your badges 52W Range $35–$45 51% of range Analyst Rating BUY 12 analysts Price Target $48 +20% upside P/E · ROE · Net Profit Margin ·

FRME Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $40.15
Market Cap (MRQ) $2.51B
52W Range $35–$45

FRME Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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Stock splits 6
Ex-date Split Type
Aug. 27, 2003 21-for-20 Forward
Aug. 28, 2002 21-for-20 Forward
Aug. 29, 2001 21-for-20 Forward
Oct. 26, 1998 3-for-2 Forward
Oct. 30, 1995 3-for-2 Forward
Jan. 26, 1993 3-for-2 Forward

About First Merchants Corporation - Common Stock Company overview from Wikipedia

05 · wikidata

First Merchants Corporation is a financial holding company in Central Indiana, headquartered in Muncie, Indiana. The Corporation includes First Merchants Bank and First Merchants Private Wealth Advisors (a division of First Merchants Bank). The company is listed on the NASDAQ as FRME. As of March 2026, total asset size of First Merchants Corporation was $21.1 billion. First Merchants offers commercial banking, personal banking, and investment advisor services.

History

First Merchants Bank has been growing both organically and through mergers and acquisitions. Banks acquired include:

1893 – Merchants National Bank, Muncie, IN

1988 – Pendleton Banking Company, Pendleton, IN

1991 – First United Bank, Middletown, IN

1996 – Union County National Bank, Liberty, IN

1996 – The Randolph County Bank, Winchester, IN

1999 – First National Bank of Portland, Portland, IN

1999 – Anderson Community Bank, Anderson, IN

2000 – Decatur Bank & Trust, Decatur, IN

2001 – Frances Slocum Bank & Trust, Wabash, IN

2002 – Lafayette Bank & Trust, Lafayette, IN

2003 – Commerce National Bank, Columbus, OH

2008 – Lincoln Bank, Plainfield, IN

2012 – Shelby County Bank, Shelbyville, IN

2013 – Citizens Financial Bank, Munster, IN

2014 – Community Bank, Noblesville, IN

2015 – Cooper State Bank, Columbus, OH

2015 – Ameriana Bank, New Castle, IN

2017 – Arlington Bank, Columbus, OH

2017 – iAB Bank, Fort Wayne, IN

2019 – Monroe Bank and Trust, Monroe, MI

2020 – Hoosier Trust Company, Indianapolis, IN

2022 – Level One Bank, Farmington Hills, MI

2026 – First Savings Bank, Jeffersonville, IN

A baseball/softball complex on the campus of Ball State University was renamed the First Merchants Ballpark Complex in 2016.

Recognition

In June 2022, First Merchants Bank was ranked by Forbes as one of America's Best Banks. This is the 5th year in a row First Merchants has received this award. In March 2021, Forbes ranked First Merchants Bank as a top U.S. bank for the 4th consecutive year. First Merchants Bank was ranked #2 on the “America's Best Bank list in January 2019. compiled by Forbes, up from their #4 ranking in 2018.

In May, 2022, First Merchants Bank was voted 4th in "Great Employers to Work for in Indiana" by the Best Companies Group. Additionally, First Merchants Bank was listed as one of the “Best Places to Work in Indiana” by the Indiana Chamber of Commerce in 2018 for Major Companies with 1,000+ employees and again in 2019. First Merchants Bank was named as one of the “Best Places to Work” by Columbus Business First for 2018 and as one of the 2019 Best Employers in Ohio, a list created by the Ohio SHRM State Council, Crain's Cleveland Business and Best Companies Group. First Merchants was also named one of the “Best Places to Work” in the state of Illinois in 2018 and again in 2019. Comparably gives First Merchants Bank an A+ on Culture Score with a 4.7 out of 5 star rating based on 133+ employee survey responses as of June 2022.

