In a report released today, Nathan Race from Piper Sandler reiterated a Buy rating on First Merchants (FRME – Research Report), with a price target of $36.00. The company’s shares closed last Friday at $26.82.
Race covers the Financial sector, focusing on stocks such as Horizon Bancorp, QCR Holdings, and First Internet Bancorp. According to TipRanks, Race has an average return of 4.8% and a 42.17% success rate on recommended stocks.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for First Merchants with a $36.00 average price target.
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FRME market cap is currently $1.6B and has a P/E ratio of 6.37.
Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FRME in relation to earlier this year.
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First Merchants (FRME) Company Description:
First Merchants Corp. (Indiana) is a holding company, which engages in the provision of financial services. It operates through the following segments: Commercial, Commercial Real Estate, Consumer, Residential, and Finance Leases. The Commercial lending segment is primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The Commercial Real Estate lending involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Consumer and Residential segments establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. The company was founded in September 1982 and is headquartered in Muncie, IN.
Read More on FRME:
- First Merchants Corporation Announces Third Quarter 2023 Earnings Per Share
- First Merchants reports Q3 EPS 94c, consensus 94c
- FRME Earnings this Week: How Will it Perform?
- First Merchants Corporation Announces Cash Dividend On Its Preferred Stock
- First Merchants Corporation to Report Third Quarter 2023 Financial Results, Host Conference Call and Webcast
