First Merchants Corporation

FRME and FRMEP • NASDAQ

First Merchants Corporation is a banks - regional company in the financial services sector on NASDAQ, led by Mark K. Hardwick, with a market cap of $2.2B. As of Q3 2025, 76% of shares are held by 276 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.51%.

Chief Executive OfficerMark K. Hardwick

Market Cap$2.2B

Banks - Regional

Financial Services

Employees2.2K

Websitefirstmerchants.com

Country

United States of America

Overview

Overview of institutional ownership in FRME and FRMEP as of Q3 2025 with a market cap of $2.2B

All Institutions

Institutions: 276
Value Held: $1.7B
Shares Held: 44.2M
Avg Position: $6.0M
Median Position: $627.1K

Hedge Funds

Hedge Funds: 33
Value Held: $89.0M
Shares Held: 2.4M
Avg Position: $2.7M
Median Position: $716.8K

Ownership Breakdown

Institutional (non-HF)

72.41%

$1.6B

Hedge Funds

4.08%

$89.0M

Retail & Other

23.51%

$512.3M

Based on market cap of $2.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FRME and FRMEP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$229.2M 0.00% of portfolio	10.51% 6.1M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$172.1M 0.00% of portfolio	7.90% 4.6M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$127.5M 0.03% of portfolio	5.85% 3.4M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
EARNEST PARTNERS LLC Long Only Manager	Paul Ernest Viera CEO	$92.2M 0.40% of portfolio	4.23% 2.4M shares	Q2 2019 Held for 6y 5m	$23.1B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$77.5M 0.00% of portfolio	3.55% 2.1M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$53.9M 0.00% of portfolio	2.47% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
C Capital International Investors Institution	-	$50.8M 0.01% of portfolio	2.33% 1.3M shares	Q4 2024 Held for 11 months	$615.90B
N Nuveen, LLC Institution	-	$36.0M 0.01% of portfolio	1.65% 954.0K shares	Q1 2025 Held for 8 months	$377.89B
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	David Craig Brown CEO	$35.7M 0.02% of portfolio	1.64% 947.5K shares	Q2 2015 Held for 10y 5m	$158.22B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$35.5M 0.01% of portfolio	1.63% 941.7K shares	≤ Q2 2013 Held for 12y 5m+	$691.34B

Net Capital Flow

Institutional buying and selling activity for FRME and FRMEP in Q3 2025

Traded: +$6.9M
Buyers: 138
Sellers: 101
Total Bought: +$111.3M
Total Sold: −$104.4M
Avg Position: $5.5M

Biggest Buyers

Institution	Net Bought	Current Position
C Capital International Investors Institution	+$19.9M +527.5K shares	$50.8M 1.3M shares
FJ Capital Management LLC Hedge Fund•Long/Short	+$11.1M +294.7K shares	$11.1M 294.7K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	+$8.7M +230.2K shares	$12.1M 321.6K shares
P ProShare Advisors LLC Institution	+$5.6M +147.7K shares	$12.2M 323.2K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.5M +144.8K shares	$8.8M 233.3K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.5M +144.7K shares	$11.6M 308.4K shares
Q Qube Research & Technologies Ltd Institution	+$5.0M +131.5K shares	$14.8M 393.4K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$4.5M +118.5K shares	$31.8M 843.2K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$2.8M +73.7K shares	$35.7M 947.5K shares
BridgePort Financial Solutions, LLC RIA/Wealth	+$2.1M +55.8K shares	$2.1M 55.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
A AMERICAN CENTURY COMPANIES INC Institution	−$20.3M −538.7K shares	$22.2M 588.7K shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	−$12.8M −331.2K shares	Sold Off 0 shares
S STRS OHIO Institution	−$6.0M −159.8K shares	$886.0K 23.5K shares
FIRST TRUST ADVISORS LP ETF Provider	−$5.4M −144.0K shares	$23.5M 622.3K shares
EARNEST PARTNERS LLC Long Only Manager	−$4.8M −126.0K shares	$92.2M 2.4M shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	−$4.2M −112.5K shares	$1.8M 47.0K shares
VANGUARD GROUP INC Institution	−$4.1M −107.7K shares	$229.2M 6.1M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$3.7M −97.8K shares	$2.2M 57.6K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$3.2M −84.2K shares	$4.1M 108.4K shares
C CI Private Wealth, LLC RIA/Wealth	−$2.2M −59.3K shares	$726.7K 19.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FRME and FRMEP in Q3 2025

