Symbols / FRME Stock $39.10 -1.68% First Merchants Corporation

Financial Services • Banks - Regional • United States • NMS
FRME (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Financial Services
Industry Banks - Regional
CEO Mr. Mark K. Hardwick CPA
Exch · Country NMS · United States
Market Cap 2.46B
Enterprise Value 3.86B
Income 196.94M
Sales 637.81M
FCF (ttm) —
Book/sh 42.35
Cash/sh 5.09
Employees 2,086
Insider 10d —
IPO Jun 20, 1989
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 42.48%
P/E 11.53
Forward P/E 8.58
PEG 1.40
P/S 3.86
P/B 0.92
P/C —
EV/EBITDA —
EV/Sales 6.05
Quick Ratio —
Current Ratio —
Debt/Eq —
LT Debt/Eq —
EPS (ttm) 3.39
EPS next Y 4.55
EPS Growth -52.10%
Revenue Growth -2.50%
EPS Gr Q/Q -49.10%
Rev Gr Q/Q —
Earnings (next) 2026-07-22
Earnings (prior) 2026-04-22
ROA 1.01%
ROE 7.95%
ROIC —
Gross Margin 0.00%
Oper. Margin 22.58%
Profit Margin 31.17%
Shs Outstand 63.02M
Shs Float 61.83M
Insider Own 2.06%
Instit Own 75.12%
Short Float 1.88%
Short Ratio 2.81
Short Interest 1.04M
52W High 43.22
vs 52W High -9.53%
52W Low 34.66
vs 52W Low 12.81%
Beta 0.87
Impl. Vol. 36.69%
Rel Volume 0.83
Avg Volume 403.79K
Volume 334.12K
Target (mean) $47.60
Tgt Median $48.00
Tgt Low $45.00
Tgt High $50.00
# Analysts 5
Recom None
Prev Close $39.77
Price $39.10
Change -1.68%
About

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$47.60
Mean price target
2. Current target
$39.10
Latest analyst target
3. DCF / Fair value
$50.85
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$39.10
Low
$45.00
High
$50.00
Mean
$47.60

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-04 main Piper Sandler Overweight → Overweight $49
2025-10-27 main Piper Sandler Overweight → Overweight $46
2025-09-29 reit Stephens & Co. Equal-Weight → Equal-Weight $46
2025-09-26 down Raymond James Outperform → Market Perform —
2025-09-26 main Keefe, Bruyette & Woods Outperform → Outperform $50
2025-07-28 main Piper Sandler Overweight → Overweight $48
2025-04-28 main Raymond James Outperform → Outperform $43
2025-04-28 main Piper Sandler Overweight → Overweight $49
2025-04-25 main Keefe, Bruyette & Woods Outperform → Outperform $49
2025-04-02 main Raymond James Outperform → Outperform $46
2025-01-31 main Keefe, Bruyette & Woods Outperform → Outperform $52
2025-01-31 reit Raymond James Outperform → Outperform $50
2025-01-31 reit Piper Sandler Overweight → Overweight $55
2024-12-04 main Keefe, Bruyette & Woods Outperform → Outperform $50
2024-10-28 main Piper Sandler Overweight → Overweight $47
2024-08-28 main Keefe, Bruyette & Woods Outperform → Outperform $45
2024-08-07 down Stephens & Co. Overweight → Equal-Weight $38
2024-07-29 reit Keefe, Bruyette & Woods Outperform → Outperform $45
2024-07-29 main Piper Sandler Overweight → Overweight $50
2024-07-26 main Stephens & Co. Overweight → Overweight $45
News
RSS: Latest FRME news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-31 LEHMAN GARY J Director — 564 $38.73 $21,844
