Vault-13

FIRST MERCHANTS CORP FRME

COM · Common Stock · CUSIP 320817109

Bank headquartered in East Central Indiana

279 institutional holders +5 vs Q1 2025
43,928,09943.9m shares reported held*
76.1% of all shares outstanding*
$1.7bnreported value*
34 new 91 added 89 reduced 27 sold out net sold ≈ $8.3m (-216.5k shares)

* 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

0100200300Q3 22: 220Q4 22: 231Q1 23: 211Q2 23: 211Q3 23: 213Q4 23: 229Q1 24: 233Q2 24: 231Q3 24: 243Q4 24: 254Q1 25: 274Q2 25: 279279Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022220
Q4 2022231
Q1 2023211
Q2 2023211
Q3 2023213
Q4 2023229
Q1 2024233
Q2 2024231
Q3 2024243
Q4 2024254
Q1 2025274
Q2 2025279

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 106 bought or addedQ3 23: 84 cut or sold outQ4 23: 103 bought or addedQ4 23: 101 cut or sold outQ4 23Q1 24: 91 bought or addedQ1 24: 109 cut or sold outQ2 24: 110 bought or addedQ2 24: 97 cut or sold outQ2 24Q3 24: 117 bought or addedQ3 24: 89 cut or sold outQ4 24: 116 bought or addedQ4 24: 108 cut or sold outQ4 24Q1 25: 116 bought or addedQ1 25: 106 cut or sold outQ2 25: 125 bought or addedQ2 25: 116 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202310684
Q4 2023103101
Q1 202491109
Q2 202411097
Q3 202411789
Q4 2024116108
Q1 2025116106
Q2 2025125116

Biggest buyers

Nuveen, LLC Added +310,233+310.2k
Qube Research & Technologies Ltd Added +164,664+164.7k
Edgestream Partners, L.P. New +159,491+159.5k
MILLENNIUM MANAGEMENT LLC Added +78,625+78.6k
Inspire Advisors, LLC New +71,779+71.8k
D. E. Shaw & Co., Inc. New +63,496+63.5k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +59,778+59.8k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP New +58,011+58.0k
MARSHALL WACE, LLP Added +50,912+50.9k
UBS Group AG Added +46,406+46.4k

Biggest sellers

FIRST TRUST ADVISORS LP Reduced -315,076-315.1k
BlackRock, Inc. Reduced -178,797-178.8k
SCHRODER INVESTMENT MANAGEMENT GROUP Reduced -133,493-133.5k
SEI INVESTMENTS CO Reduced -101,431-101.4k
OneAscent Financial Services LLC Reduced -100,882-100.9k
Cubist Systematic Strategies, LLC Reduced -76,004-76.0k
MetLife Investment Management, LLC Reduced -62,089-62.1k
NORGES BANK Reduced -60,097-60.1k
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Reduced -59,782-59.8k
JPMORGAN CHASE & CO Reduced -57,963-58.0k

Biggest calls

Biggest puts

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.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-10-17 7.6% 4.4m≈ $192.6m 2025-10-17
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.4% new 3.4m≈ $148.9m 2026-04-29
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.0% new 3.2m≈ $139.8m 2026-04-29

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)

BuyingSelling
202Q3 23: 1 buyingQ3 23: 0 sellingQ4 23: 1 buyingQ4 23: 1 sellingQ4 23Q1 24: 1 buyingQ1 24: 1 sellingQ2 24: 0 buyingQ2 24: 1 sellingQ2 24Q3 24: 0 buyingQ3 24: 1 sellingQ4 24: 1 buyingQ4 24: 2 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20231$14.7k0——
Q4 20231$50.2k1$370.5k—
Q1 20241$1.1k1$327.6k—
Q2 20240—1$778.2k—
Q3 20240—1$475.9k—
Q4 20241$1652$1.5m—
Q1 20250—0——
Q2 20250—0——

