Summary of share price highs, lows and changes for First Merchants
Historical stock prices
Current Share Price	US$40.87
52 Week High	US$45.33
52 Week Low	US$34.66
Beta	0.85
1 Month Change	-2.74%
3 Month Change	0.37%
1 Year Change	1.41%
3 Year Change	49.27%
5 Year Change	1.01%
Change since IPO	579.48%

Recent News & Updates

Seeking Alpha • Sep 17

First Merchants: I Expect To Continue Underperforming (Rating Downgrade)

Summary First Merchants is downgraded to a soft ‘sell’ due to valuation and asset quality concerns. FRME’s deposit and loan growth stem from the First Savings Financial Group acquisition, but balance sheet expansion is offset by rising leverage. Despite net interest margin improvement, adjusted earnings and asset quality metrics fall short of preferred thresholds. FRME trades at a 12.5x adjusted earnings multiple, above the desired maximum, with subpar return on assets and equity versus peers. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Sep 17

First Merchants: I Expect To Continue Underperforming (Rating Downgrade)

Analysis Article • May 22

First Merchants (NASDAQ:FRME) Is Increasing Its Dividend To $0.36

First Merchants Corporation ( NASDAQ:FRME ) will increase its dividend on the 20th of June to $0.36, which is 2.9...

Analysis Article • May 09

First Merchants Corporation's (NASDAQ:FRME) CEO Compensation Looks Acceptable To Us And Here's Why

Key Insights First Merchants will host its Annual General Meeting on 16th of May Salary of US$762.5k is part of CEO...

Seeking Alpha • Jan 20

First Merchants Corporation: Earnings To Grow Thanks To Deposit Repricing, Strong Pipelines

Summary The margin will continue to expand because (i) deposits will re-price downwards, and (ii) proceeds from maturing securities will get rolled over into higher-yielding securities. Strong pipelines indicate that loan growth can remain healthy in the near term. I’m expecting the EPS to grow to $3.60 in 2025. I’m maintaining a buy rating due to a price upside of 7.6% and a dividend yield of 3.5%. Read the full article on Seeking Alpha

Analysis Article • Nov 16

First Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35

First Merchants Corporation ( NASDAQ:FRME ) has announced that it will pay a dividend of $0.35 per share on the 20th of...

New Narrative • Sep 24

Tech Investments And Expansion Strategy Fuel Growth And Enhance Shareholder Value In Midwest Banking Sector

Enhanced platforms for commercial clients and tech initiatives aim to improve operational efficiency and customer acquisition, boosting margins and revenue growth.

Seeking Alpha • Sep 18

First Merchants Corporation: Decent Return Potential With Earnings Likely To Recover Next Year

Summary The regional economy appears to be conducive to loan growth. Interest rate cuts will most probably hurt the net interest margin. I’m expecting earnings to recover next year after falling in 2024. The December 2024 target price suggests a small upside. Further, FRME is offering a dividend yield of 3.8%. Read the full article on Seeking Alpha

Analysis Article • Aug 22

First Merchants (NASDAQ:FRME) Is Paying Out A Dividend Of $0.35

First Merchants Corporation ( NASDAQ:FRME ) has announced that it will pay a dividend of $0.35 per share on the 20th of...

Seeking Alpha • Jun 21

First Merchants Corporation: An Attractive Way To Play The Banking Sector

Summary First Merchants Corporation is a regional bank with a long operating history and a market capitalization of $1.85 billion. The bank has shown growth in deposits and loans, with a focus on commercial and industrial loans. Despite recent downward pressure on revenue and profits, the institution is undervalued compared to similar firms and has strong asset quality, making it a "buy." Read the full article on Seeking Alpha

Shareholder Returns

	FRME	US Banks	US Market
7D	-0.6%	-3.0%	0.5%
1Y	1.4%	11.7%	12.0%

Return vs Industry: FRME underperformed the US Banks industry which returned 11.7% over the past year.

Return vs Market: FRME underperformed the US Market which returned 12% over the past year.

Price Volatility

Is FRME's price volatile compared to industry and market?
FRME volatility
FRME Average Weekly Movement	3.0%
Banks Industry Average Movement	3.0%
Market Average Movement	6.8%
10% most volatile stocks in US Market	15.2%
10% least volatile stocks in US Market	2.9%

Stable Share Price: FRME has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: FRME's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1893	2,086	Mark Hardwick	www.firstmerchants.com

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.

First Merchants Corporation Fundamentals Summary

How do First Merchants's earnings and revenue compare to its market cap?
FRME fundamental statistics
Market cap	US$2.57b
Earnings (TTM)	US$184.09m
Revenue (TTM)	US$642.19m

13.9x

P/E Ratio

1.0x

P/B Ratio

Is FRME overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FRME income statement (TTM)
Revenue	US$642.19m
Cost of Revenue	US$0
Gross Profit	US$642.19m
Other Expenses	US$458.10m
Earnings	US$184.09m

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	2.93
Gross Margin	100.00%
Net Profit Margin	28.67%
Debt/Equity Ratio	61.3%

How did FRME perform over the long term?

See historical performance and comparison

Dividends

3.6%

Current Dividend Yield

47%

Payout Ratio

Does FRME pay a reliable dividends?

See FRME dividend history and benchmarks

When do you need to buy FRME by to receive an upcoming dividend?
First Merchants dividend dates
Ex Dividend Date	Sep 04 2026
Dividend Pay Date	Sep 18 2026
Days until Ex dividend	15 days
Days until Dividend pay date	1 day

Does FRME pay a reliable dividends?