First Merchants Bank was rated as one of the best "In-State Banks" by Forbes and Statistica in June 2022. First Merchants was also rated as one of the top big banks in the US by Newsweek magazine in 2022 and one of the top 20 banks in the US by S&P Global Market Intelligence in 2022.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorFinancials industryBanking employees2,086 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend FRME 5Y avg Peer Median Verdict
P/B (MRQ) 0.9 · 1.1 Undervalued
Price / Tangible Book (MRQ) 1.0 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Annualized Payout≈$1.48Paid quarterly
5Y Div CAGR≈6.7%Per share, split-adjusted
Growth Streak≈14Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Sep 4, 2026$0.37USD≈3.5%
Jun 5, 2026$0.37USD≈3.6%
Mar 6, 2026$0.36USD≈3.8%
Dec 5, 2025$0.36USD≈3.8%
Sep 5, 2025$0.36USD≈3.5%
Jun 6, 2025$0.36USD≈3.8%
Mar 7, 2025$0.35USD≈3.4%
Dec 6, 2024$0.35USD≈3.2%
Sep 6, 2024$0.35USD≈3.8%
Jun 7, 2024$0.35USD≈4.3%
Feb 29, 2024$0.34USD≈4.1%
Nov 30, 2023$0.34USD≈4.4%
Aug 31, 2023$0.34USD≈4.4%
Jun 1, 2023$0.34USD≈4.9%
Mar 2, 2023$0.32USD≈3.2%
Dec 1, 2022$0.32USD≈2.9%
Sep 1, 2022$0.32USD≈3.1%
Jun 2, 2022$0.32USD≈2.9%
Mar 3, 2022$0.29USD≈2.7%
Dec 2, 2021$0.29USD≈2.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -2.7%
Next Report Oct 20, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Jul 21, 2026 $0.74 $1.05 -29.6%
March 31, 2026 $1.03 $0.95 8.9%
Dec. 31, 2025 $0.98 $0.97 0.98%
Sept. 30, 2025 $0.98 $0.98 0.05%
June 30, 2025 $0.98 $0.96 2.3%
March 31, 2025 $0.94 $0.93 0.83%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
No annual filings for FRME

We don't have SEC filings for this ticker yet.

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
No data for this statement

Not enough fundamentals data to build this statement yet.

