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 ($17.1m this quarter). Holder counts are more reliable. Shares outstanding: 62.8m as of 2026-07-27, 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 ≈ $43.67.
Trends to Q2 2026
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 |
| Q3 2025 | 282 |
| Q4 2025 | 282 |
| Q1 2026 | 300 |
| Q2 2026 | 307 |
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 2024 | 117 | 89 |
| Q4 2024 | 116 | 108 |
| Q1 2025 | 116 | 106 |
| Q2 2025 | 125 | 116 |
| Q3 2025 | 134 | 105 |
| Q4 2025 | 126 | 120 |
| Q1 2026 | 174 | 101 |
| Q2 2026 | 158 | 109 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $0 | $0 | — |
| Q4 2025 | $0 | $749.6k | — |
| Q1 2026 | $805.6k | $236.3k | 0.29 |
| Q2 2026 | $0 | $0 | — |
Biggest buyers
| BlackRock, Inc. | Added | +425.4k |
| STATE STREET CORP | Added | +311.5k |
| Edgestream Partners, L.P. | Added | +163.4k |
| AQR CAPITAL MANAGEMENT LLC | Added | +161.5k |
| JPMORGAN CHASE & CO | Added | +109.9k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +97.2k |
| MARSHALL WACE, LLP | Added | +95.1k |
| DIMENSIONAL FUND ADVISORS LP | Added | +93.8k |
| ExodusPoint Capital Management, LP | New | +81.6k |
| Verition Fund Management LLC | New | +74.5k |
Biggest sellers
| GOLDMAN SACHS GROUP INC | Reduced | -440.1k |
| Bank of New York Mellon Corp | Reduced | -344.1k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -310.6k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -167.4k |
| JANE STREET GROUP, LLC | Sold out | -138.0k |
| ALLIANCEBERNSTEIN L.P. | Reduced | -98.2k |
| EARNEST PARTNERS LLC | Reduced | -81.6k |
| Point72 Asset Management, L.P. | Reduced | -69.4k |
| UBS Group AG | Reduced | -57.0k |
| SEI INVESTMENTS CO | Reduced | -54.8k |
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 since 1 Apr 2026
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 |
|---|---|---|---|---|---|
| Q4 2024 | 1 | $165 | 2 | $1.5m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 1 | $202.2k | — |
| Q1 2026 | 0 | — | 3 | $518.6k | — |
| Q2 2026 | 0 | — | 1 | $835.0k | — |
| Q3 2026 | 0 | — | 1 | $176.3k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-08-19 | FLUHLER STEPHAN Chief Information Officer | Sold | $176.3k4.1k shares |
| 2026-06-12 | Myers Larry W Director | Sold | $420.0k10.0k shares |
| 2026-06-11 | Myers Larry W Director | Sold | $415.0k10.0k shares |
| 2026-05-05 | Myers Larry W First Vice President, director | Sold | $170 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 5.3m $232.6m | Added +425.4k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 3.7m $161.2m | Added +93.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio | 3.4m $148.7m | Added +43.8k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 2.7m $118.9m | Reduced -9.9k |
| STATE STREET CORP 0.00% of their portfolio | 2.6m $111.5m | Added +311.5k |
| EARNEST PARTNERS LLC 0.34% of their portfolio | 2.2m $95.0m | Reduced -81.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.7m $73.0m | Added +97.2k |
| Nuveen, LLC 0.01% of their portfolio | 1.1m $46.3m | Added +15.6k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 1.0m $45.6m | Added +47.7k |
| SYSTEMATIC FINANCIAL MANAGEMENT LP 0.74% of their portfolio | 850.4k $37.2m | Reduced -11.6k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 776.1k $33.9m | Added +50.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 711.9k $31.1m | Reduced -7.5k |
| FJ Capital Management LLC 4.03% of their portfolio | 711.4k $31.1m | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 697.1k $30.5m | Reduced -440.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 696.6k $30.4m | Reduced -310.6k |
| PL Capital Advisors, LLC 8.34% of their portfolio | 686.3k $30.0m | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 684.0k $29.9m | Added +30.6k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 648.8k $28.3m | Reduced -1.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 639.6k $27.9m | Added +109.9k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.08% of their portfolio | 622.4k $27.2m | Reduced -167.4k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 566.5k $24.7m | Added +161.5k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.08% of their portfolio | 546.3k $23.9m | Unchanged |
| FIRST MERCHANTS CORP 0.80% of their portfolio | 522.0k $22.8m | Reduced -3.2k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 470.4k $20.6m | Added +64.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 432.3k $18.9m | Reduced -708 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.33% of their portfolio | 429.6k $18.8m | Added +33.4k |
| FMR LLC 0.00% of their portfolio | 421.0k $18.4m | Added +50.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 415.6k $18.2m | Reduced -344.1k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 410.2k $17.9m | Added +11.1k |
| Fisher Asset Management, LLC 0.00% of their portfolio | 367.0k $16.0m | Added +18.1k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 344.5k $15.1m | Reduced -4.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 339.1k $14.8m | Reduced -5.6k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 337.9k $14.8m | Added +9.9k |
| MetLife Investment Management, LLC 0.06% of their portfolio | 320.3k $14.0m | Added +4.4k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 318.6k $13.9m | Reduced -10.3k |