2026-03-31 RECHIN MICHAEL C Director — 625 $38.73 $24,206
2026-03-31 WOJTOWICZ JEAN L Director — 806 $38.73 $31,216
2026-03-31 SONDHI JASON R. Director — 605 $38.73 $23,432
2026-03-31 JOHNSON KEVIN D. Director — 564 $38.73 $21,844
2026-03-31 CHIANG MUNG Director — 584 $38.73 $22,618
2026-03-31 BECHER MICHAEL R Director — 625 $38.73 $24,206
2026-03-31 HALDERMAN HOWARD Director — 605 $38.73 $23,432
2026-03-31 FISHER MICHAEL J Director — 564 $38.73 $21,844
2026-03-31 KELLOGG CLARK C JR Director — 584 $38.73 $22,618
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
662.95
+5.78%
626.71
-3.73%
651.00
+3.64%
628.14
Operating Revenue
662.95
+5.78%
626.71
-3.73%
651.00
+3.64%
628.14
Selling General And Administration
246.28
+1.11%
243.59
-2.89%
250.85
+11.57%
224.84
Selling And Marketing Expense
7.79
+5.48%
7.39
-0.51%
7.43
-3.65%
7.71
General And Administrative Expense
238.49
+0.97%
236.20
-2.97%
243.42
+12.11%
217.13
Salaries And Wages
225.08
+1.77%
221.17
-3.31%
228.75
+10.56%
206.89
Other Gand A
—
—
—
—
Reconciled Depreciation
29.42
+9.59%
26.85
+129.26%
11.71
-0.88%
11.81
Total Unusual Items
0.00
-100.00%
19.98
0.00
0.00
Total Unusual Items Excluding Goodwill
0.00
-100.00%
19.98
0.00
0.00
Special Income Charges
0.00
-100.00%
19.98
0.00
0.00
Net Income
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Pretax Income
259.11
+11.82%
231.73
-10.61%
259.23
+1.39%
255.67
Net Interest Income
536.01
+2.86%
521.11
-4.45%
545.40
+4.84%
520.20
Interest Expense
388.78
-8.93%
426.89
+22.50%
348.49
+310.94%
84.80
Interest Income
924.79
-2.45%
948.01
+6.05%
893.89
+47.75%
605.01
Gain On Sale Of Security
3.38
+119.11%
-17.68
-398.59%
-3.54
-177.37%
4.58
Gain On Sale Of Business
0.00
-100.00%
19.98
0.00
0.00
Tax Provision
33.11
+9.19%
30.33
-14.44%
35.45
+5.54%
33.59
Tax Rate For Calcs
0.00
-2.29%
0.00
-4.38%
0.00
+4.58%
0.00
Tax Effect Of Unusual Items
0.00
-100.00%
2.62
0.00
0.00
Net Income Including Noncontrolling Interests
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Net Income From Continuing Operation Net Minority Interest
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Net Income From Continuing And Discontinued Operation
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Net Income Continuous Operations
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Normalized Income
226.00
+22.80%
184.04
-17.76%
223.79
+0.76%
222.09
Net Income Common Stockholders
224.13
+12.33%
199.53
-10.09%
221.91
+0.56%
220.68
Diluted EPS
3.88
+13.78%
3.41
-8.58%
3.73
-2.10%
3.81
Basic EPS
3.90
+14.04%
3.42
-8.56%
3.74
-2.35%
3.83
Basic Average Shares
57.46
-1.52%
58.34
-1.67%
59.33
+2.98%
57.62
Diluted Average Shares
57.73
-1.38%
58.53
-1.61%
59.49
+2.66%
57.95
Diluted NI Availto Com Stockholders
224.13
+12.33%
199.53
-10.09%
221.91
+0.56%
220.68
Amortization
6.03
-17.10%
7.27
-16.84%
8.74
+5.66%
8.28
Amortization Of Intangibles Income Statement
6.03
-17.10%
7.27
-16.84%
8.74
+5.66%
8.28