See FRME dividend history and benchmarks

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/18 21:45
End of Day Share Price	2026/09/18 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Merchants Corporation is covered by 11 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kevin Reevey	D.A. Davidson & Co.
Brendan Nosal	Hovde Group, LLC
Damon DelMonte	Keefe, Bruyette, & Woods

First Merchants (FRME) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Midwest Business Activity And Digital Upgrades Will Boost Future Potential

Top Analyst Narratives

Midwest Business Activity And Digital Upgrades Will Boost Future Potential

First Merchants Corporation Competitors

First Bancorp

WaFd

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OFG Bancorp

Price History & Performance

Recent News & Updates

First Merchants: I Expect To Continue Underperforming (Rating Downgrade)

Second quarter dividend of US$0.37 announced

First Merchants Corporation Declares Cash Dividend, Payable on September 18, 2026

Second quarter 2026 earnings: EPS misses analyst expectations

First Merchants Completes First Savings Acquisition Adding $2.4 Billion in Assets

First Merchants Corporation Announces Resignation of Mung Chiang from the Board of Directors, Effective July 1, 2026

Recent updates

First Merchants: I Expect To Continue Underperforming (Rating Downgrade)

Second quarter dividend of US$0.37 announced

First Merchants Corporation Declares Cash Dividend, Payable on September 18, 2026

Second quarter 2026 earnings: EPS misses analyst expectations

First Merchants Completes First Savings Acquisition Adding $2.4 Billion in Assets

First Merchants Corporation Announces Resignation of Mung Chiang from the Board of Directors, Effective July 1, 2026

First Merchants Corporation to Report Q2, 2026 Results on Jul 22, 2026

First Merchants Corporation(NasdaqGS:FRME) dropped from Russell 2000 Growth-Defensive Index

First Merchants Corporation (NasdaqGS:FRME) announces an Equity Buyback for 3,125,000 shares, representing 5% for $100 million.

First Merchants Sets $100 Million Repurchase Limit in New Buyback Program

Director recently sold US$835k worth of stock

First quarter dividend increased to US$0.37

First Merchants Q1 Earnings Beat as Acquisition and Loan Moves Reshape Outlook

First Merchants Corporation announces Quarterly dividend, payable on June 19, 2026

First Merchants Corporation Reports Net Charge Offs for the First Quarter Ended March 31, 2026

First Merchants Corporation, Annual General Meeting, May 19, 2026

First Merchants Corporation to Report Q1, 2026 Results on Apr 22, 2026

Upcoming dividend of US$0.36 per share

Full year 2025 earnings: Revenues and EPS in line with analyst expectations

Fourth quarter dividend of US$0.36 announced

First Merchants Corporation Declares Cash Dividend, Payable on March 20, 2026

First Merchants Corporation and First Merchants Bank Announces Appointment of Larry Myers to Board of Directors

First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of First Savings Financial Group, Inc. (NasdaqCM:FSFG).

Full year 2025 earnings: Revenues and EPS in line with analyst expectations

First Merchants Corporation Announces Net Charge Offs for the Quarter Ended December 31, 2025

First Merchants Corporation to Report Q4, 2025 Results on Jan 26, 2026

Third quarter dividend of US$0.36 announced

First Merchants Corporation Announces the Retirement of Patrick Fehring from the Board of Directors Effective November 14, 2025

First Merchants Corporation Announces Cash Dividend, Payable on December 19, 2025

First Merchants Corporation Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025

Third quarter 2025 earnings: EPS exceeds analyst expectations

First Merchants Corporation to Report Q3, 2025 Results on Oct 22, 2025

First Merchants Corporation Appoints Larry W. Myers to Its Board of Directors

First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million.

Second quarter dividend of US$0.36 announced

First Merchants Corporation Announces Cash Dividend on Common Shares, Payable on September 19, 2025

New major risk - Revenue and earnings growth

Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

First Merchants Corporation Reports Net Charge Offs for the Second Quarter Ended June 30, 2025

First Merchants Corporation to Report Q2, 2025 Results on Jul 23, 2025

First Merchants (NASDAQ:FRME) Is Increasing Its Dividend To $0.36

First quarter dividend increased to US$0.36

First Merchants Corporation Declares Cash Dividend, Payable on June 20, 2025

First Merchants Corporation's (NASDAQ:FRME) CEO Compensation Looks Acceptable To Us And Here's Why

Price target decreased by 8.4% to US$45.17

First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

First Merchants Corporation Reports Net Charge-Offs Results for the First Quarter Ended March 31, 2025

First Merchants Corporation, Annual General Meeting, May 16, 2025

First Merchants Corporation (NasdaqGS:FRME) announces an Equity Buyback for 2,927,000 shares, representing 5% for $100 million.

Upcoming dividend of US$0.35 per share

Fourth quarter dividend of US$0.35 announced

First Merchants Corporation Announces Cash Dividend, Payable on March 21, 2025

Price target increased by 7.8% to US$49.60

Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

First Merchants Corporation: Earnings To Grow Thanks To Deposit Repricing, Strong Pipelines

First Merchants Corporation to Report Q4, 2024 Results on Jan 30, 2025

President recently sold US$317k worth of stock

President notifies of intention to sell stock

Upcoming dividend of US$0.35 per share