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 6,186,2076.2m $236.9m $236.9m 0.00% Reduced -51.9k -51,924
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,609,2634.6m $176.5m $176.5m 0.00% Reduced -178.8k -178,797
3 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 3,405,6153.4m $130.4m $130.4m 0.03% Reduced -34.2k -34,243
4 EARNEST PARTNERS LLC 0.44% of their portfolio ATLANTA, GA 2,571,9172.6m $98.5m $98.5m 0.44% Added +9.7k +9,733
5 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 2,005,6252.0m $76.8m $76.8m 0.00% Added +6.9k +6,924
6 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,430,2891.4m $54.8m $54.8m 0.00% Added +976 +976
7 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 1,127,4231.1m $43.2m $43.2m 0.02% Added +28.0k +27,965
8 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 926,422926.4k $35.5m $35.5m 0.01% Reduced -42.7k -42,734
9 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 916,637916.6k $35.1m $35.1m 0.01% Added +310.2k +310,233
10 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 873,773873.8k $33.5m $33.5m 0.02% Added +18.6k +18,641
11 Capital International Investors 0.01% of their portfolio Los Angeles, CA 818,755818.8k $31.4m $31.4m 0.01% Unchanged
12 FIRST TRUST ADVISORS LP 0.02% of their portfolio Wheaton, IL 766,252766.3k $29.3m $29.3m 0.02% Reduced -315.1k -315,076
13 SYSTEMATIC FINANCIAL MANAGEMENT LP 0.78% of their portfolio TEANECK, NJ 760,551760.6k $29.1m $29.1m 0.78% Added +15.1k +15,143
14 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 758,138758.1k $29.0m $29.0m 0.02% Reduced -12.9k -12,919
15 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio CHICAGO, IL 724,679724.7k $27.8m $27.8m 0.07% Reduced -59.8k -59,782
16 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 693,422693.4k $26.6m $26.6m 0.00% Reduced -18.4k -18,418
17 PL Capital Advisors, LLC 8.77% of their portfolio NAPLES, FL 686,333686.3k $26.3m $26.3m 8.77% Unchanged
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 678,165678.2k $26.0m $26.0m 0.00% Reduced -58.0k -57,963
19 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 677,269677.3k $25.9m $25.9m 0.00% Reduced -13.6k -13,566
20 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 569,915569.9k $21.8m $21.8m 0.00% Reduced -29.2k -29,193
21 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.08% of their portfolio DENVER, CO 546,322546.3k $20.9m $20.9m 0.08% Unchanged
22 FIRST MERCHANTS CORP 0.80% of their portfolio Muncie, IN 539,726539.7k $20.7m $20.7m 0.80% Reduced -2.9k -2,884
23 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 461,315461.3k $17.7m $17.7m 0.02% Reduced -11.7k -11,659
24 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 459,479459.5k $17.6m $17.6m 0.01% Reduced -17.7k -17,728
25 Fisher Asset Management, LLC 0.01% of their portfolio PLANO, TX 441,788441.8k $16.9m $16.9m 0.01% Reduced -54.5k -54,489
26 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.36% of their portfolio HOUSTON, TX 397,123397.1k $15.2m $15.2m 0.36% Added +28.1k +28,068
27 Ceredex Value Advisors LLC 0.28% of their portfolio WINTER PARK, FL 345,600345.6k $13.2m $13.2m 0.28% Added +4.8k +4,800
28 SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio London, X0 331,163331.2k $12.8m $12.8m 0.01% Reduced -133.5k -133,493
29 Glenmede Investment Management, LP 0.06% of their portfolio PHILADELPHIA, PA 302,302302.3k $11.6m $11.6m 0.06% First filing
30 MetLife Investment Management, LLC 0.06% of their portfolio Whippany, NJ 272,504272.5k $10.4m $10.4m 0.06% Reduced -62.1k -62,089
31 Phocas Financial Corp. 1.47% of their portfolio ALAMEDA, CA 266,578266.6k $10.2m $10.2m 1.47% Added +40 +40
32 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 261,904261.9k $10.0m $10.0m 0.01% Added +164.7k +164,664
