FRME First Merchants Corporation - Common Stock
About First Merchants Corporation - Common Stock Company overview from Wikipedia
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. 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.
Read more
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 ↗
FRME Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
FRME Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| June 5, 2026 | $0.3700 |
| March 6, 2026 | $0.3600 |
| Dec. 5, 2025 | $0.3600 |
| Sept. 5, 2025 | $0.3600 |
| June 6, 2025 | $0.3600 |
| March 7, 2025 | $0.3500 |
| Dec. 6, 2024 | $0.3500 |
| Sept. 6, 2024 | $0.3500 |
| June 7, 2024 | $0.3500 |
| Feb. 29, 2024 | $0.3400 |
| Nov. 30, 2023 | $0.3400 |
| Aug. 31, 2023 | $0.3400 |
| June 1, 2023 | $0.3400 |
| March 2, 2023 | $0.3200 |
| Dec. 1, 2022 | $0.3200 |
| Sept. 1, 2022 | $0.3200 |
| June 2, 2022 | $0.3200 |
| March 3, 2022 | $0.2900 |
| Dec. 2, 2021 | $0.2900 |
| Sept. 2, 2021 | $0.2900 |
FRME Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 16.7%
- Buy 7 58.3%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.74 | $1.05 | -0.31% |
| March 31, 2026 | $1.03 | $0.95 | 0.08% |
| Dec. 31, 2025 | $0.98 | $0.97 | 0.01% |
| Sept. 30, 2025 | $0.98 | $0.98 | 0.00% |
| June 30, 2025 | $0.98 | $0.96 | 0.02% |
| March 31, 2025 | $0.94 | $0.93 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FRME | — | — | — | — | — | — |
| TRMK | $2.30B | 10.5 | 42.6% | 28.0% | 10.7% | — |
| NBTB | — | 12.5 | 10.4% | 92.5% | 9.1% | — |
| BBT | — | 25.6 | 81.1% | 301.4% | 4.8% | — |
| FBNC | $2.11B | 19.0 | -3.6% | 164.2% | 6.9% | — |
| WAFD | $2.37B | 11.5 | 7.8% | 762.5% | 7.4% | — |
| CUBI | — | — | — | — | — | — |
| FIBK | $3.50B | 11.8 | 5.9% | 28.5% | 8.8% | — |
| SYBT | $1.91B | 13.7 | — | 35.3% | 13.5% | — |
| BUSE | — | — | — | — | — | — |
| BANR | — | 11.1 | 8.5% | 33.2% | 10.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 8
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Interest Income | $249M | $223M | |
| Pretax Income | $27M | $63M | |
| Income Tax | $-1M | $8M | |
| Net Income | $28M | $55M | |
| EPS (Basic) | $0.46 | $0.95 | |
| EPS (Diluted) | $0.45 | $0.94 | |
| Shares (Basic) | 60,731,479 | 57,969,053 | |
| Shares (Diluted) | 61,008,000 | 58,242,000 |
Balance Sheet 12
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| PP&E (Net) | $146M | · | |
| Goodwill | $783M | · | |
| Intangibles | $42M | · | |
| Total Assets | $21.07B | · | |
| Total Liabilities | $18.40B | · | |
| Common Stock | $8M | · | |
| Paid-in Capital | $1.37B | · | |
| Retained Earnings | $1.42B | · | |
| AOCI | $-149M | · | |
| Stockholders' Equity | $2.67B | · | |
| Liabilities + Equity | $21.07B | · | |
| Shares Outstanding | 62,508,055 | · |
Cash Flow 12
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| D&A | $9M | $8M | |
| Stock-based Comp | $2M | $2M | |
| Deferred Tax | $4M | $-652.0K | |
| Amort. of Intangibles | $2M | $2M | |
| Operating Cash Flow | $59M | $62M | |
| Investing Cash Flow | $368M | $-160M | |
| Stock Repurchased | $25M | $8M | |
| Net Stock Activity | $-25M | · | |
| Dividends Paid | $23M | $20M | |
| Financing Cash Flow | $-413M | $97M | |
| Net Change in Cash | $14M | $-2M | |
| Taxes Paid | $3M | $-1M |
Profitability 4
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Net Margin | 17.9% | · | |
| Pretax Margin | 17.2% | · | |
| ROA | 0.14% | · | |
| ROE | 1.1% | · |
Efficiency 1
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Asset Turnover | 0.0 | · |
Valuation (TTM) 10
| Metric | Trend | Q1 2026 | Q1 2025 |
|---|---|---|---|
| Revenue TTM | $648M | · | |
| Net Income TTM | $197M | · | |
| Market Cap | $2.42B | · | |
| P/E | 11.6 | · | |
| P/S | 3.7 | · | |
| P/B | 0.9 | · | |
| P / Tangible Book | 1.3 | · | |
| P / Cash Flow | 41.3 | · | |
| Earnings Yield | 8.6% | · | |
| Payout Ratio | 81.0% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 328 filers · $1.5B total · As of June 30, 2026
