First Merchants Corporation (NASDAQ:FRME) is reporting third quarter earnings results on Wednesday 28th October 2020, before market open.
The consensus estimates from Thomson Reuters are income of $ 0.62 per share.
For the full year, analysts predict revenues of $ 498.44 million, while looking forward to income of $ 2.50 per share.
Previous Quarter Performance
First Merchants Corporation announced income for the second quarter of $ 0.62 per share, from the revenue of $ 119.50 million. The quarterly earnings reduced 25.30 percent compared with the same quarter last year. Street analysts expected First Merchants Corporation to report income of $ 0.47 per share on revenue of $ 120.28 million for the second quarter. The bottom line results beat street analysts by $ 0.15 or 31.91 percent, at the same time, top line results fell short of analysts by $ 0.78 million or 0.65 percent.
Stock Performance
Shares of First Merchants Corporation traded low $ -0.57 or -2.11 percent on Tuesday, reaching $ 26.50 with volume of 152.20 thousand shares. First Merchants Corporation has traded high as $ 27.38 and has cracked $ 26.43 on the downward trend
According to the previous trading day, closing price of $ 26.50, representing a 27.81 % increase from the 52 week low of $ 21.18 and a 36.28 % decrease over the 52 week high of $ 42.48.
The company has a market capital of $ 1.43 billion and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 29th September 2020, maintained by Piper Sandler at Overweight rating, with $ 27.00 target price.
Recent Stock Dividend Announcement
On August 6, 2020, the board of directors authorized quarterly dividend of $ 0.26 per share to holders of record as of the close of business on September 4, 2020, with payment date of September 18, 2020 and ex-dividend date on September 3, 2020.
Conference Call
First Merchants Corporation will be hosting a conference call at 2:30 PM eastern time on 28th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.firstmerchants.com
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. The company also provides personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services, as well as electronic and mobile delivery channels.
