FY2017 Earnings Estimate for First Merchants Corporation Issued By DA Davidson (FRME)
First Merchants Corporation (NASDAQ:FRME) – Stock analysts at DA Davidson raised their FY2017 earnings per share estimates for First Merchants Corporation in a report released on Friday. DA Davidson analyst K. Reevey now forecasts that the bank will earn $2.25 per share for the year, up from their previous estimate of $2.24. DA Davidson also issued estimates for First Merchants Corporation’s Q4 2017 earnings at $0.62 EPS, FY2018 earnings at $2.59 EPS and FY2019 earnings at $2.90 EPS.
First Merchants Corporation (NASDAQ:FRME) last issued its earnings results on Thursday, October 26th. The bank reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.05). First Merchants Corporation had a return on equity of 10.38% and a net margin of 26.28%. The company had revenue of $93.09 million for the quarter, compared to the consensus estimate of $97.45 million. COPYRIGHT VIOLATION NOTICE: “FY2017 Earnings Estimate for First Merchants Corporation Issued By DA Davidson (FRME)” was originally reported by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this piece on another site, it was copied illegally and republished in violation of United States and international trademark and copyright laws. The correct version of this piece can be viewed at https://theolympiareport.com/2017/10/31/fy2017-earnings-estimate-for-first-merchants-corporation-issued-by-da-davidson-frme.html.
Several other equities research analysts have also commented on the stock. BidaskClub raised shares of First Merchants Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Zacks Investment Research raised shares of First Merchants Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Piper Jaffray Companies reissued a “neutral” rating and issued a $46.00 price target on shares of First Merchants Corporation in a report on Friday, October 6th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 price target on shares of First Merchants Corporation in a report on Sunday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. First Merchants Corporation presently has an average rating of “Hold” and a consensus target price of $47.33.
First Merchants Corporation (NASDAQ:FRME) opened at 42.68 on Monday. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 19.49 and a beta of 0.94. First Merchants Corporation has a 12 month low of $26.55 and a 12 month high of $44.36. The company’s 50 day moving average is $42.22 and its 200-day moving average is $40.71.
A number of hedge funds and other institutional investors have recently modified their holdings of FRME. BlackRock Inc. grew its holdings in shares of First Merchants Corporation by 17,626.9% during the first quarter. BlackRock Inc. now owns 3,402,680 shares of the bank’s stock worth $133,795,000 after buying an additional 3,383,485 shares in the last quarter. Schroder Investment Management Group purchased a new stake in shares of First Merchants Corporation during the second quarter worth $11,991,000. Koch Industries Inc. purchased a new stake in shares of First Merchants Corporation during the second quarter worth $242,000. Bank of New York Mellon Corp grew its holdings in shares of First Merchants Corporation by 33.9% during the second quarter. Bank of New York Mellon Corp now owns 796,732 shares of the bank’s stock worth $31,981,000 after buying an additional 201,723 shares in the last quarter. Finally, Park National Corp OH grew its holdings in shares of First Merchants Corporation by 1,998.0% during the third quarter. Park National Corp OH now owns 155,969 shares of the bank’s stock worth $6,696,000 after buying an additional 148,535 shares in the last quarter. 67.32% of the stock is owned by institutional investors.
In related news, insider Mark K. Hardwick sold 1,851 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $39.69, for a total value of $73,466.19. Following the completion of the sale, the insider now owns 75,120 shares of the company’s stock, valued at approximately $2,981,512.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.41% of the stock is currently owned by insiders.
First Merchants Corporation Company Profile
First Merchants Corporation is a financial holding company. The Company has a bank charter, First Merchants Bank (the Bank), which is opened for business in Muncie, Indiana. It operates through community banking business segment. The Bank also operates Lafayette Bank and Trust, and First Merchants Private Wealth Advisors (each as a division of First Merchants Bank).
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