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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 36 (-24 vs prior Q) | 22 (-6 vs prior Q) | 122 (+4 vs prior Q) | 81 (+14 vs prior Q) | +1.3M |
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 |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $154,538,563 | 3,537,162 | 10.06% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $148,669,730 | 3,402,832 | 9.68% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $118,866,509 | 2,720,680 | 7.74% | Shares |
| STATE STREET CORP | $111,466,647 | 2,551,308 | 7.26% | Shares |
| EARNEST PARTNERS LLC | $94,983,109 | 2,174,024 | 6.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $62,898,700 | 1,439,395 | 4.09% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $45,556,787 | 1,042,728 | 2.97% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $36,029,614 | 824,665 | 2.35% | Shares |
| FIRST TRUST ADVISORS LP | $33,907,284 | 776,088 | 2.21% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $31,103,348 | 711,910 | 2.02% | Shares |
| FJ Capital Management LLC | $31,082,158 | 711,425 | 2.02% | Shares |
| PL Capital Advisors, LLC | $29,985,889 | 686,333 | 1.95% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $29,364,093 | 672,101 | 1.91% | Shares |
| Qube Research & Technologies Ltd | $28,347,994 | 648,844 | 1.85% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $27,194,535 | 622,443 | 1.77% | Shares |
| TWO SIGMA INVESTMENTS, LP | $20,552,169 | 470,409 | 1.34% | Shares |
| Mesirow Institutional Investment Management, Inc. | $19,028,049 | 477,013 | 1.24% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $18,888,978 | 432,341 | 1.23% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $18,769,486 | 429,606 | 1.22% | Shares |
| FMR LLC | $18,238,522 | 417,453 | 1.19% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $17,923,298 | 410,238 | 1.17% | Shares |
| Fisher Asset Management, LLC | $16,034,447 | 367,005 | 1.04% | Shares |
| AMERICAN CENTURY COMPANIES INC | $15,051,380 | 344,504 | 0.98% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $14,762,720 | 337,897 | 0.96% | Shares |
| MetLife Investment Management, LLC | $13,994,737 | 320,319 | 0.91% | Shares |
| MILLENNIUM MANAGEMENT LLC | $13,920,420 | 318,618 | 0.91% | Shares |
| Bank of New York Mellon Corp | $13,170,001 | 301,442 | 0.86% | Shares |
| Nuveen, LLC | $12,679,755 | 290,221 | 0.83% | Shares |
| GLENMEDE TRUST CO NA | $12,278,025 | 281,026 | 0.80% | Shares |
| Empowered Funds, LLC | $12,141,932 | 277,911 | 0.79% | Shares |
| GOLDMAN SACHS GROUP INC | $11,240,651 | 257,282 | 0.73% | Shares |
| Glenmede Investment Management, LP | $10,140,960 | 268,991 | 0.66% | Shares |
| Phocas Financial Corp. | $8,808,035 | 201,603 | 0.57% | Shares |
| DENALI ADVISORS LLC | $8,497,705 | 194,500 | 0.55% | Shares |
| Edgestream Partners, L.P. | $8,114,850 | 185,737 | 0.53% | Shares |
| ALLIANCEBERNSTEIN L.P. | $7,911,803 | 204,281 | 0.51% | Shares |
| ProShare Advisors LLC | $7,431,844 | 170,104 | 0.48% | Shares |
| Nuveen Asset Management, LLC | $6,837,186 | 171,401 | 0.45% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,613,093 | 151,364 | 0.43% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $5,880,936 | 134,606 | 0.38% | Shares |
| LYNCH & ASSOCIATES/IN | $5,679,700 | 130,000 | 0.37% | Shares |
| Swiss National Bank | $5,555,708 | 127,162 | 0.36% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $5,438,170 | 124,472 | 0.35% | Shares |
| Numerai GP LLC | $5,036,802 | 115,285 | 0.33% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $5,002,942 | 114,510 | 0.33% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $4,871,042 | 111,491 | 0.32% | Shares |
| AMERIPRISE FINANCIAL INC | $4,829,143 | 110,532 | 0.31% | Shares |
| Cubist Systematic Strategies, LLC | $4,284,597 | 113,650 | 0.28% | Shares |
| OneAscent Financial Services LLC | $4,273,297 | 97,810 | 0.28% | Shares |
