First Merchants Corp reports results for the quarter ended in March - Earnings Summary

First Merchants

26/04/2024 10:59

* First Merchants Corp  FRME.OQ  reported quarterly adjusted
earnings of 85 cents​​ per share for the quarter ended in March,
lower than the same quarter last year, when the company reported
EPS of $1.07.  The mean expectation of five analysts for the
quarter was for earnings of 82 cents per share. Wall Street
expected results to range from 81 cents to 84 cents per share.
    * Revenue fell 9.1% to $153.70 million from a year ago;
analysts
expected $162.70 million. 
    * First Merchants Corp's reported EPS for the quarter was 80
cents​.
    * The company reported quarterly net income of $47.47
million.
    * First Merchants Corp shares had fallen by 1.3% this
quarter and
lost 7.1% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 1.3%
in the last three months.​ 
    * In the last 30 days, one analyst negatively revised an
earnings
estimate

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 5 "strong buy" or "buy," no
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "buy"

Wall Street's median 12-month price target for First Merchants
Corp is $41.00 
This summary was machine generated from LSEG data April 26 at
09:59 a.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2024      0.82           0.85           Beat
 Dec. 31 2023      0.87           0.87           Met
 Sep. 30 2023      0.94           0.95           Beat
 Jun. 30 2023      1.02           1.02           Met