First Merchants Stock Insiders
| FRME Stock | USD 40.71 0.16 0.39% |
First Merchants' ownership page maps who actually holds First Merchants -- institutions, insiders, and the wider shareholder base. Institutions own 71.6% of First Merchants and insiders hold 2.06%. Concentrated holder bases can amplify both stability and liquidity effects.
| Mark Hardwick CEO CEO & Director |
| Michael Stewart President President |
Insider Sentiment
SellingBuying
0 · Aggressively Selling
First Merchants' insiders appear positioned to sell. Overall insider positioning in First Merchants stock suggests all insiders are strongly bearish at this time.
Latest Trades
| 2026-02-26 | Larry W Myers | Disposed 5000 @ 41.5 | View | ||
| 2026-02-06 | Eva D Scurlock | Disposed 3227 @ 42.29 | View |
Tracking insider sentiment in First Merchants reveals whether internal behavior is reinforcing or weakening the broader thesis. In practice, insider trading analysis complements fundamental analysis and technical analysis rather than replacing either one.
First Merchants |
First Merchants' Workforce Through the Years
Employee-history analysis for First Merchants reveals whether the business is expanding capacity, defending margins, or adjusting to softer demand. Reported staffing levels near about 2,090 employees reflect the current operating footprint and warrant comparison with broader business results. Reported workforce figures may vary across disclosures and time periods; aggregated or historical datasets can reflect different figures depending on reporting scope and methodology.Macro event markers
Management Team Effectiveness
FRME has return on total asset (ROA) of 1.01% consistent with positive asset efficiency. This is below what is typical for the industry. First Merchants also reports a return on stockholder's equity (ROE) of 7.95%, a positive signal for capital allocation.Based on figures reported as of December 31, 2025, Common Stock Shares Outstanding is broadly unchanged at 57.73 million.
Stock Institutional Investors
At mid-cap scale, institutional coverage and secondary-market liquidity are typically well established. At First Merchants's scale, fund flows and index rebalancing drive most of the daily volume. Shares outstanding are near 63.02 million. Whether the institutional base is growing or shrinking quarter over quarter matters more than the current snapshot.
| Shares | Bank Of New York Mellon Corp | 2025-12-31 | 764.1 K | William Blair Investment Management, Llc | 2025-12-31 | 763.9 K | First Trust Advisors L.p. | 2025-12-31 | 715.5 K | Pl Capital Advisors, Llc | 2025-12-31 | 686.3 K | Charles Schwab Investment Management Inc | 2025-12-31 | 681.9 K | Fj Capital Management Llc | 2025-12-31 | 633.7 K | Qube Research & Technologies | 2025-12-31 | 627.8 K | Jpmorgan Chase & Co | 2025-12-31 | 605.4 K | Northern Trust Corp | 2025-12-31 | 566.4 K | Vanguard Group Inc | 2025-12-31 | 6 M | Blackrock Inc | 2025-12-31 | 4.6 M |
Insider Trading Activities
Insider disclosures for First Merchants show how people closest to the business are behaving as market expectations change. U.S. insider activity is disclosed through Form 4 filings, enabling analysis of transaction timing, clustering, and scale.
Outstanding Bonds
First Merchants may use bonds as part of its capital structure to fund operations, refinance liabilities, or support acquisitions and other long-duration investments. Longer-dated obligations can improve financing stability, but they also leave investors more exposed if the underlying business weakens before the debt matures.
Corporate Filings
10Q | 1st of May 2026 Quarterly performance report mandated by Securities and Exchange Commission (SEC), to be filed by publicly traded corporations | |
13A | 29th of April 2026 The form used by investors holding more than 5% of a company's stock, to report their beneficial ownership pursuant to Rule 13d-1 or Rule 13d-2 under the Securities Exchange Act of 1934 | |
8K | 22nd of April 2026 Report filed with the SEC to announce major events that shareholders should know about | |
8K | 16th of April 2026 Report filed with the SEC to announce major events that shareholders should know about | |
| 3rd of April 2026 Other Reports | ||
F4 | 2nd of April 2026 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | |
13A | 26th of March 2026 An amended filing to the original Schedule 13G | |
F4 | 24th of March 2026 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities |
Shares in Circulation | First Issued 1987-03-31 | Previous Quarter 57.44 million | Current Value 61.01 million | Average Shares Outstanding 26.29 million | Quarterly Volatility 17.92 million |
Macro event markers
Holders Distribution
For First Merchants, institutional participation can be supportive or destabilizing depending on whether large holders are building conviction or reducing exposure. The analytical value is not in imitation, but in understanding how large-holder positioning may affect liquidity, volatility, and timing.
Market Cap and Value
Workforce Comparison
First Merchants holds the #5 position for number of employees relative to top peers. The total workforce of Financials industry is currently estimated at about 21,321. First Merchants holds roughly 2,086 in number of employees claiming about 10% of equities under Financials sector.