New Positions: 14
New Value: $3.3M
Exited Positions: 24
Exited Value: $24.4M

New Positions

Institution	Position Value
BridgePort Financial Solutions, LLC RIA/Wealth	$2.1M 55.8K shares
Semanteon Capital Management, LP Hedge Fund•Long/Short	$407.4K 10.8K shares
T TWINBEECH CAPITAL LP Hedge Fund•Quant	$328.1K 8.7K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$285.4K 7.6K shares
S State of Alaska, Department of Revenue Institution	$92.2K 2.4K shares
GGM Financials LLC RIA/Wealth	$63.7K 1.7K shares
JPL Wealth Management, LLC RIA/Wealth	$13.2K 350.0 shares
O Optiver Holding B.V. Institution	$12.4K 330.0 shares
R Root Financial Partners, LLC RIA/Wealth	$6.2K 164.0 shares
Stone House Investment Management, LLC RIA/Wealth	$2.1K 56.0 shares

Exited Positions

Institution	Previous Position
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	$12.8M 331.2K shares
Marshall Wace LLP Institution	$2.2M 56.7K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$2.1M 54.9K shares
Aurora Investment Counsel RIA/Wealth	$1.3M 32.7K shares
C CIBC World Markets Inc. Institution	$1.1M 29.6K shares
W WESBANCO BANK INC Institution	$809.7K 21.1K shares
B Brevan Howard Capital Management LP Institution	$544.9K 14.2K shares
I INCEPTIONR LLC Hedge Fund•Quant	$496.6K 13.0K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$462.7K 12.1K shares
D DRW Securities, LLC Institution	$376.8K 9.8K shares

Options Activity

Institutions with the largest Call and Put options positions in FRME and FRMEP as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FRME and FRMEP as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
PL Capital Advisors, LLC Hedge Fund•Activist	Richard J Lashley Managing Partner	9.04% $25.9M	1.19% 686.3K shares	Q4 2013 Held for 11y 11m	$286.3M
John W. Rosenthal Capital Management, Inc. Hedge Fund•Long/Short	John William Rosenthal CEO	2.69% $2.7M	0.12% 72.1K shares	Q4 2022 Held for 2y 11m	$100.8M
P Petiole USA ltd Institution	-	2.45% $3.5M	0.16% 94.0K shares	Q1 2022 Held for 3y 8m	$144.8M
FIRST MERCHANTS CORP Institution	Mark K. Hardwick CEO	1.39% $20.3M	0.93% 539.8K shares	≤ Q2 2013 Held for 12y 5m+	$1.5B
Phocas Financial Corp. Long Only Manager	William Franz Kim Schaff CEO	1.33% $10.3M	0.47% 272.1K shares	Q2 2019 Held for 6y 5m	$771.4M
M MENDON CAPITAL ADVISORS CORP Hedge Fund•Sector	Anton Villars Schutz President	1.27% $2.8M	0.13% 75.0K shares	Q1 2025 Held for 8 months	$221.8M
FJ Capital Management LLC Hedge Fund•Long/Short	Martin Saul Friedman Founder	1.11% $11.1M	0.51% 294.7K shares	Q3 2025 Held for 2 months	$999.9M
DENALI ADVISORS LLC Long Only Manager	Robert Guenther Snigaroff CIO	0.77% $6.8M	0.31% 180.6K shares	Q2 2023 Held for 2y 5m	$885.1M
SYSTEMATIC FINANCIAL MANAGEMENT LP Long Only Manager	Kenneth Burgess CIO	0.70% $28.7M	1.32% 762.0K shares	≤ Q2 2013 Held for 12y 5m+	$4.1B
E EJF Capital LLC Institution	-	0.64% $1.1M	0.05% 29.7K shares	Q1 2022 Held for 3y 8m	$174.8M

Hedge Fund Spotlight

Discover hedge funds investing in FRME and FRMEP

Point72 Asset Management, L.P.

Hedge Fund • Multi-Strategy

Portfolio ManagerSteven Alan Cohen

Portfolio Value: $43.2B
Positions: 1,279
Last Reported: Q3 2025

Sector Allocation

Position in First Merchants Corporation

FRME and FRMEP

Market Value: $419.8K
Shares Held: 11.3K
Portfolio Weight: 0.00%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.4B	3.13%
2 Microsoft MSFT	Software - Infrastructure Technology	$1.3B	3.10%
3 Arista Networks ANET	Computer Hardware Technology	$803.1M	1.86%