First Merchants Corporation declared a quarterly dividend of $0.4688 per depositary share, payable February 15, 2025.
Quiver AI Summary
First Merchants Corporation announced a quarterly cash dividend of $46.88 per share for its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, with each depositary share representing a 1/100th interest in the preferred stock. Shareholders will receive $0.4688 per depositary share, and the dividend is set to be paid on February 15, 2025, to those on record by January 31, 2025. First Merchants Corporation, headquartered in Muncie, Indiana, operates as a financial holding company with First Merchants Bank and offers investments through its wealth management division. The company's common stock and preferred stock are listed on the NASDAQ. For more information, contact Nicole M. Weaver.
Potential Positives
- First Merchants Corporation has declared a quarterly cash dividend, indicating strong financial performance and a commitment to returning value to shareholders.
- The dividend amount of $46.88 per share demonstrates the company's ability to generate consistent income for investors, reinforcing confidence in its financial stability.
- The preferred stock's 7.50% dividend rate is attractive, potentially drawing in more investors seeking yield.
- The upcoming dividend payment schedule highlights First Merchants' commitment to maintaining regular shareholder returns, which can enhance investor loyalty and interest in the company's stock.
Potential Negatives
- Declaring the dividend may indicate poor cash flow or a lack of better investment opportunities, raising concerns about the company's financial health.
- The announcement of a preferred stock dividend, instead of common stock, may signal a prioritization of certain investors over others, potentially leading to dissatisfaction among common shareholders.
- The specificity of the dividend amount may highlight a stagnation in growth or profitability that raises investor concerns.
FAQ
What is the amount of the quarterly cash dividend declared by First Merchants Corporation?
The declared quarterly cash dividend is $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A.
When will the dividend be payable to stockholders?
The dividend will be payable on February 15, 2025, to stockholders of record on January 31, 2025.
What symbol is used for First Merchants Corporation's common stock?
The common stock of First Merchants Corporation is traded under the symbol FRME on the NASDAQ Global Select Market System.
What do depositary shares represent for First Merchants Corporation?
Depositary shares represent a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A.
Who should I contact for more information about First Merchants Corporation?
For more information, contact Nicole M. Weaver, Vice President and Director of Corporate Administration at 765-521-7619.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FRME Insider Trading Activity
$FRME insiders have traded $FRME stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $FRME stock by insiders over the last 6 months:
- MICHAEL J STEWART (President) sold 7,248 shares.
- PATRICK J. FEHRING sold 26,437 shares.
- MARK K HARDWICK (Chief Executive Officer) sold 11,832 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FRME Hedge Fund Activity
We have seen 120 institutional investors add shares of $FRME stock to their portfolio, and 82 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC removed 264,014 shares (-4.1%) from their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 233,750 shares (+277.3%) to their portfolio in Q3 2024
- FIRST TRUST ADVISORS LP added 214,459 shares (+58.6%) to their portfolio in Q3 2024
- EAGLE ASSET MANAGEMENT INC added 204,736 shares (+93.3%) to their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC removed 180,656 shares (-23.6%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 161,413 shares (+20.8%) to their portfolio in Q3 2024
- BNP PARIBAS ASSET MANAGEMENT HOLDING S.A. removed 157,494 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MUNCIE, Ind., Jan. 15, 2025 (GLOBE NEWSWIRE) -- First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on February 15, 2025, to stockholders of record on January 31, 2025.
About First Merchants Corporation:
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).
First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Depositary shares representing a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A are traded on the NASDAQ Global Select Market System under the symbol FRMEP. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).
FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.
For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com