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 246,148246.1k $9.4m $9.4m 0.00% Reduced -12.9k -12,933
34 Empowered Funds, LLC 0.10% of their portfolio NEWTOWN SQUARE, PA 223,342223.3k $8.6m $8.6m 0.10% Added +28.1k +28,131
35 FMR LLC 0.00% of their portfolio BOSTON, MA 219,928219.9k $8.4m $8.4m 0.00% Reduced -2.7k -2,678
36 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 209,544209.5k $8.0m $8.0m 0.00% Added +7.4k +7,398
37 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 207,239207.2k $7.9m $7.9m 0.00% Added +9.6k +9,551
38 OBERWEIS ASSET MANAGEMENT INC/ 0.33% of their portfolio LISLE, IL 196,000196.0k $7.5m $7.5m 0.33% Added +17.6k +17,600
39 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 192,563192.6k $7.4m $7.4m 0.00% Added +59.8k +59,778
40 STRS OHIO 0.03% of their portfolio COLUMBUS, OH 183,252183.3k $7.0m $7.0m 0.03% Added +1.7k +1,700
41 ProShare Advisors LLC 0.01% of their portfolio BETHESDA, MD 175,476175.5k $6.7m $6.7m 0.01% Reduced -8.5k -8,527
42 DENALI ADVISORS LLC 0.70% of their portfolio SAN DIEGO, CA 174,384174.4k $6.7m $6.7m 0.70% Added +14.0k +14,005
43 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 170,185170.2k $6.5m $6.5m 0.00% Reduced -6.7k -6,737
44 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 163,691163.7k $6.3m $6.3m 0.01% Added +45.0k +45,041
45 Edgestream Partners, L.P. 0.17% of their portfolio Princeton, NJ 159,491159.5k $6.1m $6.1m 0.17% New
46 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 155,383155.4k $6.0m $6.0m 0.01% Added +9.8k +9,810
47 UBS Group AG 0.00% of their portfolio ZURICH, V8 154,359154.4k $5.9m $5.9m 0.00% Added +46.4k +46,406
48 OneAscent Financial Services LLC 0.40% of their portfolio BIRMINGHAM, AL 146,142146.1k $5.6m $5.6m 0.40% Reduced -100.9k -100,882
49 PEREGRINE CAPITAL MANAGEMENT LLC 0.16% of their portfolio MINNEAPOLIS, MN 139,883139.9k $5.4m $5.4m 0.16% Reduced -4.7k -4,681
50 NORDEA INVESTMENT MANAGEMENT AB 0.00% of their portfolio STOCKHOLM, V7 135,789135.8k $5.2m $5.2m 0.00% Added +462 +462
51 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 131,416131.4k $5.0m $5.0m 0.00% Added +41.1k +41,104
52 Cubist Systematic Strategies, LLC 0.05% of their portfolio STAMFORD, CT 126,051126.1k $4.8m $4.8m 0.05% Reduced -76.0k -76,004
53 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 116,588116.6k $4.5m $4.5m 0.00% Reduced -19.9k -19,867
54 DARK FOREST CAPITAL MANAGEMENT LP 0.17% of their portfolio NEW YORK, NY 113,040113.0k $4.3m $4.3m 0.17% Reduced -27.4k -27,398
55 MENDON CAPITAL ADVISORS CORP 2.08% of their portfolio KEY LARGO, FL 112,250112.2k $4.3m $4.3m 2.08% Reduced -18.9k -18,875
56 Swiss National Bank 0.00% of their portfolio ZURICH, V8 111,762111.8k $4.3m $4.3m 0.00% Reduced -1.9k -1,900
57 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 111,605111.6k $4.3m $4.3m 0.00% Reduced -101.4k -101,431
58 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 111,178111.2k $4.3m $4.3m 0.00% Reduced -22.9k -22,851
59 GREAT LAKES ADVISORS, LLC 0.03% of their portfolio CHICAGO, IL 108,524108.5k $4.2m $4.2m 0.03% Reduced -3.6k -3,601
60 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 105,063105.1k $4.0m $4.0m 0.01% Added +3.7k +3,700
61 Curi Capital, LLC 0.07% of their portfolio CHICAGO, IL 100,475100.5k $3.8m $3.8m 0.07% Reduced -24.5k -24,525
62 Petiole USA ltd 2.55% of their portfolio New York, NY 94,04794.0k $3.6m $3.6m 2.55% Unchanged
63 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 92,80992.8k $3.6m $3.6m 0.00% Added +3.0k +3,017
64 Trexquant Investment LP 0.04% of their portfolio STAMFORD, CT 91,51791.5k $3.5m $3.5m 0.04% Reduced -16.1k -16,073
65 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 91,35891.4k $3.5m $3.5m 0.01% Added +9.4k +9,370
