FRME
First Merchants Corporation
NasdaqGSUSDEQUITY
Financial Services
DELAYED
Neutral
-4/100
Last price
39.67
▼ 0.10 (0.25%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
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Open
39.79
Prev close
39.77
Day high
40.15
Day low
39.62
Volume
448.88K
Market cap
$2.49B
P/E (TTM)
12.76
52W range
34.66 – 45.33
Day trading desk
Gap from prior close
+0.05%
Prior close 39.77
VWAP
39.75
-0.20% from price
Relative volume
1.69×
Unusually busy
Session range
2.52%
39.62 – 40.62
Position in range
5%
Near session low
ATR (14D)
0.67
1.68% of price
Prior day high
40.25
PDH
Prior day low
39.67
PDL
Bid / ask spread
—
Quote not published
Session volume
775.16K
Avg 457.53K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-1.02%
-3.0%
1M
-5.68%
-6.8%
3M
-5.88%
-10.4%
6M
-0.83%
-19.0%
YTD
+5.84%
-8.4%
1Y
+4.45%
-12.0%
3Y
+42.60%
-39.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on FRME open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+56.09K
Net buying
Buy transactions
21
85.17K shares
Sell transactions
4
29.08K shares
Net transactions
+25
Buys less sells
Sell : buy shares
0.3 : 1
Mixed
Insider-held shares
1.32M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 19, 26 | FLUHLER STEPHAN H Chief Technology Officer |
SELL | 4.08K | $176.26K | Direct |
| Aug 3, 26 | MARTIN JOHN J Officer |
STOCK | 8.00K | $349.04K | Direct |
| Aug 3, 26 | FLUHLER STEPHAN H Chief Technology Officer |
STOCK | 5.00K | $218.15K | Direct |
| Aug 3, 26 | KAWIECKI MICHELE Chief Financial Officer |
STOCK | 13.00K | $567.19K | Direct |
| Aug 3, 26 | HARRIS STEVEN C Officer |
STOCK | 3.00K | $130.89K | Direct |
| Aug 3, 26 | SCURLOCK EVA D. Officer |
STOCK | 700 | $30.54K | Direct |
| Aug 3, 26 | SCURLOCK EVA D. Officer |
STOCK | 4.00K | $174.52K | Direct |
| Aug 3, 26 | PETERSON JOSEPH C Officer |
STOCK | 8.00K | $349.04K | Direct |
| Aug 3, 26 | STEWART MICHAEL J President |
STOCK | 16.00K | $698.08K | Direct |
| Aug 3, 26 | HARDWICK MARK K Chief Executive Officer |
STOCK | 21.00K | $916.23K | Direct |
| Jun 30, 26 | BECHER MICHAEL R Director |
STOCK | 554 | $24.20K | Direct |
| Jun 30, 26 | HALDERMAN HOWARD Director |
STOCK | 536 | $23.42K | Direct |
| Jun 30, 26 | FISHER MICHAEL J Director |
STOCK | 500 | $21.84K | Direct |
| Jun 30, 26 | RECHIN MICHAEL C Director |
STOCK | 554 | $24.20K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
FEHRING PATRICK J |
Director | 120.48K | Stock Award(Grant) |
HARDWICK MARK K |
Chief Executive Officer | 150.53K | Stock Award(Grant) |
KAWIECKI MICHELE |
Chief Financial Officer | 74.41K | Stock Award(Grant) |
LEHMAN GARY J |
Director | 53.77K | Stock Award(Grant) |
MARTIN JOHN J |
Officer | 71.55K | Stock Award(Grant) |
MYERS LARRY W |
Director | 90.27K | Stock Award(Grant) |
PETERSON JOSEPH C |
Officer | 45.48K | Stock Award(Grant) |
RECHIN MICHAEL C |
Director | 90.42K | Stock Award(Grant) |
STEWART MICHAEL J |
President | 123.07K | Stock Award(Grant) |
WOJTOWICZ JEAN L |
Director | 66.73K | Stock Award(Grant) |
Fundamentals
Market cap$2.49B
Enterprise value$3.50B
Revenue (TTM)$642.19M
Gross profit$642.19M
EBITDA—
Net income$184.09M
EPS (TTM)$3.11
Free cash flow—
Total cash$665.65M
Total debt$1.65B
Book value / share$42.96
Shares outstanding62.80M
Float61.56M
Short % of float4.30%
Dividend yield3.73%
