FRMEFinancial Services · Banks - RegionalThe 6 Wall Street analysts covering First Merchants Corp. (Indiana) hold a median 12-month price target of $48 — +14.5% from the last close. Ticker Nerd's systematic factor model, run across ~4,600 US stocks, ranks it 18 of 100 as at 22 Aug 2026 — in the weakest quartile. The Street sees upside; the factor read is a caution. That gap is the story on this page.
Consensus tells you what everyone already believes. The model scores First Merchants Corp. (Indiana) on its factor families — the same systematic rank behind the Ticker Nerd portfolio.
Percentile across ~4,600 US stocks on Ticker Nerd’s systematic factor model. Higher is better. How the model is built and tested
Volatility (65): The share price has been relatively steady.
Accruals (17): A large share of reported profit has not shown up as cash, or the balance sheet is expanding quickly — both tend to unwind.
Built and run by Aslam Ghouse, an ex-Goldman Sachs quant trader with fourteen years in markets.
The bullish and bearish analyst opinions on FRME, reported as data — targets and ratings, the market's view beside the model's.
Price targets and ratings are third-party analyst estimates, reported here as data. They are not Ticker Nerd forecasts, and they are frequently wrong.
Data provided by Twelve Data
The green dot is the last close — the median target sits +14.5% from it.
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| 26 June 2026 | Piper Sandler | Maintains | Overweight | $49 → $51 |
| 4 Feb 2026 | Piper Sandler | Maintains | Overweight | — |
| 27 Oct 2025 | Piper Sandler | Maintains | Overweight | — |
| 29 Sept 2025 | Stephens & Co. | Reiterates | Equal-Weight | — |
| 26 Sept 2025 | Keefe, Bruyette & Woods | Maintains | Outperform | — |
| 26 Sept 2025 | Raymond James | Downgrade | Market Perform | — |
| 28 July 2025 | Piper Sandler | Maintains | Overweight | — |
| 28 Apr 2025 | Piper Sandler | Maintains | Overweight | — |
| 28 Apr 2025 | Raymond James | Maintains | Outperform | — |
| 25 Apr 2025 | Keefe, Bruyette & Woods | Maintains | Outperform | — |
| 2 Apr 2025 | Raymond James | Maintains | Outperform | — |
| 31 Jan 2025 | Keefe, Bruyette & Woods | Maintains | Outperform | — |
| 31 Jan 2025 | Piper Sandler | Reiterates | Overweight | — |
| 31 Jan 2025 | Raymond James | Reiterates | Outperform | — |
| 4 Dec 2024 | Keefe, Bruyette & Woods | Maintains | Outperform | — |
| 28 Oct 2024 | Piper Sandler | Maintains | Overweight | — |
| 28 Aug 2024 | Keefe, Bruyette & Woods | Maintains | Outperform | — |
| 7 Aug 2024 | Stephens & Co. | Downgrade | Equal-Weight | — |
| 29 July 2024 | Keefe, Bruyette & Woods | Reiterates | Outperform | — |
| 29 July 2024 | Piper Sandler | Maintains | Overweight | — |
Price targets and ratings are third-party analyst estimates, reported here as data. They are not Ticker Nerd forecasts, and they are frequently wrong.
Computed off the Friday close and sent before the US open.
Market Radar reports the week’s largest rank changes across roughly 4,600 US stocks, the factor behind each one, and where the market went. FRME appears on the weeks it earns a place.
Both lines are total return — dividends reinvested — so the comparison is honest on both sides.
Over the twelve months to 24 Aug 2026, First Merchants Corp. (Indiana) returned +4.2% against +19.6% for the S&P 500, dividends included.
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Data provided by Twelve Data
Not the forecast itself — the direction analysts are revising it. Revision direction is one of the model's factor families.
A margin means little on its own. Each bar marks where the figure sits across the whole US universe we score.
Cheaper than 50% of US stocks
Cheaper than 31% of US stocks
Cheaper than 75% of US stocks
Higher than 34% of US stocks
Higher than 19% of US stocks
Higher than 89% of US stocks
Higher than 88% of US stocks
Higher than 58% of US stocks
Higher than 49% of US stocks
Higher than 71% of US dividend payers
Bars mark the percentile across the ~4,600 US stocks Ticker Nerd covers, among those reporting the figure.
The headline figures, each with its date. Every row carries its own link — cite it straight from here.
First Merchants Corp. (Indiana) has a market value of $2.6B and an enterprise value of $3.7B.
Revenue in the twelve months to 31 Mar 2026: $659.8M. The latest quarter grew 2.8% year on year.
