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First Merchants Corporation
FRME
NASDAQ·Financial Services·Banks - Regional·Mkt cap $2.8B
$43.44
▼ -1.92%
View full research view
Our plain-language verdict, the thesis, risk factors, and what is changing about the business.
View research view52-Week Range
$34.66 - $44.59
P/E
Fwd P/E
Beta
Div Yield
Avg Vol
Shares Out
Mkt Cap
Price action
Price chart
Up 9.8% over the trailing year
Total returns
Price performance
Total return across standard periods - splits & dividends adjusted by FMP. Periods longer than 1Y show annualized in the tooltip.
Why we rate it this way
The thesis at a glance
Bull and bear case · plain-English context across the five lenses we evaluate.
Bull Case
4 reasons
- Established 130-year brand heritage and deep community relationships across four-state Midwest region
- Diversified revenue streams from lending, deposits, trust services, and wealth management reducing reliance on single income source
- Regional market focus with 109 strategically located branches providing personalized service competitors struggle to replicate
- Omnichannel delivery through physical branches and digital/mobile platforms serving modern customer preferences
Bear Case
2 risks
- Average volatility.
- Growth premium of 1.0x vs Commercial Banking peers. Reasonable for this growth rate.
Growth
Revenue decline expected
Expansion of digital and mobile banking services to capture tech-savvy customers and reduce branch operational costs
Value
Growth premium of 1.0x vs Commercial Banking peers. Reasonable for this growth rate.
Momentum
Strong
+12.3% over 3m
Quality
Excellent
High-growth business (44% revenue growth, 60% gross margin). Profitable with strong growth momentum.
Dividend
Solid
3.27% yield
Smart-money signal
Who's buying FRME right now
Insider Form 4s, 13F institutional filings, and Congressional disclosures - at a glance.
Earnings track record
Recent earnings results
AI-summarized recap of last quarter, plus the surprise on every print.
Next: Jul 22, 2026
APR 22, 2026
Reported EPS of $0.46 vs $0.96 consensus (-52.1% surprise). Revenue of $193.3M vs $188.4M expected (+2.6%).
EPS surprise · last 4Q
0 of 1 beats
Q2 26
-52.1%
Next: Jul 22, 2026
Revenue trend · last 8Q
—
—
+0%
+4%
+3%
+7%
+72%
-2%
Q2 24
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
$159.9M
$156.0M
$157.1M
$252.6M
$261.0M
$267.6M
$269.8M
$248.6M
Margins · last 8Q
Gross
—
Operating
10.9%
Profit
11.3%
Wall Street consensus
1 analyst · 100% Buy
Live ratings and price targets aggregated across covering analysts.
Buy
100%
Hold
0%
Sell
0%
Median Price Target
—
Latest: Piper Sandler · $49.00 · Feb 4, 2026