Beta (5Y)0.88
Valuation & profitability ratios
Trailing P/E12.76
Forward P/E8.83
PEG ratio1.40
Price / sales—
Price / book0.92
EV / revenue5.46
EV / EBITDA—
Gross margin0.00%
Operating margin34.27%
Profit margin28.96%
Return on equity7.37%
Return on assets0.93%
Debt / equity—
Current ratio—
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $662.95M | $626.71M | $651.00M | $628.14M | +5.8% |
| Operating revenue | $662.95M | $626.71M | $651.00M | $628.14M | +5.8% |
| Selling, general & admin | $246.28M | $243.59M | $250.85M | $224.84M | +1.1% |
| Pre-tax income | $259.11M | $231.73M | $259.23M | $255.67M | +11.8% |
| Tax provision | $33.11M | $30.33M | $35.45M | $33.59M | +9.2% |
| Net income | $226.00M | $201.40M | $223.79M | $222.09M | +12.2% |
| Net income to common | $224.13M | $199.53M | $221.91M | $220.68M | +12.3% |
| Basic EPS | 3.90 | 3.42 | 3.74 | 3.83 | +14.0% |
| Diluted EPS | 3.88 | 3.41 | 3.73 | 3.81 | +13.8% |
| Basic shares | 57.47M | 58.34M | 59.33M | 57.62M | -1.5% |
| Diluted shares | 57.73M | 58.53M | 59.49M | 57.95M | -1.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $280.46M | $386.51M | $548.73M | $248.66M | -27.4% |
| Accounts receivable | $93.37M | $91.83M | $97.66M | $85.07M | +1.7% |
| Property, plant & equipment | $121.06M | $129.74M | $133.90M | $117.12M | -6.7% |
| Goodwill & intangibles | $725.80M | $731.83M | $739.10M | $747.84M | -0.8% |
| Total assets | $19.03B | $18.31B | $18.41B | $18.00B | +3.9% |
| Long-term debt | $856.18M | $916.08M | $871.50M | $974.97M | -6.5% |
| Total debt | $856.18M | $916.08M | $871.50M | $974.97M | -6.5% |
| Total liabilities | $16.56B | $16.01B | $16.16B | $15.97B | +3.4% |
| Retained earnings | $1.41B | $1.27B | $1.15B | $1.01B | +11.1% |
| Shareholder equity | $2.47B | $2.30B | $2.25B | $2.03B | +7.0% |
| Net tangible assets | $1.74B | $1.57B | $1.51B | $1.29B | +10.7% |
| Shares issued | 56.95M | 57.97M | 59.42M | 59.17M | -1.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $226.00M | $201.40M | $223.79M | $222.09M | +12.2% |
| Depreciation & amortisation | $29.42M | $26.85M | $11.71M | $11.81M | +9.6% |
| Stock-based compensation | $7.33M | $5.82M | $5.16M | $4.65M | +26.0% |
| Change in working capital | -$5.93M | -$2.63M | -$4.45M | -$22.20M | -125.6% |
| Operating cash flow | $283.65M | $266.21M | $258.83M | $284.29M | +6.5% |
| Investing cash flow | -$773.82M | -$252.42M | -$344.43M | -$462.69M | -206.6% |
| Share buybacks | -$46.89M | -$56.17M | $0 | $0 | +16.5% |
| Dividends paid | -$84.79M | -$83.50M | -$81.94M | -$74.15M | -1.5% |
| Financing cash flow | $486.72M | -$38.82M | $75.65M | $133.84M | +1,353.8% |
| Free cash flow | $283.65M | $266.21M | $258.83M | $284.29M | +6.5% |
| End cash position | $84.16M | $87.62M | $112.65M | $122.59M | -3.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | — | $157.13M | $172.17M | $166.14M | $164.32M | $160.32M | — |
| Operating revenue | — | $157.13M | $172.17M | $166.14M | $164.32M | $160.32M | — |
| Selling, general & admin | — | $74.94M | $63.26M | $62.96M | $60.08M | $59.98M | — |
| Pre-tax income | — | $27.09M | $65.50M | $65.28M | $65.12M | $63.22M | — |
| Tax provision | — | -$1.07M | $8.43M | $8.52M | $8.29M | $7.88M | — |
| Net income | — | $28.16M | $57.06M | $56.77M | $56.83M | $55.34M | — |
