Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

FIRST MERCHANTS CORP (FRME)

263 + Investors. Track Smart Money conviction in FRME. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +1
Streak
9Q ▲
Buyers last Q
52%

Smart Money Signals — FRME

Based on 261 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 9 quarters in a row

last 6Q
For 9 consecutive quarters, more hedge funds added FRME than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
261 hedge funds hold FRME right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +12% more funds vs a year ago

fund count last 6Q
+27 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 52% buying

129 buying121 selling
Last quarter: 129 funds bought or added vs 121 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~32 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 39 → 37 → 30 → 32. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

69% of holders stayed for 2+ years

■ 69% conviction (2yr+) ■ 18% medium ■ 12% new
181 out of 261 hedge funds have held FRME for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰

Value +84% but shares only +35% — price-driven

Value
+83%
Shares
+35%
Last quarter: the total dollar value of institutional holdings rose +84%, but actual share count only changed +35%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📊

Peak discovery — momentum slowing

37 → 39 → 37 → 30 → 32 new funds/Q
New funds entering each quarter: 39 → 37 → 30 → 32. FRME is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Deep conviction — 74% of holders stayed 2+ years

■ 74% veterans ■ 11% 1-2yr ■ 16% new
Of 263 current holders: 194 (74%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 73% AUM from top-100 funds

73% from top-100 AUM funds
39 of 261 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in FRME. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.4
out of 10
Low Exit Risk
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — FRME

In 2025 Q4, 129 hedge funds were net buyers of FRME (32 opened a new position, 97 added to an existing one), while 121 reduced or exited (90 trimmed, 31 sold completely) — a 52% buyer ratio, indicating a slight buying edge. This marks 9 consecutive quarters of net institutional buying — a persistent conviction signal. 73% of total institutional value in FRME is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +1 funds (more new holders than closures). Total institutional holders: 261.

Hedge Fund Ownership: FRME

How many hedge funds hold FRME — quarterly history vs. share price
Quarterly hedge fund ownership of FRME vs. share price

Market Analysis: FRME

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FRME

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

39 top-rated funds 0 high-conviction
Consensus
7.0
/ 10
breadth
×
Elite
0.8
/ 10
conviction
Hedge Fund Positioning: FRME
2026 Q1 Stats Unlock in 5 days 263 + Investors

Track Smart Money conviction in FRME. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 263 260 1.15%
13F Shares 59M 44M 35.44%
Total Value $2.98B $1.62B 83.66%
New Positions 32 30 +2
Increased Positions 97 102 -5
Closed Positions 31 27 +4
Reduced Positions 91 76 +15
Total Calls 0 0 -
Total Puts 2 0 100%
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FRME

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

263 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in FRME. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of FRME — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 PL Capital Advisors, LLC 8.02% 686,333 $26.6M
2 Rosenthal | Henry Capital Advisors, Inc. 2.73% 72,064 $2.8M
3 Petiole USA ltd 2.55% 94,047 $3.6M
4 Round Hill Asset Management 1.48% 58,496 $2.3M
5 Phocas Financial Corp. 1.29% 212,220 $8.2M
6 LYNCH & ASSOCIATES/IN 0.95% 130,000 $5.0M
7 DENALI ADVISORS LLC 0.88% 205,200 $7.9M
8 FIRST MERCHANTS CORP 0.77% 525,158 $20.3M
9 SYSTEMATIC FINANCIAL MANAGEMENT LP 0.77% 861,995 $33.4M
10 BridgePort Financial Solutions, LLC 0.64% 58,107 $2.3M
11 Minerva Advisors LLC 0.59% 23,662 $916K
12 Watershed Asset Management, L.L.C. 0.45% 11,139 $431K
13 ADVISORY RESEARCH INC 0.32% 67,634 $2.6M
14 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.31% 396,222 $15.3M
15 DARK FOREST CAPITAL MANAGEMENT LP 0.30% 87,816 $3.4M
16 EJF Capital LP 0.30% 10,870 $421K
17 First Financial Bank - Trust Division 0.24% 75,779 $2.9M
18 Inspire Advisors, LLC 0.23% 71,916 $2.8M
19 BCGM Wealth Management, LLC 0.22% 22,693 $879K
20 Waterfront Wealth Inc. 0.20% 28,184 $1.1M
21 OneAscent Financial Services LLC 0.20% 95,331 $3.7M
22 Odyssean, LLC 0.19% 13,501 $523K
23 Intrepid Financial Planning Group LLC 0.19% 12,121 $469K
24 PEREGRINE CAPITAL MANAGEMENT LLC 0.17% 121,255 $4.7M
25 R Squared Ltd 0.17% 8,102 $314K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — FIRST MERCHANTS CORP (FRME)

What does the Smart Money Trend signal show for FRME?

Buying streak — 9 quarters in a row: For 9 consecutive quarters, more hedge funds added FRME than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for FRME?

Slight buying edge — 52% buying: Last quarter: 129 funds bought or added vs 121 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for FRME holders?

Elite ownership — 73% AUM from top-100 funds: 39 of 261 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in FRME. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held FRME?

69% of holders stayed for 2+ years: 181 out of 261 hedge funds have held FRME for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.