Net income over the same four quarters: $198.8M, a 30.1% net margin.
Diluted earnings per share, trailing twelve months: $3.40.
Free cash flow in the twelve months to 31 Mar 2026: $280.5M.
First Merchants Corp. (Indiana) spent $63.9M on share buybacks and $87.1M on dividends in the twelve months to 31 Mar 2026.
Trailing P/E: 13.5×; forward P/E: 9.4× — the forward figure prices analyst consensus estimates, not reported earnings.
Forward dividend yield: 3.52%, paying out 47% of earnings.
First Merchants Corp. (Indiana) employs 2,086 people — $316K of revenue per employee.
Data provided by Twelve Data
The nearest names by industry and size, scored by the same model — like for like.
Look up any of the roughly 4,600 stocks we score.
The rank is the raw material. Whether the rules would actually own First Merchants Corp. (Indiana) — and when they’d sell — is the membership. See the Ticker Nerd 20 →
First Merchants Corporation declared a quarterly cash dividend of $0.37 per common share, payable on September 18, 2026 to shareholders of record as of September 4, 2026.
Why it matters — The declaration of a cash dividend signals the company's ongoing commitment to returning value to shareholders, which is a key consideration for income-focused FRME investors.
Zacks Investment Research published an article highlighting First Merchants (FRME) as a strong dividend stock for shareholders, posing the question of whether the company has what it takes to deliver on dividends.
Why it matters — Income-focused investors tracking FRME would be interested in this positive assessment of the company's dividend potential.
The 6 Wall Street analysts covering First Merchants Corp. (Indiana) have a median 12-month price target of $48, with estimates ranging from $45 to $51. These are third-party analyst estimates, not Ticker Nerd forecasts, and they are frequently wrong.
Of the 6 analysts covering First Merchants Corp. (Indiana), 4 rate it a Buy, 2 a Hold and 0 a Sell. Ticker Nerd's systematic factor model ranks First Merchants Corp. (Indiana) 18 out of 100 across roughly 4,600 US stocks as at 22 Aug 2026. None of this is personal advice — it does not consider your circumstances.
As at 22 Aug 2026, First Merchants Corp. (Indiana) ranks 18 out of 100 on Ticker Nerd's systematic factor model — a percentile across roughly 4,600 US stocks, built from its factor families. Its strongest factor family is Volatility (65 of 100).
No one can know that. What the data says: the median 12-month target from 6 analysts implies +14.5% from the last close, and Ticker Nerd's factor model ranks First Merchants Corp. (Indiana) 18 out of 100 as at 22 Aug 2026. Analyst targets are third-party estimates and frequently wrong; none of this is personal advice.
No analyst covering First Merchants Corp. (Indiana) publishes a 2030 price target — Wall Street targets run 12 to 18 months out. Sites quoting a 2030 price for FRME are extrapolating price history, which says nothing about the business. The furthest attributed numbers are the current analyst targets: $45 to $51 over the next 12 months.
First Merchants Corp. (Indiana) returned +4.2% over the 12 months to 24 Aug 2026, with dividends reinvested. Past performance does not indicate future returns.
First Merchants Corporation is a financial holding company that offers a broad range of comprehensive financial and banking services. Its primary role is to provide retail, commercial, and treasury management services through its subsidiary bank, First Merchants Bank.
The most recent item we track (GlobeNewsWire, 14 Aug 2026): "First Merchants Corporation Announces Cash Dividend". First Merchants Corporation declared a quarterly cash dividend of $0.37 per common share, payable on September 18, 2026 to shareholders of record as of September 4, 2026.
First Merchants Corporation is a financial holding company that offers a broad range of comprehensive financial and banking services. Its primary role is to provide retail, commercial, and treasury management services through its subsidiary bank, First Merchants Bank. With an established presence across several states in the Midwestern United States, the corporation plays a vital role in serving individual customers, small businesses, and community organizations. The company’s diverse offerings include personal banking, mortgage lending, and wealth management services, which cater to the financial needs of various clients. First Merchants Corporation is well-regarded for its customer-focused approach, emphasizing community engagement and local business partnership. This institution helps stimulate local economies by facilitating access to credit and offering tailored financial solutions, reflecting its significance in regional financial markets. As it continues to grow, First Merchants Corporation maintains its commitment to strong banking relationships and strategic acquisitions, contributing to its sustained market presence and financial stability.
CEO Mr. Mark K. Hardwick CPA · 2,086 employees · United States · https://www.firstmerchants.com