Profit Margins
FRME has Profit Margin (PM) of 31.0%. Similarly, it shows Operating Margin (OM) of 23.0%.| Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Gross Profit Margin | 53.00% | 60.96% |
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| Net Profit Margin | 14.00% | 21.52% |
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| Operating Profit Margin | 18.00% | 24.67% |
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| Pretax Profit Margin | 18.00% | 24.67% |
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| Return On Assets | 1.16% | 1.19% |
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| Return On Equity | 10.00% | 9.16% |
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Insider Trading History
The buy-sell ratio in First Merchants' insider history separates pay-related activity from trades based on conviction. At mid-cap scale, institutional coverage and secondary-market liquidity are typically well established. Larger blocks and clustered timing carry more weight than isolated trades.
| Buy/Sell Ratio | # Purchases Trades | # Sales Trades | Total Shares Purchased | Total Shares Sold | |
|---|---|---|---|---|---|
| 2026-03-01 | 1.4545 | 16 | 11 | 18,390 | 38,680 |
| 2025-12-01 | 5.0 | 15 | 3 | 7,056 | 10,456 |
| 2025-09-01 | 3.0 | 24 | 8 | 85,898 | 20,741 |
| 2025-03-01 | 15.0 | 15 | 1 | 7,193 | 3.00 |
| 2024-12-01 | 2.4286 | 17 | 7 | 7,766 | 45,933 |
| 2024-09-01 | 2.6667 | 24 | 9 | 77,609 | 26,797 |
| 2024-06-01 | 3.0 | 21 | 7 | 37,047 | 52,372 |
| 2024-03-01 | 10.5 | 21 | 2 | 12,175 | 13,097 |
| 2023-12-01 | 6.25 | 25 | 4 | 20,151 | 19,185 |
| 2023-09-01 | 3.8 | 38 | 10 | 89,011 | 31,979 |
| 2023-06-01 | 25.0 | 25 | 1 | 36,751 | 1,500 |
| 2023-03-01 | 4.2 | 21 | 5 | 16,147 | 7,465 |
| 2022-12-01 | 4.4 | 22 | 5 | 6,366 | 42,897 |
| 2022-09-01 | 3.75 | 30 | 8 | 57,381 | 23,764 |
| 2022-06-01 | 3.4 | 17 | 5 | 6,260 | 14,930 |
| 2021-12-01 | 17.0 | 17 | 1 | 5,274 | 3,155 |
| 2021-09-01 | 3.2222 | 29 | 9 | 42,388 | 26,563 |
| 2021-06-01 | 13.0 | 26 | 2 | 9,674 | 9,190 |
| 2021-03-01 | 3.3636 | 37 | 11 | 36,890 | 31,562 |
| 2020-12-01 | 10.5 | 21 | 2 | 5,592 | 2,908 |
| 2020-09-01 | 4.2857 | 30 | 7 | 63,196 | 18,917 |
| 2020-06-01 | 4.0 | 28 | 7 | 24,237 | 20,823 |
| 2019-12-01 | 3.2857 | 23 | 7 | 4,567 | 27,503 |
| 2019-09-01 | 6.8 | 34 | 5 | 60,410 | 13,673 |
| 2019-06-01 | 4.0 | 24 | 6 | 10,636 | 11,032 |
| 2019-03-01 | 1.1667 | 14 | 12 | 797.66 | 46,446 |
| 2018-12-01 | 7.0 | 14 | 2 | 2,784 | 2,000 |
| 2018-09-01 | 5.8333 | 35 | 6 | 53,187 | 77,383 |
| 2018-06-01 | 2.4444 | 22 | 9 | 7,204 | 11,904 |
| 2018-03-01 | 2.2 | 22 | 10 | 10,142 | 34,118 |
| 2017-12-01 | 2.75 | 22 | 8 | 10,784 | 11,933 |
| 2017-09-01 | 6.5 | 26 | 4 | 50,458 | 3,999 |
| 2017-06-01 | 10.5 | 21 | 2 | 5,330 | 2,378 |
| 2017-03-01 | 1.25 | 30 | 24 | 39,914 | 72,985 |
| 2016-12-01 | 1.6667 | 25 | 15 | 54,304 | 109,047 |
| 2016-09-01 | 2.6667 | 24 | 9 | 10,384 | 13,500 |
| 2016-06-01 | 4.1667 | 25 | 6 | 10,501 | 8,357 |
| 2016-03-01 | 2.4615 | 32 | 13 | 57,531 | 27,966 |
| 2015-12-01 | 23.0 | 23 | 1 | 14,099 | 2,223 |
| 2015-09-01 | 4.0 | 24 | 6 | 29,967 | 39,269 |
| 2015-03-01 | 2.7273 | 30 | 11 | 56,000 | 38,168 |
| 2014-12-01 | 20.0 | 20 | 1 | 4,760 | 900.00 |
| 2014-06-01 | 3.8571 | 27 | 7 | 9,719 | 9,551 |
| 2014-03-01 | 3.3333 | 30 | 9 | 57,631 | 53,255 |
| 2013-12-01 | 2.4444 | 22 | 9 | 7,189 | 18,499 |
| 2013-09-01 | 29.0 | 29 | 1 | 20,054 | 2,332 |
| 2013-06-01 | 8.0 | 24 | 3 | 8,658 | 15,800 |
| 2013-03-01 | 4.6667 | 42 | 9 | 63,683 | 16,094 |
| 2012-12-01 | 7.6667 | 23 | 3 | 6,374 | 3,598 |
| 2012-03-01 | 3.1 | 31 | 10 | 89,701 | 7,418 |