| GLENMEDE TRUST CO NA 0.06% of their portfolio | 296.4k $13.0m | Added +58.2k |
| Empowered Funds, LLC 0.06% of their portfolio | 277.9k $12.1m | Added +54.9k |
| MORGAN STANLEY 0.00% of their portfolio | 213.6k $9.3m | Reduced -13.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 206.0k $9.0m | Reduced -37.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 204.3k $7.9m | Reduced -98.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 202.8k $8.9m | Added +28.2k |
| Phocas Financial Corp. 1.22% of their portfolio | 201.6k $8.8m | Reduced -10.6k |
| DENALI ADVISORS LLC 0.86% of their portfolio | 194.5k $8.5m | Reduced -10.7k |
| Edgestream Partners, L.P. 0.24% of their portfolio | 185.7k $8.1m | Added +163.4k |
| ProShare Advisors LLC 0.01% of their portfolio | 170.1k $7.4m | Reduced -4.0k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 159.4k $7.0m | Added +95.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 151.4k $6.6m | Reduced -50.2k |
| Creative Planning 0.00% of their portfolio | 145.2k $6.3m | Added +41.9k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 140.3k $6.1m | Reduced -14.9k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 134.6k $5.9m | Added +64.2k |
| LYNCH & ASSOCIATES/IN 0.99% of their portfolio | 130.0k $5.7m | Unchanged |
| Swiss National Bank 0.00% of their portfolio | 127.2k $5.6m | Added +3.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 124.5k $5.4m | Reduced -241 |
| GREAT LAKES ADVISORS, LLC 0.04% of their portfolio | 116.1k $5.1m | Added +7.4k |
| Numerai GP LLC 0.41% of their portfolio | 115.3k $5.0m | Added +22.6k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 114.5k $5.0m | Added +2.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 111.7k $4.9m | Reduced -2.7k |
| NORDEA INVESTMENT MANAGEMENT AB 0.00% of their portfolio | 111.7k $4.8m | Reduced -5.7k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.16% of their portfolio | 111.5k $4.9m | Reduced -9.8k |
| OneAscent Financial Services LLC 0.20% of their portfolio | 97.8k $4.3m | Added +2.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 96.7k $4.2m | Reduced -8.0k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 96.5k $4.2m | Added +6.7k |
| Petiole USA ltd 2.95% of their portfolio | 94.0k $4.1m | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 93.6k $4.1m | Added +12.2k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 92.9k $4.1m | Reduced -54.8k |
| Mariner, LLC 0.00% of their portfolio | 91.2k $4.0m | Added +13.2k |
| CITIGROUP INC 0.00% of their portfolio | 90.3k $3.9m | Added +13.2k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.02% of their portfolio | 89.5k $3.9m | Reduced -15.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 88.8k $3.9m | Added +4.7k |
| Invesco Ltd. 0.00% of their portfolio | 83.3k $3.6m | Reduced -1.2k |
| ExodusPoint Capital Management, LP 0.03% of their portfolio | 81.6k $3.6m | New |
| Cerity Partners LLC 0.00% of their portfolio | 80.1k $3.5m | Added +1.9k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 78.6k $3.4m | Reduced -5.3k |
| Curi Capital, LLC 0.05% of their portfolio | 78.3k $3.4m | Reduced -20.0k |
| FIRST FINANCIAL BANK - TRUST DIVISION 0.24% of their portfolio | 75.8k $3.3m | Unchanged |
| MENDON CAPITAL ADVISORS CORP 1.16% of their portfolio | 75.0k $3.3m | Reduced -22.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 74.9k $3.3m | Added +4.5k |
| UBS Group AG 0.00% of their portfolio | 74.8k $3.3m | Reduced -57.0k |
| Verition Fund Management LLC 0.02% of their portfolio | 74.5k $3.3m | New |
| DARK FOREST CAPITAL MANAGEMENT LP 0.20% of their portfolio | 72.2k $3.2m | Reduced -15.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 71.2k $3.1m | Added +381 |
| Schonfeld Strategic Advisors LLC 0.02% of their portfolio | 69.7k $3.0m | Added +61.3k |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.16% of their portfolio | 69.1k $3.0m | Added +11.6k |
| IEQ CAPITAL, LLC 0.01% of their portfolio | 68.0k $3.0m | Added +17.1k |
| Inspire Advisors, LLC 0.21% of their portfolio | 67.9k $3.0m | Reduced -4.0k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 67.9k $3.0m | Added +58.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 67.3k $2.9m | Added +7.6k |
| ADVISORY RESEARCH INC 0.28% of their portfolio | 65.3k $2.9m | Reduced -2.3k |
| Atom Investors LP 0.25% of their portfolio | 64.2k $2.8m | Added +4.8k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 63.6k $2.8m | Added +29.3k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 63.2k $2.8m | Added +8.9k |
| BridgePort Financial Solutions, LLC 0.65% of their portfolio | 58.1k $2.5m | Reduced -38 |
| Y-Intercept (Hong Kong) Ltd 0.05% of their portfolio | 57.3k $2.5m | Reduced -26.8k |
| XTX Topco Ltd 0.03% of their portfolio | 56.9k $2.5m | Added +42.5k |
| Quantinno Capital Management LP 0.00% of their portfolio | 55.7k $2.4m | Added +26.0k |
| Round Hill Asset Management 1.53% of their portfolio | 54.5k $2.4m | Reduced -4.0k |
| Legal & General Group Plc 0.00% of their portfolio | 53.8k $2.3m | Added +6.6k |
| HRT FINANCIAL LP 0.01% of their portfolio | 52.1k $2.3m | Reduced -15.1k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.04% of their portfolio | 51.6k $2.3m | Reduced -1.9k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 49.2k $2.1m | Added +15.3k |