FIRST MERCHANTS CORP
At today's price, FIRST MERCHANTS CORP (FRME) is priced for 9.8% return on equity. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• First Merchants is a Midwest commercial bank that just crossed $21.1 billion in total assets after folding in the $2.4 billion First Savings acquisition, with a net interest margin of 3.35% and net interest income up 16.1% year over year [Source: Q1 2026 results, April 2026]. • The biggest risk is the loan book's tilt toward commercial real estate, the company's stated lending focus per its 10-K, which is the segment most exposed if the regional property cycle turns. • Watch the gap between re
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285 institutional managers reported holding FRME in 13F filings for the quarter ended 2026-03-31. Together they hold about 75% of the company; the top 10 hold 42%. 44 opened new positions that quarter. Held by Vanguard Group, BlackRock, Dimensional Fund Advisors, among others. On the short side, 1.5M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (4.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
FRME's share count grew 12.6% over the past five years even with $153.42M spent on repurchases. It pays a dividend, and has paid one every year in our records (16 and counting), raised 15 years straight; the current rate is $1.43 a share annually. Cash returned over the past three years: $228.04M in dividends and $127.97M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at FRME over the trailing three years: 2023: 3 buys totaling $65k; 2024: 2 buys totaling $1k. 22 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
FRME's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | -0.1% | -13.1% |
| 2023-11-02 | +1.7% | +25.6% |
| 2024-03-01 | +0.5% | +5.9% |
| 2024-05-02 | -2.6% | -4.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
FRME's latest 8-K filings: 2026-07-13 (items 8.01, 9.01); 2026-07-02 (items 5.02); 2026-06-24 (items 8.01); 2026-05-20 (items 5.07); 2026-05-19 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.