| Petiole USA ltd | $4,108,913 | 94,047 | 0.27% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $3,909,206 | 89,476 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $3,878,482 | 88,773 | 0.25% | Shares |
| Mariner, LLC | $3,652,636 | 83,605 | 0.24% | Shares |
| ExodusPoint Capital Management, LP | $3,564,754 | 81,592 | 0.23% | Shares |
| MENDON CAPITAL ADVISORS CORP | $3,276,750 | 75,000 | 0.21% | Shares |
| Verition Fund Management LLC | $3,256,085 | 74,527 | 0.21% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $3,215,060 | 73,588 | 0.21% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $3,153,282 | 72,174 | 0.21% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,102,427 | 71,010 | 0.20% | Shares |
| Schonfeld Strategic Advisors LLC | $3,046,153 | 69,722 | 0.20% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $3,020,901 | 69,144 | 0.20% | Shares |
| Inspire Advisors, LLC | $2,977,961 | 67,888 | 0.19% | Shares |
| IEQ CAPITAL, LLC | $2,971,834 | 68,021 | 0.19% | Shares |
| DEUTSCHE BANK AG\ | $2,860,472 | 65,472 | 0.19% | Shares |
| Atom Investors LP | $2,805,248 | 64,208 | 0.18% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,761,863 | 63,215 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,743,594 | 70,839 | 0.18% | Shares |
| AlphaQuest LLC | $2,713,365 | 72,395 | 0.18% | Shares |
| BlackRock, Inc. | $2,609,298 | 59,723 | 0.17% | Shares |
| BridgePort Financial Solutions, LLC | $2,537,042 | 58,069 | 0.17% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,502,738 | 57,284 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,502,257 | 57,273 | 0.16% | Shares |
| XTX Topco Ltd | $2,486,747 | 56,918 | 0.16% | Shares |
| Quantinno Capital Management LP | $2,432,934 | 55,686 | 0.16% | Shares |
| Round Hill Asset Management | $2,382,459 | 54,531 | 0.16% | Shares |
| GREAT LAKES ADVISORS, LLC | $2,269,346 | 51,942 | 0.15% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $2,252,831 | 51,564 | 0.15% | Shares |
| ADVISORY RESEARCH INC | $2,225,612 | 50,941 | 0.14% | Shares |
| STIFEL FINANCIAL CORP | $2,184,500 | 50,000 | 0.14% | Shares |
| D. E. Shaw & Co., Inc. | $2,149,461 | 49,198 | 0.14% | Shares |
| Vanguard Global Advisers, LLC | $2,061,119 | 47,176 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $1,894,049 | 43,352 | 0.12% | Shares |
| VANGUARD GROUP INC | $1,866,354 | 49,796 | 0.12% | Shares |
| Vest Financial, LLC | $1,842,582 | 42,174 | 0.12% | Shares |
| Engineers Gate Manager LP | $1,838,563 | 42,082 | 0.12% | Shares |
| Rosenthal | Henry Capital Advisors, Inc. | $1,798,454 | 41,164 | 0.12% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,758,824 | 40,266 | 0.11% | Shares |
| FRANKLIN RESOURCES INC | $1,671,973 | 38,269 | 0.11% | Shares |
| GUGGENHEIM CAPITAL LLC | $1,634,006 | 37,400 | 0.11% | Shares |
| Point72 Asset Management, L.P. | $1,538,019 | 35,203 | 0.10% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $1,537,713 | 35,196 | 0.10% | Shares |
| LPL Financial LLC | $1,507,400 | 34,502 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $1,437,051 | 32,892 | 0.09% | Shares |
| Rafferty Asset Management, LLC | $1,416,255 | 32,416 | 0.09% | Shares |
| Brandywine Global Investment Management, LLC | $1,412,809 | 37,695 | 0.09% | Shares |
| Jain Global LLC | $1,374,182 | 31,453 | 0.09% | Shares |
| Sanctuary Advisors, LLC | $1,364,668 | 31,235 | 0.09% | Shares |
| Odyssean, LLC | $1,330,710 | 30,458 | 0.09% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $1,326,559 | 30,363 | 0.09% | Shares |
| Trexquant Investment LP | $1,289,030 | 29,504 | 0.08% | Shares |
Company insiders 50 insiders · 12 officers · 33 directors
| 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. 10, 2024 F | 50,253 | 0 | 0 | $0 |
| Michael J Stewart | President | Dec. 31, 2024 A | 93,031 | 0 | 0 | $0 |
| Stephan Fluhler | Chief Information Officer | June 23, 2025 A | 28,583 | 0 | 0 | $0 |
| Chad Kimball | Chief Risk Officer | Aug. 23, 2024 F | 14,127 | 0 | 0 | $0 |