| Net income to common | — | $27.69M | $56.60M | $56.30M | $56.36M | $54.87M | — |
| Basic EPS | 0.70 | 0.46 | 0.99 | 0.98 | 0.98 | — | +52.2% |
| Diluted EPS | 0.70 | 0.45 | 0.99 | 0.98 | 0.98 | — | +55.6% |
| Basic shares | 62.16M | 60.19M | 57.17M | 57.45M | 57.51M | — | +3.3% |
| Diluted shares | 62.57M | 61.01M | 57.44M | 57.45M | 57.77M | — | +2.6% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $273.44M | $280.46M | $256.79M | $304.91M | $417.65M | -2.5% |
| Accounts receivable | $97.03M | $93.37M | $89.10M | $93.26M | $88.35M | +3.9% |
| Property, plant & equipment | $146.01M | $121.06M | $121.77M | $122.81M | $128.75M | +20.6% |
| Goodwill & intangibles | $824.47M | $725.80M | $727.30M | $728.80M | $730.30M | +13.6% |
| Total assets | $21.07B | $19.03B | $18.81B | $18.59B | $18.44B | +10.8% |
| Long-term debt | $1.39B | $856.18M | $856.26M | $961.32M | $1.04B | +61.8% |
| Total debt | $1.39B | $856.18M | $856.26M | $961.32M | $1.04B | +61.8% |
| Total liabilities | $18.40B | $16.56B | $16.40B | $16.24B | $16.11B | +11.1% |
| Retained earnings | $1.42B | $1.41B | $1.38B | $1.34B | $1.31B | +0.3% |
| Shareholder equity | $2.67B | $2.47B | $2.41B | $2.35B | $2.33B | +8.3% |
| Net tangible assets | $1.85B | $1.74B | $1.69B | $1.62B | $1.60B | +6.2% |
| Shares issued | 62.51M | 56.95M | 57.19M | 57.27M | 57.81M | +9.8% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $28.16M | $57.06M | $56.77M | $56.83M | $55.34M | -50.7% |
| Depreciation & amortisation | $8.99M | $5.71M | $8.01M | $7.87M | $7.84M | +57.7% |
| Stock-based compensation | $1.68M | $2.42M | $1.75M | $1.57M | $1.59M | -30.4% |
| Change in working capital | -$17.39M | -$6.13M | $8.35M | -$12.29M | $4.14M | -183.7% |
| Operating cash flow | $58.59M | $80.71M | $87.56M | $53.67M | $61.70M | -27.4% |
| Investing cash flow | $368.07M | -$300.76M | -$143.33M | -$169.32M | -$160.42M | +222.4% |
| Share buybacks | -$24.91M | -$10.41M | -$6.48M | -$22.09M | -$7.91M | -139.2% |
| Dividends paid | -$23.29M | -$21.29M | -$21.27M | -$21.27M | -$20.96M | -9.4% |
| Financing cash flow | -$412.74M | $216.12M | $62.28M | $111.10M | $97.22M | -291.0% |
| Free cash flow | $58.59M | $80.71M | $87.56M | $53.67M | $61.70M | -27.4% |
| End cash position | $98.08M | $84.16M | $88.08M | $81.57M | $86.11M | +16.5% |
Options analytics
Put / call volume
0.50
Call-heavy session
Put / call open interest
0.00
Positioning, not flow
Max pain
25.00
-37.0% from spot
ATM implied vol
6.3%
Nearest strike to spot
Skew (10% OTM)
-6.2%
Calls bid over puts
Call volume
2
Contracts, this expiry
Put volume
1
Contracts, this expiry
Heaviest call OI
25.00
1 contracts
Heaviest put OI
45.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.03 | 0.74 | -28.3% |
| Mar 2026 | 0.97 | 1.03 | +6.6% |
| Dec 2025 | 0.95 | 0.98 | +3.0% |
| Sep 2025 | 0.96 | 0.99 | +2.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.06 | 6 | $204.26M | +18.5% |
| Next quarter | 1.05 | 6 | $206.18M | +15.6% |
| Current year | 3.88 | 6 | $806.03M | +17.2% |
| Next year | 4.50 | 6 | $847.74M | +5.2% |
Analyst targets & ownership
Mean target$47.00
High target$50.00
Low target$45.00
Implied upside18.48%
Analyst count5
ConsensusBUY
Strong buy / Buy2 / 2
Hold2
Sell / Strong sell0 / 0
Held by insiders2.10%
Held by institutions75.56%
Institutions holding406
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
