FIRST MERCHANTS CORP FRME
COM · Common Stock · CUSIP 320817109
Bank headquartered in East Central Indiana
- SectorFinancials
- IndustryNational Commercial Banks
- HeadquartersMuncie, IN
- Websitefirstmerchants.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($10.7m this quarter). Holder counts are more reliable. Shares outstanding: 57.7m as of 2025-07-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $38.31. Options: 1 managers hold calls ($0 notional), 1 hold puts ($0).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 220 |
| Q4 2022 | 231 |
| Q1 2023 | 211 |
| Q2 2023 | 211 |
| Q3 2023 | 213 |
| Q4 2023 | 229 |
| Q1 2024 | 233 |
| Q2 2024 | 231 |
| Q3 2024 | 243 |
| Q4 2024 | 254 |
| Q1 2025 | 274 |
| Q2 2025 | 279 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 106 | 84 |
| Q4 2023 | 103 | 101 |
| Q1 2024 | 91 | 109 |
| Q2 2024 | 110 | 97 |
| Q3 2024 | 117 | 89 |
| Q4 2024 | 116 | 108 |
| Q1 2025 | 116 | 106 |
| Q2 2025 | 125 | 116 |
Biggest buyers
| Nuveen, LLC | Added | +310.2k |
| Qube Research & Technologies Ltd | Added | +164.7k |
| Edgestream Partners, L.P. | New | +159.5k |
| MILLENNIUM MANAGEMENT LLC | Added | +78.6k |
| Inspire Advisors, LLC | New | +71.8k |
| D. E. Shaw & Co., Inc. | New | +63.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +59.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +58.0k |
| MARSHALL WACE, LLP | Added | +50.9k |
| UBS Group AG | Added | +46.4k |
Biggest sellers
| FIRST TRUST ADVISORS LP | Reduced | -315.1k |
| BlackRock, Inc. | Reduced | -178.8k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Reduced | -133.5k |
| SEI INVESTMENTS CO | Reduced | -101.4k |
| OneAscent Financial Services LLC | Reduced | -100.9k |
| Cubist Systematic Strategies, LLC | Reduced | -76.0k |
| MetLife Investment Management, LLC | Reduced | -62.1k |
| NORGES BANK | Reduced | -60.1k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -59.8k |
| JPMORGAN CHASE & CO | Reduced | -58.0k |
Biggest calls
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-10-17 | 7.6% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.0% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 1 | $14.7k | 0 | — | — |
| Q4 2023 | 1 | $50.2k | 1 | $370.5k | — |
| Q1 2024 | 1 | $1.1k | 1 | $327.6k | — |
| Q2 2024 | 0 | — | 1 | $778.2k | — |
| Q3 2024 | 0 | — | 1 | $475.9k | — |
| Q4 2024 | 1 | $165 | 2 | $1.5m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.00% of their portfolio | 6.2m $236.9m | Reduced -51.9k |
| BlackRock, Inc. 0.00% of their portfolio | 4.6m $176.5m | Reduced -178.8k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 3.4m $130.4m | Reduced -34.2k |
| EARNEST PARTNERS LLC 0.44% of their portfolio | 2.6m $98.5m | Added +9.7k |
| STATE STREET CORP 0.00% of their portfolio | 2.0m $76.8m | Added +6.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.4m $54.8m | Added +976 |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 1.1m $43.2m | Added +28.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 926.4k $35.5m | Reduced -42.7k |
| Nuveen, LLC 0.01% of their portfolio | 916.6k $35.1m | Added +310.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 873.8k $33.5m | Added +18.6k |
| Capital International Investors 0.01% of their portfolio | 818.8k $31.4m | Unchanged |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 766.3k $29.3m | Reduced -315.1k |
| SYSTEMATIC FINANCIAL MANAGEMENT LP 0.78% of their portfolio | 760.6k $29.1m | Added +15.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 758.1k $29.0m | Reduced -12.9k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio | 724.7k $27.8m | Reduced -59.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 693.4k $26.6m | Reduced -18.4k |
| PL Capital Advisors, LLC 8.77% of their portfolio | 686.3k $26.3m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 678.2k $26.0m | Reduced -58.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 677.3k $25.9m | Reduced -13.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 569.9k $21.8m | Reduced -29.2k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.08% of their portfolio | 546.3k $20.9m | Unchanged |
| FIRST MERCHANTS CORP 0.80% of their portfolio | 539.7k $20.7m | Reduced -2.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 461.3k $17.7m | Reduced -11.7k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 459.5k $17.6m | Reduced -17.7k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 441.8k $16.9m | Reduced -54.5k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.36% of their portfolio | 397.1k $15.2m | Added +28.1k |
| Ceredex Value Advisors LLC 0.28% of their portfolio | 345.6k $13.2m | Added +4.8k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 331.2k $12.8m | Reduced -133.5k |
| Glenmede Investment Management, LP 0.06% of their portfolio | 302.3k $11.6m | First filing |
| MetLife Investment Management, LLC 0.06% of their portfolio | 272.5k $10.4m | Reduced -62.1k |
| Phocas Financial Corp. 1.47% of their portfolio | 266.6k $10.2m | Added +40 |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 261.9k $10.0m | Added +164.7k |
| MORGAN STANLEY 0.00% of their portfolio | 246.1k $9.4m | Reduced -12.9k |
| Empowered Funds, LLC 0.10% of their portfolio | 223.3k $8.6m | Added +28.1k |
