First Merchants Q3 adjusted EPS beats analyst estimates

First Merchants

Wed 21:15

Overview
US regional bank's Q3 adjusted EPS beat analyst expectations
Net income and EPS rose yr/yr in Q3
Company repurchased 287,431 shares for $12 mln in Q3

Outlook
Company says it is well positioned for continued success after CEO transition
Company says capital position remains strong and expects to continue returning capital to shareholders

Result Drivers
NET INTEREST INCOME - Higher net interest income and improved net interest margin contributed to results
DEPOSIT GROWTH - Deposit balances rose, aided by acquisition and organic growth
NONINTEREST INCOME - Higher deposit service charges and CRA investment income supported noninterest income

Company press release: ID:nGNX3CyXKL

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
Beat
$1.10
$1.04 (5 Analysts)
Q3 EPS
 
$1.09
 
Q3 Net Income
 
$67.80 mln
 
Q3 Net Interest Income
 
$161.10 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for First Merchants Corporation is $46.00, about 14.7% above its October 20 closing price of $40.11
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)