First Merchants (FM5) Price & Analysis

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FM5 Stock Chart & Stats

€35.60

€1.20(3.28%)

At close: Jul 24 4:00 PM EDT

€35.60

€1.20(3.28%)

Day’s Range― - ―

52-Week Range€29.80 - €39.40

Previous CloseN/A

Volume0.00

Average Volume (3M)0.00

Market Cap

€2.22B

Enterprise Value€4.28B

Total Cash (Recent Filing)€3.91B

Total Debt (Recent Filing)€1.60B

Price to Earnings (P/E)12.6

Beta0.62

Next Earnings

Oct 21, 2026

EPS Estimate

0.93

Next Dividend Ex-DateN/A

Dividend YieldN/A

Share Statistics

EPS (TTM)3.14

Shares Outstanding62,801,422

10 Day Avg. Volume0

30 Day Avg. Volume0

Financial Highlights & Ratios

PEG Ratio0.68

Price to Book (P/B)0.88

Price to Sales (P/S)2.06

P/FCF Ratio7.63

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

€42.19

Price Target Upside18.50% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering3

EPS Forecast (FY)2.88

Revenue Forecast (FY)€718.53M

Bulls Say, Bears Say

Bulls Say

Cash Generation QualityOperating cash flow of about $315M TTM, 12% FCF growth, and FCF covering net income indicate earnings are converting into cash. That supports organic lending, technology investment, dividends and buybacks, while reducing reliance on external funding to sustain the franchise over coming quarters.

Loan Growth And Margin ExpansionNearly 6% annualized loan growth, a 3.38% NIM, and higher new-loan yields show productive balance-sheet deployment. Redeploying low-yield bond roll-offs and mortgage-sale proceeds into loans can support interest income and make the expected mid-single-digit growth outlook more durable.

Franchise Scale And IntegrationThe First Savings integration is reported complete with cost synergies on track, while the franchise now spans 126 banking centers and $21.3B of assets. Greater scale, broader client reach and realized integration progress can improve operating leverage and support cross-selling over the medium term.

Bears Say

Credit DeteriorationTwo commercial credits moving to nonaccrual and a $33M provision create a direct earnings drag and raise uncertainty around credit costs. Management expects 2026 net charge-offs of roughly 40–45 basis points, which could limit capital generation and offset operating gains over the next several quarters.

Higher Leverage And Weaker Capital EfficiencyHigher debt-to-equity indicates greater reliance on debt financing, while ROE declining to about 7.3% shows weaker earnings efficiency on shareholder capital. Together, these trends can constrain financial flexibility and make it harder for growth to translate into stronger returns if funding or credit costs rise.

Costly Subordinated FundingThe $100M subordinated notes strengthen regulatory capital and funding flexibility, but the 6.750% fixed coupon creates a substantial recurring funding cost before the floating-rate reset. That expense can pressure net interest income and returns unless deployed into assets earning materially higher yields.

First Merchants News

First Merchants upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded First Merchants (FRME) to Outperform from Market Perform with a $46 price target First Merchants’...

3d ago

FRME

First Merchants price target lowered to $46 from $51 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Merchants (FRME) to $46 from $51 and keeps an...

4d ago

FRME

First Merchants announces Hardwick to retire, Stewart to succeed

First Merchants (FRME) announced that CEO Mark Hardwick will retire at the end of the year after 29...

8d ago

FRME

First Merchants files automatic mixed securities shelf

13:47 EDT First Merchants (FRME) files automatic mixed securities shelf Published first on TheFly – the ultimate source...

21d ago

FRME

First Merchants Announces CEO Retirement and Leadership Transition

An update from First Merchants ( ($FRME) ) is now available. On October 1, 2026, First Merchants Corporation...

8d ago

FRME

First Merchants Issues New Subordinated Notes Offering

First Merchants ( ($FRME) ) has issued an update. First Merchants Corporation entered into an indenture and first...

13d ago

FRME

First Merchants Launches $100 Million Subordinated Notes Offering

An update from First Merchants ( ($FRME) ) is now available. On September 23, 2026, First Merchants Corporation...

15d ago

FRME

First Merchants Declares Quarterly Cash Dividend to Shareholders

First Merchants ( ($FRME) ) has provided an announcement. On August 14, 2026, First Merchants Corporation declared a...

2M ago

FRME

First Merchants management to meet with Piper Sandler

Meeting to be held on August 4 hosted by Piper Sandler. Published first on TheFly – the ultimate...

2M ago

FRME

First Merchants Balances Margin Gains With Credit Strain

First Merchants (($FRME)) has held its Q2 earnings call. Read on for the main highlights of the call....