| FMR LLC 0.00% of their portfolio | 219.9k $8.4m | Reduced -2.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 209.5k $8.0m | Added +7.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 207.2k $7.9m | Added +9.6k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.33% of their portfolio | 196.0k $7.5m | Added +17.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 192.6k $7.4m | Added +59.8k |
| STRS OHIO 0.03% of their portfolio | 183.3k $7.0m | Added +1.7k |
| ProShare Advisors LLC 0.01% of their portfolio | 175.5k $6.7m | Reduced -8.5k |
| DENALI ADVISORS LLC 0.70% of their portfolio | 174.4k $6.7m | Added +14.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 170.2k $6.5m | Reduced -6.7k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 163.7k $6.3m | Added +45.0k |
| Edgestream Partners, L.P. 0.17% of their portfolio | 159.5k $6.1m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 155.4k $6.0m | Added +9.8k |
| UBS Group AG 0.00% of their portfolio | 154.4k $5.9m | Added +46.4k |
| OneAscent Financial Services LLC 0.40% of their portfolio | 146.1k $5.6m | Reduced -100.9k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.16% of their portfolio | 139.9k $5.4m | Reduced -4.7k |
| NORDEA INVESTMENT MANAGEMENT AB 0.00% of their portfolio | 135.8k $5.2m | Added +462 |
| BARCLAYS PLC 0.00% of their portfolio | 131.4k $5.0m | Added +41.1k |
| Cubist Systematic Strategies, LLC 0.05% of their portfolio | 126.1k $4.8m | Reduced -76.0k |
| Invesco Ltd. 0.00% of their portfolio | 116.6k $4.5m | Reduced -19.9k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.17% of their portfolio | 113.0k $4.3m | Reduced -27.4k |
| MENDON CAPITAL ADVISORS CORP 2.08% of their portfolio | 112.2k $4.3m | Reduced -18.9k |
| Swiss National Bank 0.00% of their portfolio | 111.8k $4.3m | Reduced -1.9k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 111.6k $4.3m | Reduced -101.4k |
| CITIGROUP INC 0.00% of their portfolio | 111.2k $4.3m | Reduced -22.9k |
| GREAT LAKES ADVISORS, LLC 0.03% of their portfolio | 108.5k $4.2m | Reduced -3.6k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 105.1k $4.0m | Added +3.7k |
| Curi Capital, LLC 0.07% of their portfolio | 100.5k $3.8m | Reduced -24.5k |
| Petiole USA ltd 2.55% of their portfolio | 94.0k $3.6m | Unchanged |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 92.8k $3.6m | Added +3.0k |
| Trexquant Investment LP 0.04% of their portfolio | 91.5k $3.5m | Reduced -16.1k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 91.4k $3.5m | Added +9.4k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 90.7k $3.5m | Reduced -17.1k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 88.4k $3.4m | Added +78.6k |
| Corient Private Wealth LP 0.00% of their portfolio | 78.6k $3.0m | Reduced -51 |
| FIRST FINANCIAL BANK - TRUST DIVISION 0.26% of their portfolio | 75.8k $2.9m | Unchanged |
| ADVISORY RESEARCH INC 0.44% of their portfolio | 75.4k $2.9m | Reduced -3.9k |
| Rosenthal | Henry Capital Advisors, Inc. 2.79% of their portfolio | 72.3k $2.8m | Reduced -1.2k |
| Inspire Advisors, LLC 0.29% of their portfolio | 71.8k $2.7m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 68.2k $2.6m | Unchanged |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 67.7k $2.6m | Added +1.0k |
| Legal & General Group Plc 0.00% of their portfolio | 64.3k $2.5m | Added +499 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 63.7k $2.4m | Added +3.3k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 63.5k $2.4m | New |
| Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio | 61.3k $2.3m | Reduced -106 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 58.0k $2.2m | New |
| MARSHALL WACE, LLP 0.00% of their portfolio | 56.7k $2.2m | Added +50.9k |
| Mariner, LLC 0.00% of their portfolio | 56.6k $2.2m | Reduced -3.0k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 55.2k $2.1m | Added +9.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 54.9k $2.1m | Reduced -11.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 54.1k $2.1m | Added +417 |
| AlphaQuest LLC 0.20% of their portfolio | 52.8k $2.0m | Added +42.9k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 51.3k $2.0m | Reduced -226 |
| Creative Planning 0.00% of their portfolio | 48.9k $1.9m | Added +6.5k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 44.6k $1.7m | New |
| Rafferty Asset Management, LLC 0.01% of their portfolio | 43.1k $1.7m | Added +7.5k |
| Y-Intercept (Hong Kong) Ltd 0.04% of their portfolio | 42.0k $1.6m | New |
| NORGES BANK 0.00% of their portfolio | 41.4k $1.6m | Reduced -60.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 41.1k $1.6m | Reduced -4.8k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.02% of their portfolio | 40.5k $1.5m | Reduced -829 |
| GUGGENHEIM CAPITAL LLC 0.01% of their portfolio | 40.4k $1.5m | Added +10.8k |
| Brandywine Global Investment Management, LLC 0.01% of their portfolio | 40.3k $1.5m | Reduced -1.5k |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 36.1k $1.4m | Added +7.5k |
| TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio | 36.0k $1.4m | Reduced -2.4k |
| Sanctuary Advisors, LLC 0.01% of their portfolio | 34.6k $1.3m | Reduced -5.9k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 33.5k $1.3m | Added +6.9k |
| OLD NATIONAL BANCORP /IN/ 0.02% of their portfolio | 33.1k $1.3m | Unchanged |