66 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 90,72090.7k $3.5m $3.5m 0.01% Reduced -17.1k -17,139
67 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 88,43188.4k $3.4m $3.4m 0.00% Added +78.6k +78,625
68 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 78,55878.6k $3.0m $3.0m 0.00% Reduced -51 -51
69 FIRST FINANCIAL BANK - TRUST DIVISION 0.26% of their portfolio HAMILTON, OH 75,77975.8k $2.9m $2.9m 0.26% Unchanged
70 ADVISORY RESEARCH INC 0.44% of their portfolio CHICAGO, IL 75,43875.4k $2.9m $2.9m 0.44% Reduced -3.9k -3,870
71 Rosenthal | Henry Capital Advisors, Inc. 2.79% of their portfolio MISHAWAKA, IN 72,30572.3k $2.8m $2.8m 2.79% Reduced -1.2k -1,235
72 Inspire Advisors, LLC 0.29% of their portfolio Meridian, ID 71,77971.8k $2.7m $2.7m 0.29% New
73 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 68,15768.2k $2.6m $2.6m 0.00% Unchanged
74 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 67,74867.7k $2.6m $2.6m 0.00% Added +1.0k +1,008
75 Legal & General Group Plc 0.00% of their portfolio London, X0 64,35064.3k $2.5m $2.5m 0.00% Added +499 +499
76 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 63,72663.7k $2.4m $2.4m 0.00% Added +3.3k +3,260
77 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 63,49663.5k $2.4m $2.4m 0.00% New
78 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 61,26761.3k $2.3m $2.3m 0.01% Reduced -106 -106
79 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 58,01158.0k $2.2m $2.2m 0.00% New
80 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 56,65456.7k $2.2m $2.2m 0.00% Added +50.9k +50,912
81 Mariner, LLC 0.00% of their portfolio Overland Park, KS 56,56856.6k $2.2m $2.2m 0.00% Reduced -3.0k -2,996
82 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 55,24355.2k $2.1m $2.1m 0.00% Added +9.1k +9,097
83 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 54,92254.9k $2.1m $2.1m 0.00% Reduced -11.3k -11,337
84 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 54,05854.1k $2.1m $2.1m 0.00% Added +417 +417
85 AlphaQuest LLC 0.20% of their portfolio New York, NY 52,81652.8k $2.0m $2.0m 0.20% Added +42.9k +42,870
86 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 51,32251.3k $2.0m $2.0m 0.00% Reduced -226 -226
87 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 48,93248.9k $1.9m $1.9m 0.00% Added +6.5k +6,478
88 TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio STAMFORD, CT 44,57044.6k $1.7m $1.7m 0.01% New
89 Rafferty Asset Management, LLC 0.01% of their portfolio New York, NY 43,10643.1k $1.7m $1.7m 0.01% Added +7.5k +7,518
90 Y-Intercept (Hong Kong) Ltd 0.04% of their portfolio HONG KONG, K3 41,97042.0k $1.6m $1.6m 0.04% New
91 NORGES BANK 0.00% of their portfolio OSLO, Q8 41,42541.4k $1.6m $1.6m 0.00% Reduced -60.1k -60,097
92 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 41,13141.1k $1.6m $1.6m 0.00% Reduced -4.8k -4,762
93 OPPENHEIMER ASSET MANAGEMENT INC. 0.02% of their portfolio NEW YORK, NY 40,45940.5k $1.5m $1.5m 0.02% Reduced -829 -829
94 GUGGENHEIM CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 40,42340.4k $1.5m $1.5m 0.01% Added +10.8k +10,842
95 Brandywine Global Investment Management, LLC 0.01% of their portfolio PHILADELPHIA, PA 40,26140.3k $1.5m $1.5m 0.01% Reduced -1.5k -1,499
96 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 36,06536.1k $1.4m $1.4m 0.00% Added +7.5k +7,491
97 TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio AUSTIN, TX 36,01236.0k $1.4m $1.4m 0.01% Reduced -2.4k -2,447
98 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 34,62934.6k $1.3m $1.3m 0.01% Reduced -5.9k -5,901
99 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 33,47433.5k $1.3m $1.3m 0.00% Added +6.9k +6,900
100 OLD NATIONAL BANCORP /IN/ 0.02% of their portfolio EVANSVILLE, IN 33,11533.1k $1.3m $1.3m 0.02% Unchanged