3M ago

FRME

First Merchants reports Q2 adjusted EPS 74c, consensus $1.03

Reports Q2 revenue $196.1M, consensus $202.7M. Reports Q2 tangible book value per share $29.80. Reports Q2 CET1 capital...

3M ago

FRME

First Merchants (FRME) Q2 Earnings Cheat Sheet

First Merchants (FRME) is scheduled to report 2nd quarter earnings on 07/22/2026, after the market closes. Regarding Q2...

3M ago

FRME

First Merchants Declares Quarterly Dividend on Preferred Shares

The latest update is out from First Merchants ( ($FRME) ). On July 13, 2026, First Merchants Corporation...

3M ago

FRME

First Merchants price target raised to $51 from $49 at Piper Sandler

Piper Sandler raised the firm’s price target on First Merchants (FRME) to $51 from $49 and keeps an...

3M ago

FRME

FM5 FAQ

What was First Merchants Corp.’s price range in the past 12 months?

First Merchants Corp. lowest stock price was €29.80 and its highest was €39.40 in the past 12 months.

What is First Merchants Corp.’s market cap?

First Merchants Corp.’s market cap is €2.22B.

When is First Merchants Corp.’s upcoming earnings report date?

First Merchants Corp.’s upcoming earnings report date is Oct 21, 2026 which is in 12 days.

How were First Merchants Corp.’s earnings last quarter?

First Merchants Corp. released its earnings results on Jul 22, 2026. The company reported €0.625 earnings per share for the quarter, missing the consensus estimate of €0.912 by -€0.287.

Is First Merchants Corp. overvalued?

According to Wall Street analysts First Merchants Corp.’s price is currently Undervalued. Get more investment ideas with TipRanks Premium

Does First Merchants Corp. pay dividends?

First Merchants Corp. does not currently pay dividends.

What is First Merchants Corp.’s EPS estimate?

First Merchants Corp.’s EPS estimate is 0.93.

How many shares outstanding does First Merchants Corp. have?

First Merchants Corp. has 62,801,422 shares outstanding.

What happened to First Merchants Corp.’s price movement after its last earnings report?

First Merchants Corp. reported an EPS of €0.625 in its last earnings report, missing expectations of €0.912. Following the earnings report the stock price went down -4.189%.

Which hedge fund is a major shareholder of First Merchants Corp.?

Currently, no hedge funds are holding shares in DE:FM5

What is the TipRanks Smart Score and how is it calculated?

Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology

First Merchants Stock Smart Score

Neutral

Fundamentals

Return on Equity

7.26%

Trailing 12-Months

Asset Growth

14.82%

Trailing 12-Months

Learn more about TipRanks Smart Score

Top Smart Score Stocks >

Company Description

First Merchants Corp.

First Merchants Corporation operates as a financial holding entity, primarily conducting its business through its subsidiary, First Merchants Bank. This institution delivers a full spectrum of community banking solutions. It accepts various types of deposits, including term, savings, and checking accounts. The company also extends a wide array of lending products, such as consumer, commercial, agricultural business, and real estate mortgage loans, in addition to public finance options. Beyond standard banking, First Merchants provides personal and corporate trust services, brokerage capabilities, and private wealth management. Its corporate offerings further include letters of credit, repurchase agreements, and other specialized financial services. The company maintains a network of 109 physical banking locations situated across counties in Indiana, Illinois, Ohio, and Michigan. Furthermore, it offers convenient access to its services via electronic and mobile platforms. First Merchants Corporation was established in 1893 and is headquartered in Muncie, Indiana.

First Merchants (FM5) Earnings & Revenues

Historic Earnings Reports

FM5 Company Deck

FM5 Earnings Call

Q2 2026

0:00 / 0:00

Earnings Call Sentiment|Neutral

The call presented a mix of solid operational momentum — including NIM expansion, strong loan production, revenue growth, successful integration of First Savings, improved liquidity, and resumed buybacks — alongside material, relationship-specific credit deterioration that required a sizeable provision and is expected to drive higher net charge-offs for 2026. Management characterized the credit issues as isolated and the broader portfolio as performing within expectations. Given the meaningful positive trends in revenue, margins, balance sheet repositioning and capital return capacity, but balanced by the notable near-term credit headwinds and increased NPAs/classified loans, the overall tone is balanced with cautious optimism.View all DE:FM5 earnings summaries

FM5 Stock 12 Month Forecast

Average Price Target

€42.19

▲(18.50% Upside)

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Detailed Analyst Forecast >