Institutional owners (13F) 324 filers · $2.2B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 324
Value held $2.2B
New positions 31
Exited positions 23
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
31 (-29 vs prior Q) 23 (-5 vs prior Q) 127 (+4 vs prior Q) 84 (+16 vs prior Q) +521K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BlackRock, Inc. $232,637,346 5,324,728 10.36% Shares
VANGUARD GROUP INC $224,276,610 5,983,901 9.98% Shares
DIMENSIONAL FUND ADVISORS LP $161,205,299 3,689,776 7.18% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $148,669,730 3,402,832 6.62% Shares
VANGUARD CAPITAL MANAGEMENT LLC $118,866,509 2,720,680 5.29% Shares
STATE STREET CORP $111,466,647 2,551,308 4.96% Shares
EARNEST PARTNERS LLC $94,983,109 2,174,024 4.23% Shares
GEODE CAPITAL MANAGEMENT, LLC $73,017,129 1,670,991 3.25% Shares
Nuveen, LLC $46,262,292 1,058,876 2.06% Shares
VICTORY CAPITAL MANAGEMENT INC $45,556,787 1,042,728 2.03% Shares
SYSTEMATIC FINANCIAL MANAGEMENT LP $37,154,243 850,405 1.65% Shares
FIRST TRUST ADVISORS LP $33,907,284 776,088 1.51% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $31,103,348 711,910 1.38% Shares
FJ Capital Management LLC $31,082,158 711,425 1.38% Shares
GOLDMAN SACHS GROUP INC $30,454,335 697,055 1.36% Shares
WELLINGTON MANAGEMENT GROUP LLP $30,435,372 696,621 1.35% Shares
PL Capital Advisors, LLC $29,985,889 686,333 1.33% Shares
NORTHERN TRUST CORP $29,883,436 683,988 1.33% Shares
Qube Research & Technologies Ltd $28,347,994 648,844 1.26% Shares
JPMORGAN CHASE & CO $27,896,569 639,609 1.24% Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC $27,194,535 622,443 1.21% Shares
AQR CAPITAL MANAGEMENT LLC $24,749,098 566,471 1.10% Shares
FIRST MERCHANTS CORP $22,805,918 521,994 1.02% Shares
TWO SIGMA INVESTMENTS, LP $20,552,169 470,409 0.91% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $18,888,978 432,341 0.84% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $18,769,486 429,606 0.84% Shares
FMR LLC $18,393,321 420,996 0.82% Shares
Bank of New York Mellon Corp $18,156,183 415,568 0.81% Shares
VANGUARD FIDUCIARY TRUST CO $17,923,298 410,238 0.80% Shares
Fisher Asset Management, LLC $16,034,447 367,005 0.71% Shares
AMERICAN CENTURY COMPANIES INC $15,051,380 344,504 0.67% Shares
RAYMOND JAMES FINANCIAL INC $14,813,277 339,054 0.66% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $14,762,720 337,897 0.66% Shares
MetLife Investment Management, LLC $13,994,737 320,319 0.62% Shares
MILLENNIUM MANAGEMENT LLC $13,920,420 318,618 0.62% Shares
GLENMEDE TRUST CO NA $12,950,327 296,414 0.58% Shares
Empowered Funds, LLC $12,141,932 277,911 0.54% Shares
Glenmede Investment Management, LP $10,677,807 283,231 0.48% Shares
MORGAN STANLEY $9,332,445 213,604 0.42% Shares
BANK OF AMERICA CORP /DE/ $9,000,926 206,018 0.40% Shares
WELLS FARGO & COMPANY/MN $8,861,260 202,821 0.39% Shares
Phocas Financial Corp. $8,808,035 201,603 0.39% Shares
DENALI ADVISORS LLC $8,497,705 194,500 0.38% Shares
Edgestream Partners, L.P. $8,114,850 185,737 0.36% Shares
ALLIANCEBERNSTEIN L.P. $7,911,803 204,281 0.35% Shares
ProShare Advisors LLC $7,431,844 170,104 0.33% Shares
MARSHALL WACE, LLP $6,963,398 159,382 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $6,613,093 151,364 0.29% Shares
Creative Planning $6,344,968 145,215 0.28% Shares
CITADEL ADVISORS LLC $6,129,444 140,294 0.27% Shares