| 2011-09-01 | 8.75 | 35 | 4 | 27,597 | 4,150 |
| 2011-03-01 | 4.875 | 39 | 8 | 122,083 | 25,235 |
| 2010-09-01 | 24.0 | 24 | 1 | 27,009 | 694.84 |
| 2010-03-01 | 6.0 | 24 | 4 | 67,354 | 7,729 |
| 2009-09-01 | 26.0 | 26 | 1 | 24,964 | 0.00 |
| 2009-06-01 | 8.0 | 16 | 2 | 13,206 | 0.00 |
| 2009-03-01 | 4.625 | 37 | 8 | 99,723 | 6,766 |
| 2008-12-01 | 5.0 | 15 | 3 | 9,044 | 1,628 |
| 2008-03-01 | 2.8333 | 34 | 12 | 83,819 | 7,918 |
| 2007-12-01 | 0.5 | 6 | 12 | 2,646 | 4,325 |
| 2007-09-01 | 10.5 | 21 | 2 | 23,292 | 9,278 |
| 2007-06-01 | 1.1667 | 7 | 6 | 5,144 | 4,646 |
| 2007-03-01 | 0.7917 | 19 | 24 | 51,671 | 15,030 |
| 2006-09-01 | 3.0 | 9 | 3 | 14,465 | 10,785 |
| 2006-06-01 | 4.0 | 4 | 1 | 2,549 | 1,041 |
| 2006-03-01 | 1.1852 | 32 | 27 | 68,559 | 19,053 |
| 2005-12-01 | 0.1333 | 4 | 30 | 14,314 | 100,511 |
| 2005-09-01 | 5.75 | 23 | 4 | 82,884 | 3,182 |
| 2005-06-01 | 3.0 | 9 | 3 | 5,756 | 2,326 |
| 2005-03-01 | 0.8947 | 17 | 19 | 23,542 | 27,447 |
| 2004-12-01 | 0.2 | 3 | 15 | 5,297 | 49,058 |
| 2004-09-01 | 2.75 | 22 | 8 | 84,529 | 4,402 |
| 2004-06-01 | 2.2 | 11 | 5 | 26,665 | 26,124 |
| 2004-03-01 | 1.2308 | 16 | 13 | 7,989 | 19,167 |
| 2003-12-01 | 0.2857 | 2 | 7 | 3,158 | 5,563 |
| 2003-09-01 | 1.7143 | 24 | 14 | 68,839 | 33,180 |
| 2003-06-01 | 1.0 | 1 | 1 | 0.00 | 150.00 |
Notable Stakeholders
Stakeholders matter for First Merchants because not every influential participant is a shareholder acting with the same objective or time horizon. Connecting stakeholder presence with management behavior, governance patterns, and changes in the operating story adds depth to the analysis.
| Mark Hardwick | CEO & Director | Profile | |
| Michael Stewart | President | Profile | |
| Michele Kawiecki | Executive VP, CFO & Principal Accounting Officer | Profile | |
| John Martin | Executive VP & Chief Credit Officer | Profile | |
| Joseph Peterson | Executive VP & Chief Commercial Officer | Profile | |
| Stephan Fluhler | Senior VP & CIO | Profile | |
| Nicole Weaver | VP & Director of Corporate Administration | Profile | |
| Michael Rechin | Advisor & Vice Chair | Profile | |
| Marcos Nogues | Chief Investment Officer | Profile | |
| Karen Evens | VP Marketing | Profile | |
| Brian Hunt | Secretary & Legal Counsel | Profile |
Management Information & Data Sources
First Merchants is a mid-cap company across Regional Banks, Banks - Regional, Financial Services. Leadership tenure and executive continuity help assess whether strategic vision is being maintained across cycles. Leadership stability across market cycles increases confidence in long-range planning and execution. CEO is Mark CPA with 2,086 employees and 11 reported executives.
Reported values for First Merchants are derived from periodic company reporting and market reference feeds and standardized for analysis. Analyst inputs may be included when coverage is available. Insider and management fields are mapped from published filings and company disclosures.
Editorial review and methodology oversight provided by: Rifka Kats, Member of Macroaxis Editorial Board
Workforce Efficiency and Productivity
Workforce efficiency at First Merchants measures execution quality, especially when comparing similar businesses in the same industry. This is most informative when seeking to connect operating scale with efficiency rather than reviewing headcount in isolation.
First Merchants Manpower Efficiency
Return on First Merchants Manpower
| Revenue Per Employee | 503.5K | |
| Revenue Per Executive | 95.5M | |
| Net Income Per Employee | 108.3K | |
| Net Income Per Executive | 20.5M |
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