FRME

First Merchants Corp

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37.470

0(0.000%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

37.470

Open

37.470

VWAP

37.47

Vol

1.45K

Mkt Cap

2.16B

Low

37.470

Amount

54.37K

EV/EBITDA(TTM)

11.93

Total Shares

58.56M

3.27B

EV/OCF(TTM)

4.32

P/S(TTM)

3.72

First Merchants Corporation is a financial holding company. The Company has one full-service bank charter, First Merchants Bank (the Bank). The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). Through the Bank, the Company offers a broad range of commercial and consumer banking services to meet the diverse needs of its customers. Its commercial banking team offers a full spectrum of debt capital, treasury management services and depository products. The consumer banking group offers a variety of consumer deposit and lending products. The mortgage banking team offers consumer mortgage solutions to assist with the purchase, refinance, construction or renovation of residential properties. Private Wealth Advisors offers personal wealth management services with expertise in investment management, private banking, fiduciary estate and financial planning. The Bank includes about 110 banking locations in Indiana, Ohio, and Michigan.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2026Q1

FY2025Q4

FY2025Q3

172.83M

+3.83%

0.935

-0.53%

173.13M

-2.25%

0.960

-4%

172.45M

+6.54%

0.968

+1.93%

Estimates Revision

The market is revising Downward the revenue expectations for First Merchants Corporation (FRME) for FY2025, with the revenue forecasts being adjusted by -1.13% over the past three months. During the same period, the stock price has changed by -4.44%.

Revenue Estimates for FY2025

Revise Downward

-1.13%

In Past 3 Month

EPS Estimates for FY2025

Revise Upward

+0.22%

In Past 3 Month

Stock Price

Go Down

-4.44%

In Past 3 Month

2 Analyst Rating

29.44% Upside

Wall Street analysts forecast FRME stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FRME is 48.50 USD with a low forecast of 48.00 USD and a high forecast of 49.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

2 Buy

0 Hold

0 Sell

Moderate Buy

29.44% Upside

Current: 37.470

Low

48.00

Averages

48.50

High

49.00

29.44% Upside

Current: 37.470

Low

48.00

Averages

48.50

High

49.00

Piper Sandler

Overweight

downgrade

$49 -> $48

2025-07-28

Reason

Piper Sandler

Price Target

$49 -> $48

2025-07-28

downgrade

Overweight

Reason

Piper Sandler lowered the firm's price target on First Merchants to $48 from $49 and keeps an Overweight rating on the shares. Apart from slightly less core fee income growth, the firm believes First Merchants generated strong Q2 results and remains well-positioned to generate multiple expansion above peers.

Keefe Bruyette

Outperform

downgrade

$52 -> $49

2025-04-25

Reason

Keefe Bruyette

Price Target

$52 -> $49

2025-04-25

downgrade

Outperform

Reason

Keefe Bruyette lowered the firm's price target on First Merchants to $49 from $52 and keeps an Outperform rating on the shares.

Raymond James

Daniel Tamayo

Buy

Maintains

$50 → $46

2025-04-02

Reason

Raymond James

Daniel Tamayo

Price Target

$50 → $46

2025-04-02

Maintains

Buy

Reason

Raymond James lowered the firm's price target on First Merchants to $46 from $50 and keeps an Outperform rating on the shares. The firm now contemplates a modestly slower pace of balance sheet growth from its prior estimates. Given expectations for solid profitability, growth and credit metrics, shares are poised to close the current discount gap to peers, the analyst tells investors in a research note.

Piper Sandler

Nathan Race

Buy

Reiterates

$52 → $55

2025-01-31

Reason

Piper Sandler

Nathan Race

Price Target

$52 → $55

2025-01-31

Reiterates

Buy

Reason

Piper Sandler raised the firm's price target on First Merchants to $55 from $52 and keeps an Overweight rating on the shares. The firm reiterates First Merchants as its top pick for this year given its strong operating leverage outlook and overly discounted current valuation. Piper anticipates multiple expansion above peers with strong year-over-year increases in PPNR via at least mid-single digit loan growth and AEA mix improvement that is expected to drive additional net interest margin expansion.

Raymond James

Daniel Tamayo

Buy

Reiterates

$42 → $50

2025-01-31

Reason

Raymond James

Daniel Tamayo

Price Target

$42 → $50

2025-01-31

Reiterates

Buy

Reason

Raymond James raised the firm's price target on First Merchants to $50 from $42 and keeps an Outperform rating on the shares. First Merchants had a strong quarter, featuring solid loan and deposit growth, better fee performance, net interest margin that surpassed estimates, and improving credit costs, the analyst tells investors in a research note.

Keefe, Bruyette & Woods

Damon Delmonte

Buy

Maintains

$50 → $52

2025-01-31

Reason

Keefe, Bruyette & Woods

Damon Delmonte

Price Target

$50 → $52

2025-01-31

Maintains

Buy

Reason

Keefe Bruyette analyst Damon DelMonte raised the firm's price target on First Merchants to $52 from $50 and keeps an Outperform rating on the shares.

See All Ratings

Valuation Metrics

The current forward P/E ratio for First Merchants Corp (FRME.O) is 9.78, compared to its 5-year average forward P/E of 10.30. For a more detailed relative valuation and DCF analysis to assess First Merchants Corp 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

Fair

5Y Average PE

10.30

Current PE

9.78

Overvalued PE

11.76

Undervalued PE

8.84

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

N/A

5Y Average EV/EBITDA

0.00

Current EV/EBITDA

0.00

Overvalued EV/EBITDA

0.00

Undervalued EV/EBITDA

0.00

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Fair

5Y Average PS

3.41

Current PS

3.12

Overvalued PS

3.99

Undervalued PS

2.83