Show all 324 institutional owners →

Company insiders 53 insiders · 15 officers · 34 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Mark K Hardwick Chief Executive Officer March 23, 2026 A 116,222 0 0 $0
Michele Kawiecki Chief Financial Officer Aug. 3, 2026 A 72,404 0 0 $0
Michael J Stewart President Aug. 3, 2026 A 115,834 0 0 $0
Joseph C Peterson Chief Commercial Officer Aug. 3, 2026 A 45,482 0 0 $0
Eva A. Scurlock Chief Risk Officer Aug. 3, 2026 A 31,523 0 1 $-136,470
Steven C Harris Chief Human Resources Officer Aug. 3, 2026 A 22,649 0 0 $0
Stephan Fluhler Chief Information Officer Aug. 3, 2026 A 25,774 0 2 $-376,840
John Martin Chief Credit Officer Aug. 3, 2026 A 71,549 0 0 $0
Larry W Myers First Vice President May 5, 2026 S 109,751 0 2 $-415,000
Chad Kimball Chief Risk Officer Aug. 4, 2025 A 18,090 0 0 $0
Kimberly J Ellington Director Human Resources June 16, 2016 M 16,925 0 0 $0
Robert R Connors Chief Information Officer March 18, 2014 A 15,830 0 0 $0
David W Spade Senior Vice President June 30, 2009 A 7,194 0 0 $0
Shawn R Blackburn Senior Vice President June 8, 2007 F 1,367 0 0 $0
Roger M Arwood Executive Vice President July 1, 2004 A 115 0 0 $0
Mung Chiang Director March 31, 2026 A 8,358 0 0 $0
Kevin D Johnson Director March 31, 2026 A 8,983 0 0 $0
Jason R Sondhi Director March 31, 2026 A 9,550 0 0 $0
Susan W Brooks Director March 31, 2026 A 12,015 0 0 $0
Clark C Kellogg JR Director March 31, 2026 A 15,271 0 0 $0
Michael J Fisher Director March 31, 2026 A 18,457 0 0 $0
Howard Halderman Director March 31, 2026 A 29,047 0 0 $0
Michael R Becher Director March 31, 2026 A 29,145 0 0 $0
Gary Lehman Director March 31, 2026 A 53,775 0 0 $0
Jean L Wojtowicz Director March 31, 2026 A 65,519 0 0 $0
Patrick J. Fehring Director Sept. 30, 2025 A 8,618 0 0 $0
Charles E Schalliol Director April 9, 2024 M 41,030 0 0 $0
William L Hoy Director March 31, 2023 A 33,603 0 0 $0
Patrick A Sherman Director May 2, 2022 P 51,125 0 0 $0
Terry L Walker Director May 11, 2020 M 57,432 0 0 $0
Roderick English Director Sept. 30, 2016 A 9,369 0 0 $0
Jo Ann M Gora Director June 30, 2014 A 12,272 0 0 $0
Jerry R Engle Director Jan. 1, 2012 F 45,459 0 0 $0
HUDSON BARRY J Director March 31, 2011 A 449,186 0 0 $0
CLARK THOMAS B Director March 31, 2011 A 9,456 0 0 $0
Richard A Boehning Director Dec. 17, 2008 S 5,586 0 0 $0
COX MICHAEL L Director Dec. 5, 2008 G 60,496 0 0 $0
SMITSON ROBERT M Director June 11, 2007 M 7,785 0 0 $0
Thomas Mcauliffe Director March 21, 2007 S 9,270 0 0 $0
AULT JAMES F Director Dec. 15, 2005 G 12,718 0 0 $0
Robert T Jeffares Director July 1, 2005 A · 0 0 $0
ANDERSON STEFAN S Director April 7, 2005 G 73,156 0 0 $0
JOHNSON NORMAN M Director Nov. 2, 2004 S 317,274 0 0 $0
BIEBERICH DENNIS A Director Aug. 6, 2004 G 52,470 0 0 $0
BRACKEN FRANK A Director July 1, 2004 A · 0 0 $0
WORTHEN JOHN E Director March 11, 2004 P 1,600 0 0 $0
Michael C Rechin · March 31, 2026 A 89,870 0 0 $0
Jeffrey B Lorentson · Aug. 16, 2021 F 15,228 0 0 $0
Michael C Marhenke · June 30, 2021 A 27,875 0 0 $0
Douglas H Chaffin · June 30, 2021 A 37,203 0 0 $0
Jami L Bradshaw · March 28, 2013 P 17,650 0 0 $0
HELMS LARRY R · Jan. 31, 2006 M 25,140 0 0 $0
BROWNELL BLAINE A · Sept. 29, 2004 M 1,157 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 46 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
HAPS · Harbor ETF Trust 0.51% 19,986 NS July 31, 2026 N-PORT
FYT · First Trust Exchange-Traded AlphaDE… 0.36% 16,102 NS July 31, 2026 N-PORT
DPST · Direxion Shares ETF Trust 0.35% 34,466 NS July 31, 2026 N-PORT
SDVD · First Trust Exchange-Traded Fund IV 0.20% 42,250 NS July 31, 2026 N-PORT
FYX · First Trust Exchange-Traded AlphaDE… 0.19% 59,899 NS July 31, 2026 N-PORT
DFSV · Dimensional ETF Trust 0.19% 358,849 NS July 31, 2026 N-PORT
VTWV · VANGUARD SCOTTSDALE FUNDS 0.18% 55,666 SH Aug. 19, 2026 Daily
ROSC · Lattice Strategies Trust 0.17% 2,396 NS July 31, 2026 N-PORT
DFAT · Dimensional ETF Trust 0.12% 408,312 NS July 31, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.10% 16,801 NS July 31, 2026 N-PORT
VFVA · VANGUARD WELLINGTON FUND 0.09% 17,890 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.09% 1,677,157 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.09% 30,502 NS July 31, 2026 N-PORT
OMFS · Invesco Exchange-Traded Self-Indexe… 0.09% 5,679 SH Oct. 2, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.08% 366,289 SH Aug. 19, 2026 Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.08% 10,527 NS July 31, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.07% 2,785 NS July 31, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.07% 45,637 SH Oct. 2, 2026 Daily
DFAS · Dimensional ETF Trust 0.06% 215,048 NS July 31, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.06% 872,233 SH Aug. 19, 2026 Daily
DXUV · Dimensional ETF Trust 0.04% 4,971 NS July 31, 2026 N-PORT
FNCL · FIDELITY COVINGTON TRUST 0.03% 16,761 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.03% 707,832 SH Aug. 19, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.03% 1,373,050 SH Aug. 19, 2026 Daily
VFH · VANGUARD WORLD FUND 0.03% 103,447 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.02% 3,533 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.02% 10,852 NS July 31, 2026 N-PORT
DFUV · Dimensional ETF Trust 0.01% 51,423 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.01% 158,626 NS July 31, 2026 N-PORT
VIG · VANGUARD SPECIALIZED FUNDS 0.01% 348,937 SH Aug. 19, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.01% 245,988 SH Aug. 19, 2026 Daily
DFSU · Dimensional ETF Trust 0.01% 5,048 NS July 31, 2026 N-PORT
PFM · Invesco Exchange-Traded Fund Trust 0.01% 1,795 SH Oct. 2, 2026 Daily
DCOR · Dimensional ETF Trust 0.01% 6,454 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.01% 17,472 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 19,547 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 78,067 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 14,725 SH Sept. 3, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 1,905,008 SH Aug. 19, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.00% 46,206 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 5,393 SH Aug. 19, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.00% 13,939 SH Aug. 19, 2026 Daily
IWN · iShares Trust · 610,292 SH Sept. 11, 2026 Daily
SVAL · iShares Trust · 15,055 SH Sept. 3, 2026 Daily
ISCB · iShares Trust · 2,847 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 13,946 SH Sept. 11, 2026 Daily