| Steven C Harris | Director of Human Resources | Aug. 10, 2024 F | 17,243 | 0 | 0 | $0 |
| John Martin | Chief Credit Officer | Aug. 10, 2024 F | 61,825 | 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 |
| Jean L Wojtowicz | Director | March 31, 2026 A | 65,519 | 0 | 0 | $0 |
| Mung Chiang | Director | June 30, 2025 A | 6,570 | 0 | 0 | $0 |
| Kevin D Johnson | Director | June 30, 2025 A | 7,243 | 0 | 0 | $0 |
| Jason R Sondhi | Director | June 30, 2025 A | 7,685 | 0 | 0 | $0 |
| Susan W Brooks | Director | June 30, 2025 A | 10,138 | 0 | 0 | $0 |
| Clark C Kellogg JR | Director | June 30, 2025 A | 13,306 | 0 | 0 | $0 |
| Patrick J. Fehring | Director | June 30, 2025 A | 8,014 | 0 | 0 | $0 |
| Michael J Fisher | Director | June 30, 2025 A | 16,541 | 0 | 0 | $0 |
| Howard Halderman | Director | June 30, 2025 A | 26,649 | 0 | 0 | $0 |
| Michael R Becher | Director | June 30, 2025 A | 27,232 | 0 | 0 | $0 |
| Gary Lehman | Director | June 30, 2025 A | 51,913 | 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 66 ETFs
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 |
|---|---|---|---|---|
| SMDV · ProShares Trust | 1.02% | 166,324 NS | May 31, 2026 | N-PORT |
| GSC · Goldman Sachs ETF Trust | 0.91% | 56,886 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.44% | 17,083 NS | April 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.42% | 262 NS | June 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.37% | 16,609 NS | April 30, 2026 | N-PORT |
| DPST · Direxion Shares ETF Trust | 0.30% | 37,282 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.24% | 71,702 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.19% | 40,082 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.19% | 133,772 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.18% | 333,226 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.16% | 2,218 NS | April 30, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.14% | 72,752 NS | June 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 22,378 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.12% | 408,713 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.08% | 19,204 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.08% | 26,998 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.07% | 2,567 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 10,350 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 147,279 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 2,936 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.06% | 211,545 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 295,752 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.04% | 3,673 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.04% | 2,296 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.03% | 17,022 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 2,323 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 10,318 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.02% | 133,076 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 155,107 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.01% | 50,323 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,297 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 58 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 4,905 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 6,454 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 22,914 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.01% | 21,826 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 17,472 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 1,663 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 20,330 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 567 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 36,721 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 119 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | — | — | July 15, 2026 | Daily |