First Merchants Corporation (FRME)
Financials · NMS
Price as at 1 Oct 2026, 22:21 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
First Merchants Corporation trades at $39.58, close to the $42.35 our fair value estimate puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 35 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 12.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
FRME dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | $1.10 | 3 |
| 2025 | $1.43 | 4 |
| 2024 | $1.39 | 4 |
| 2023 | $1.34 | 4 |
| 2022 | $1.25 | 4 |
| 2021 | $1.13 | 4 |
| 2020 | $1.04 | 4 |
| 2019 | $1.00 | 4 |
| 2018 | $0.840 | 4 |
| 2017 | $0.690 | 4 |
| 2016 | $0.540 | 4 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
FRME earnings and analyst estimates
Recommendation mix, 6 published ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About First Merchants Corporation
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.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
FRME passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
10 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$24.75M · 0.0% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$20.55M · 0.0% of book
- Ken Fisher, Fisher Asset Management, LLC$16.03M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$13.92M · 0.0% of book
- Marshall Wace, MARSHALL WACE, LLP$6.96M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
FRME peers
The largest companies in the same industry (Banks - Regional), then in the same sector.
- HDB HDFC Bank Limited
- IBN ICICI Bank Limited
- CIXPF CaixaBank, S.A.
- ITUB Itaú Unibanco Holding S.A.
- NWG NatWest Group plc
- DB Deutsche Bank Aktiengesellschaft
- NU Nu Holdings Ltd.
- CRARF Crédit Agricole S.A.
Every financials company we cover is on the Financials hub.
Common questions
Is First Merchants Corporation (FRME) undervalued?
Against our fair value estimate of $42.35, FRME at $39.58 is 7% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
Which funds own FRME?
10 of the institutions we track reported a position in FRME in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is FRME's P/E ratio?
FRME trades at 12.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does First Merchants Corporation (FRME) pay a dividend?
Yes. First Merchants Corporation yields 4.28% at the current share price. It has paid $1.46 per share over the trailing twelve months. It has paid a dividend in each of the last 37 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
Where does SteadyShares get its FRME data?
Fundamentals for FRME come from company filings and exchange data, as listed on NMS; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 1 Oct 2026, 22:21 UTC and is delayed. Our data quality score for this company is 88/100, which is the share of the inputs behind our scores that were actually available rather than assumed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for FRME, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.