First Merchants Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGS:FRME Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
11 Feb 26	SellUS$174,596	Stephan Fluhler	Individual	4,161	US$41.96
06 Feb 26	SellUS$136,470	Eva Scurlock	Individual	3,227	US$42.29
04 Nov 25	SellUS$202,244	Stephan Fluhler	Individual	5,689	US$35.55

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of FRME?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	1,195,769	1.9%
General Public	15,320,083	24.3%
Institutions	46,506,889	73.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 54.45% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
10.5%	The Vanguard Group, Inc.	6,607,180	US$265.0m	10.4%	no data
7.77%	BlackRock, Inc.	4,899,356	US$196.5m	5.51%	no data
5.71%	Dimensional Fund Advisors LP	3,596,017	US$144.2m	8.38%	0.02%
3.58%	EARNEST Partners, LLC	2,255,590	US$90.5m	-2.37%	0.33%
3.55%	State Street Global Advisors, Inc.	2,239,768	US$89.8m	13.4%	no data
2.5%	Geode Capital Management, LLC	1,573,781	US$63.1m	9.91%	no data
1.6%	Wellington Management Group LLP	1,007,235	US$40.4m	914%	0.01%
1.58%	Victory Capital Management Inc.	994,995	US$39.9m	4.06%	0.02%
1.37%	Systematic Financial Management LP	861,995	US$34.6m	10.8%	0.67%
1.31%	Goldman Sachs Asset Management, L.P.	826,320	US$33.1m	10.4%	0.01%
1.25%	William Blair Investment Management, LLC	789,882	US$31.7m	3.4%	0.04%
1.2%	BNY Asset Management	757,944	US$30.4m	-0.5%	no data
1.18%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	741,410	US$29.7m	-2.53%	0.01%
1.15%	First Trust Advisors LP	725,259	US$29.1m	1.37%	0.02%
1.14%	Charles Schwab Investment Management, Inc.	719,425	US$28.9m	5.5%	no data
1.13%	FJ Capital Management, LLC	711,425	US$28.5m	12.3%	3.08%
1.09%	PL Capital Advisors, LLC	686,333	US$27.5m	0%	7.79%
1.04%	Northern Trust Global Investments	653,359	US$26.2m	15.4%	no data
1.03%	Qube Research & Technologies Ltd	650,399	US$26.1m	3.61%	0.04%
0.98%	Bridgeway Capital Management, LLC	619,249	US$24.8m	-1.02%	0.31%
0.87%	Public Employees' Retirement Association of Colorado	546,322	US$21.9m	0%	0.07%
0.83%	First Merchants Bank	525,158	US$21.1m	-1.79%	1.31%
0.78%	JP Morgan Asset Management	489,730	US$19.6m	-0.84%	no data
0.69%	Manulife Asset Management	433,049	US$17.4m	-0.97%	0.01%
0.64%	Two Sigma Investments, LP	405,552	US$16.3m	521%	0.01%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/21 11:25
End of Day Share Price	2026/05/21 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Merchants Corporation is covered by 8 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kevin Reevey	D.A. Davidson & Co.
Brendan Nosal	Hovde Group, LLC
Damon DelMonte	Keefe, Bruyette, & Woods