Depreciation Amortization Depletion Income Statement
6.03
-17.10%
7.27
-16.84%
8.74
+5.66%
8.28
Depreciation And Amortization In Income Statement
6.03
-17.10%
7.27
-16.84%
8.74
+5.66%
8.28
Insurance And Claims
13.41
-10.77%
15.03
+2.42%
14.67
+43.37%
10.23
Occupancy And Equipment
57.02
+3.31%
55.19
+2.25%
53.97
+7.61%
50.16
Other Non Interest Expense
58.76
+0.22%
58.63
+0.17%
58.54
+15.22%
50.81
Preferred Stock Dividends
1.88
+0.00%
1.88
+0.00%
1.88
+33.36%
1.41
Professional Expense And Contract Services Expense
14.49
-0.63%
14.59
-9.81%
16.17
-25.27%
21.64
Line Item Trend 2023-12-31
Total Assets
18,405.89
Cash And Cash Equivalents
548.73
Cash Financial
112.65
Other Short Term Investments
1,627.11
Receivables
97.66
Accounts Receivable
97.66
Net PPE
133.90
Gross PPE
360.36
Accumulated Depreciation
-226.46
Land And Improvements
25.66
Buildings And Improvements
186.44
Machinery Furniture Equipment
148.26
Other Properties
148.26
Goodwill And Other Intangible Assets
739.10
Goodwill
712.00
Other Intangible Assets
27.10
Investments And Advances
3,811.36
Total Liabilities Net Minority Interest
16,158.17
Payables And Accrued Expenses
18.91
Payables
18.91
Accounts Payable
18.91
Long Term Debt And Capital Lease Obligation
871.50
Long Term Debt
871.50
Stockholders Equity
2,247.71
Common Stock Equity
2,222.59
Capital Stock
32.55
Common Stock
7.43
Preferred Stock
25.12
Share Issued
59.42
Ordinary Shares Number
59.42
Treasury Shares Number
0.00
Additional Paid In Capital
1,236.51
Retained Earnings
1,154.62
Gains Losses Not Affecting Retained Earnings
-175.97
Other Equity Adjustments
-175.97
Total Equity Gross Minority Interest
2,247.71
Total Capitalization
3,119.21
Invested Capital
3,094.08
Total Debt
871.50
Net Debt
322.77
Net Tangible Assets
1,508.61
Tangible Book Value
1,483.49
Available For Sale Securities
—
Cash Cash Equivalents And Federal Funds Sold
548.73
Held To Maturity Securities
2,184.25
Preferred Shares Number
1.00
Preferred Stock Equity
25.12
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
283.65
+6.55%
266.21
+2.85%
258.83
-8.95%
284.29
Cash Flow From Continuing Operating Activities
283.65
+6.55%
266.21
+2.85%
258.83
-8.95%
284.29
Net Income From Continuing Operations
226.00
+12.21%
201.40
-10.00%
223.79
+0.76%
222.09
Depreciation Amortization Depletion
29.42
+9.59%
26.85
+129.26%
11.71
-0.88%
11.81
Depreciation And Amortization
29.42
+9.59%
26.85
+129.26%
11.71
-0.88%
11.81
Other Non Cash Items
19.43
+121.98%
8.75
-37.83%
14.08
-70.48%
47.68
Stock Based Compensation
7.33
+26.04%
5.82
+12.80%
5.16
+10.88%
4.65
Deferred Tax
2.22
+36.64%
1.62
-75.39%
6.60
-27.20%
9.06
Deferred Income Tax
2.22
+36.64%
1.62
-75.39%
6.60
-27.20%
9.06
Operating Gains Losses
-16.07
-42.19%
-11.30
-629.83%
-1.55
+72.18%
-5.57
Gain Loss On Investment Securities
0.01
-99.96%
20.76
+199.52%
6.93
+680.40%
-1.19
Change In Working Capital
-5.93
-125.59%
-2.63
+40.89%
-4.45
+79.96%
-22.20
Change In Receivables
-1.54
-126.48%
5.83
+146.33%
-12.59
+39.14%