FRME Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 12 analysts BUY
Median target $48.00 +19.6%
2 16.7% Strong Buy
7 58.3% Buy
3 25.0% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

5 analysts · 2026-09-28

Mean target $48.00 +19.6%

← Below all targets Current price $40.15
Low$45.00 Mean$48.00 High$51.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
FRME · · · · · ·
TRMK $2.30B 10.5 42.6% 28.0% 10.7% ·
FBK $2.89B 22.8 22.9% 21.9% 7.0% ·
FBNC $2.11B 19.0 -3.6% 164.2% 6.9% ·
CUBI · · · · · ·
BANR · 11.1 8.5% 33.2% 10.2% ·
BUSE · · · · · ·
SYBT $1.91B 13.7 · 35.3% 13.5% ·
BBT · 25.6 81.1% 301.4% 4.8% ·
WAFD $2.37B 11.5 7.8% 762.5% 7.4% ·
TFC $62.13B 12.9 53.0% 26.1% 8.2% ·

Latest News Recent headlines mentioning this company

23
Cash Dividend On The Way From First Merchants' Preferred Stock Series A Nasdaq · 5 months ago First Merchants (FRME) Q4 2025 Earnings Transcript Yahoo Finance · 5 months, 1 week ago Here is What Makes First Merchants (FRME) Appear so Attractive Yahoo Finance · 5 months, 1 week ago Elser Financial Planning Loads Up on Merchants Bancorp Shares Worth $1.1 Billion Nasdaq · 5 months, 2 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed May 1, 2026