40.06
-0.98% from price
SMA 20
40.56
-2.19% from price
SMA 50
41.73
-4.94% from price
SMA 100
41.76
-5.01% from price
SMA 200
40.56
-2.20% from price
EMA 12
40.18
-1.26% from price
EMA 26
40.73
-2.60% from price
EMA 50
41.25
-3.84% from price
RSI (14)
37.1
Neutral
MACD (12,26,9)
-0.55
Hist -0.04
ATR (14)
0.67
1.68% of price
Realised vol 30D
15.3%
Annualised
Bollinger upper
41.76
20, 2σ
Bollinger lower
39.36
20, 2σ
50 / 200 cross
Golden
41.73 vs 40.56
Trend bias
Below 200
-2.20%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.57
Less volatile than market
Correlation to SPY
0.32
Loosely linked
Realised vol 30D
15.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-14.4%
Peak to trough
Max drawdown 5Y
-45.6%
Peak to trough
ATR 14
0.67
1.68% of price
Beta (reported)
0.88
5Y monthly, from filing
Short interest
Shares short
2.37M
Prior 1.83M
Change vs prior
+29.7%
Shorts adding
% of float
4.30%
Normal
% of shares out
3.77%
Against total outstanding
Days to cover
6.6
Crowded exit
Float
61.56M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 6, 26 | Raymond James | UPGRADE | Market Perform | Outperform |
| Oct 5, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Jun 26, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Feb 4, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Oct 27, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Sep 29, 25 | Stephens & Co. | MAINTAINED | Equal-Weight | Equal-Weight |
| Sep 26, 25 | Raymond James | DOWNGRADE | Outperform | Market Perform |
| Sep 26, 25 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
| Jul 28, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Apr 28, 25 | Raymond James | MAINTAINED | Outperform | Outperform |
| Apr 28, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Apr 25, 25 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
Dividends & splits
Forward rate$1.48 / yr
Forward yield3.73%
5-year avg yield3.46%
Payout ratio46.62%
Ex-dividend dateSep 4, 2026
Next pay dateSep 18, 2026
Last split105:100
Split dateAug 27, 2003
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-10-01
Corporate Changes & Voting Matters
8-K · 2026-09-25
Offering Registrations
S-3ASR · 2026-09-17
Corporate Changes & Voting Matters
8-K · 2026-08-14
Periodic Financial Reports
10-Q · 2026-07-31
Corporate Changes & Voting Matters
8-K · 2026-07-22
Corporate Changes & Voting Matters
8-K · 2026-07-13
Corporate Changes & Voting Matters
8-K · 2026-07-02
Headlines
Raymond James Upgrades First Merchants to Outperform From Market Perform, Sets $46 Price Target
MT Newswires · 18h ago
3 Regional Bank Stocks That Could Benefit From Higher Long Term Yields
Simply Wall St. · 3d ago
First Merchants CEO Mark Hardwick to Retire; Mike Stewart Named Successor
MT Newswires · 6d ago
First Merchants Bank CEO Mark Hardwick to retire at the end of 2026 and President Mike Stewart to become President and CEO
GlobeNewswire · 6d ago
First Merchants Corporation to Report Third Quarter 2026 Financial Results, Host Conference Call and Webcast
GlobeNewswire · 6d ago
3 Stocks Under $50 Walking a Fine Line
StockStory · 9d ago
3 Bank Stocks That Could Benefit If Higher Rates Stay Elevated
Simply Wall St. · 11d ago
First Merchants Prices $100 Million Subordinated Notes Offering
MT Newswires · 13d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.