First Merchants Co. (FRME) Expected to Post Quarterly Sales of $98.35 Million

Wall Street brokerages expect First Merchants Co. (NASDAQ:FRME) to announce $98.35 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for First Merchants’ earnings. The highest sales estimate is $101.50 million and the lowest is $95.20 million. First Merchants reported sales of $75.85 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 29.7%. The company is expected to issue its next quarterly earnings results on Thursday, April 26th.

According to Zacks, analysts expect that First Merchants will report full year sales of $98.35 million for the current fiscal year, with estimates ranging from $398.80 million to $416.00 million. For the next fiscal year, analysts expect that the business will post sales of $438.55 million per share, with estimates ranging from $424.40 million to $452.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow First Merchants.

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First Merchants (NASDAQ:FRME) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.61 EPS for the quarter, meeting analysts’ consensus estimates of $0.61. The business had revenue of $97.83 million during the quarter, compared to the consensus estimate of $98.30 million. First Merchants had a return on equity of 9.47% and a net margin of 24.90%.

A number of equities research analysts recently commented on the company. FIG Partners reiterated a “market-perform” rating on shares of First Merchants in a report on Monday, January 29th. BidaskClub upgraded First Merchants from a “sell” rating to a “hold” rating in a report on Friday, March 9th. ValuEngine upgraded First Merchants from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded First Merchants from a “buy” rating to a “hold” rating in a report on Tuesday, February 27th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $52.00 price target on shares of First Merchants in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $49.67.

NASDAQ FRME traded down $0.23 on Wednesday, reaching $41.70. The company had a trading volume of 301,635 shares, compared to its average volume of 138,609. The company has a market capitalization of $2,064.40, a PE ratio of 17.74, a P/E/G ratio of 2.01 and a beta of 0.93. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.42. First Merchants has a 52 week low of $37.03 and a 52 week high of $45.42.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Friday, March 2nd were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.73%. First Merchants’s dividend payout ratio (DPR) is currently 29.88%.

In other First Merchants news, insider Michael J. Stewart sold 2,219 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $42.60, for a total value of $94,529.40. Following the completion of the sale, the insider now directly owns 55,706 shares in the company, valued at $2,373,075.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.41% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of FRME. BNP Paribas Arbitrage SA boosted its position in shares of First Merchants by 23.4% during the third quarter. BNP Paribas Arbitrage SA now owns 6,947 shares of the bank’s stock worth $298,000 after buying an additional 1,317 shares during the period. Commonwealth Equity Services Inc acquired a new position in shares of First Merchants during the third quarter worth about $472,000. Ameriprise Financial Inc. boosted its position in shares of First Merchants by 34.6% during the third quarter. Ameriprise Financial Inc. now owns 157,785 shares of the bank’s stock worth $6,773,000 after buying an additional 40,584 shares during the period. Macquarie Group Ltd. acquired a new position in shares of First Merchants during the third quarter worth about $172,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of First Merchants by 60.7% during the third quarter. Dynamic Technology Lab Private Ltd now owns 11,588 shares of the bank’s stock worth $497,000 after buying an additional 4,377 shares during the period. 70.14% of the stock is owned by institutional investors.

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First Merchants Company Profile

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as rents safe deposit facilities.

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Earnings History and Estimates for First Merchants (NASDAQ:FRME)

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