10” on November 10, 2016. Businesswire.com‘s news article titled: “First Merchants Corporation to Report Second Quarter 2016 Financial Results …” with publication date: May 02, 2016 was also an interesting one.
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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