-20.70
Changes In Account Receivables
-1.54
-126.48%
5.83
+146.33%
-12.59
+39.14%
-20.70
Change In Payables And Accrued Expense
2.13
+175.91%
-2.81
-124.69%
11.38
+207.37%
3.70
Change In Payable
2.13
+175.91%
-2.81
-124.69%
11.38
+207.37%
3.70
Change In Account Payable
2.13
+175.91%
-2.81
-124.69%
11.38
+207.37%
3.70
Change In Other Working Capital
-6.52
-15.31%
-5.66
-74.70%
-3.24
+37.87%
-5.21
Investing Cash Flow
-773.82
-206.56%
-252.42
+26.71%
-344.43
+25.56%
-462.69
Cash Flow From Continuing Investing Activities
-773.82
-206.56%
-252.42
+26.71%
-344.43
+25.56%
-462.69
Net Investment Purchase And Sale
97.11
-64.20%
271.26
-45.65%
499.11
+139.82%
208.12
Purchase Of Investment
-67.75
+45.54%
-124.39
-147.85%
-50.19
+93.35%
-755.28
Sale Of Investment
164.86
-58.33%
395.66
-27.97%
549.30
-42.98%
963.41
Net Business Purchase And Sale
0.00
+100.00%
-243.50
0.00
-100.00%
137.78
Purchase Of Business
0.00
+100.00%
-243.50
0.00
0.00
Gain Loss On Sale Of Business
0.00
+100.00%
-19.98
0.00
0.00
Net Other Investing Changes
-2.33
+21.09%
-2.95
+86.39%
-21.67
-344.40%
8.87
Financing Cash Flow
486.72
+1353.82%
-38.82
-151.32%
75.65
-43.48%
133.84
Cash Flow From Continuing Financing Activities
486.72
+1353.82%
-38.82
-151.32%
75.65
-43.48%
133.84
Net Issuance Payments Of Debt
-158.25
-222.29%
129.41
+145.38%
-285.17
-158.74%
485.50
Issuance Of Debt
854.15
+33.65%
639.12
-23.37%
834.03
-54.13%
1,818.39
Repayment Of Debt
-1,012.40
-98.62%
-509.71
+54.46%
-1,119.20
+16.03%
-1,332.89
Long Term Debt Issuance
854.15
+33.65%
639.12
-23.37%
834.03
-54.13%
1,818.39
Long Term Debt Payments
-1,012.40
-98.62%
-509.71
+54.46%
-1,119.20
+16.03%
-1,332.89
Net Long Term Debt Issuance
-158.25
-222.29%
129.41
+145.38%
-285.17
-158.74%
485.50
Net Common Stock Issuance
-44.55
+17.35%
-53.91
-2572.80%
2.18
+6.03%
2.06
Common Stock Payments
-46.89
+16.52%
-56.17
0.00
0.00
Common Stock Dividend Paid
-82.91
-1.58%
-81.62
-1.95%
-80.06
-10.05%
-72.75
Cash Dividends Paid
-84.79
-1.54%
-83.50
-1.91%
-81.94
-10.49%
-74.15
Repurchase Of Capital Stock
-46.89
+16.52%
-56.17
0.00
0.00
Proceeds From Stock Option Exercised
1.08
-30.46%
1.56
-16.52%
1.86
+75.19%
1.06
Changes In Cash
-3.46
+86.19%
-25.03
-151.71%
-9.95
+77.68%
-44.55
Beginning Cash Position
87.62
-22.22%
112.65
-8.11%
122.59
-26.65%
167.15
End Cash Position
84.16
-3.95%
87.62
-22.22%
112.65
-8.11%
122.59
Free Cash Flow
283.65
+6.55%
266.21
+2.85%
258.83
-8.95%
284.29
Interest Paid Supplemental Data
386.65
-10.02%
429.70
+27.47%
337.10
+321.20%
80.03
Income Tax Paid Supplemental Data
20.75
+172.01%
7.63
-78.11%
34.84
+152.10%
13.82
Common Stock Issuance
2.34
+3.32%
2.26
+3.72%
2.18
+6.03%
2.06
Issuance Of Capital Stock
2.34
+3.32%
2.26
+3.72%
2.18
+6.03%
2.06
Preferred Stock Dividend Paid
-1.88
+0.00%
-1.88
+0.00%
-1.88
-33.36%
-1.41
Sale Of Business
—
0.00
0.00
-100.00%
137.78
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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