First Merchants (FRME) Stock Forecast, Price Target & Predictions
FRME Stock Forecast
First Merchants stock forecast is as follows: an average price target of $47.50 (represents a 30.49% upside from FRME’s last price of $36.40) and a rating consensus of 'Buy', based on 3 wall street analysts offering a 1-year stock forecast.
FRME Price Target
The average price target for First Merchants (FRME) is $47.50 based on 1-year price targets from 3 Wall Street analysts in the past 3 months, with a price target range of $50.00 to $45.00. This represents a potential 30.49% upside from FRME's last price of $36.40.
FRME Analyst Ratings
According to 3 Wall Street analysts, First Merchants's rating consensus is 'Buy'. The analyst rating breakdown for FRME stock is 0 'Strong Buy' (0.00%), 3 'Buy' (100.00%), 0 'Hold' (0.00%), 0 'Sell' (0.00%), and 0 'Strong Sell' (0.00%).
First Merchants Price Target by Analyst
| Date | Analyst | Company | Price Target | Price when Published | Price Target/Price when Published | Price Target/Last Closing Price |
|---|---|---|---|---|---|---|
| Jul 29, 2024 | Nathan Race | Piper Sandler | $50.00 | $40.78 | 22.61% | 37.36% |
| Jul 26, 2024 | Terry McEvoy | Stephens | $45.00 | $41.69 | 7.94% | 23.63% |
| Apr 29, 2024 | Nathan Race | Piper Sandler | $42.50 | $34.52 | 23.12% | 16.76% |
The latest First Merchants stock forecast, released on Jul 29, 2024 by Nathan Race from Piper Sandler, set a price target of $50.00, which represents a 22.61% increase from the stock price at the time of the forecast ($40.78), and a 37.36% increase from FRME last price ($36.40).
First Merchants Price Target by Period
| 1M | 3M | 12M | |
|---|---|---|---|
| # Anlaysts | - | 2 | 3 |
| Avg Price Target | - | $47.50 | $45.83 |
| Last Closing Price | $36.40 | $36.40 | $36.40 |
| Upside/Downside | -100.00% | 30.49% | 25.91% |
In the current month, the average price target of First Merchants stock is -, according to 0 Wall Street analyst offering twelve months forecast. The average price target represents a -100.00% decrease as opposed to First Merchants's last price of $36.40. This month's average price target is down -100.00% compared to last quarter, and down -100.00% compared to last year.
Analyst Ratings Upgrades/Downgrades
| Date | Company | Previous Rating | New Rating | Rating Change |
|---|---|---|---|---|
| Aug 28, 2024 | Stephens | Outperform | Outperform | Hold |
| Aug 28, 2024 | Piper Sandler | Underperform | Underperform | Hold |
| Aug 07, 2024 | Stephens | Overweight | Equal-Weight | Downgrade |
| Jul 29, 2024 | Keefe, Bruyette & Woods | Outperform | Outperform | Hold |
| Jul 29, 2024 | Piper Sandler | Overweight | Overweight | Hold |
| Jul 26, 2024 | Stephens | Overweight | Overweight | Hold |
| Apr 29, 2024 | Piper Sandler | Overweight | Overweight | Hold |
| Apr 26, 2023 | Raymond James | Outperform | Outperform | Hold |
First Merchants's last stock rating was published by Stephens on Aug 28, 2024. The company gave FRME a "Outperform" rating, the same as its previous rate.
First Merchants Financial Forecast
First Merchants Revenue Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Mar 18 | Mar 17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | $261.84M | $161.22M | $164.15M | $169.12M | $173.11M | $6.58M | $156.94M | $18.64M | $127.12M | $133.22M | $135.15M | $124.52M | $129.79M | $119.08M | $119.50M | $123.68M | $121.83M | $111.05M | $106.89M | $103.58M | $99.48M | $75.84M |
| Avg Forecast | $172.62M | $171.58M | $168.40M | $165.13M | $166.45M | $166.68M | $160.56M | $162.70M | $165.48M | $167.07M | $173.00M | $178.58M | $179.08M | $171.98M | $155.34M | $133.50M | $136.45M | $133.82M | $131.79M | $129.90M | $123.39M | $121.94M | $120.28M | $120.96M | $122.70M | $112.59M | $109.37M | $109.04M | $95.47M | $70.39M |
| High Forecast | $173.57M | $172.52M | $169.33M | $166.04M | $167.37M | $167.46M | $161.45M | $163.60M | $166.00M | $169.45M | $173.96M | $179.57M | $180.07M | $172.93M | $156.14M | $134.18M | $137.14M | $134.50M | $132.46M | $130.57M | $124.02M | $122.56M | $120.89M | $121.58M | $123.33M | $113.16M | $109.92M | $109.60M | $114.56M | $84.46M |
| Low Forecast | $170.36M | $169.33M | $166.20M | $162.97M | $164.27M | $165.90M | $158.46M | $160.57M | $164.96M | $164.70M | $170.74M | $176.25M | $176.74M | $169.73M | $153.95M | $132.31M | $135.23M | $132.62M | $130.61M | $128.74M | $122.29M | $120.85M | $119.20M | $119.88M | $121.60M | $111.58M | $108.39M | $108.06M | $76.37M | $56.31M |
| # Analysts | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 8 | 16 |
| Surprise % | - | - | - | - | - | - | - | - | 1.58% | 0.97% | 0.95% | 0.95% | 0.97% | 0.04% | 1.01% | 0.14% | 0.93% | 1.00% | 1.03% | 0.96% | 1.05% | 0.98% | 0.99% | 1.02% | 0.99% | 0.99% | 0.98% | 0.95% | 1.04% | 1.08% |
First Merchants's average Quarter revenue forecast for Mar 24 based on 1 analysts is $162.70M, with a low forecast of $160.57M, and a high forecast of $163.60M. FRME's average Quarter revenue forecast represents a -37.86% decrease compared to the company's last Quarter revenue of $261.84M (Dec 23).
First Merchants EBITDA Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Mar 18 | Mar 17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 8 | 16 |
| EBITDA | - | - | - | - | - | - | - | - | $2.18M | $67.55M | $73.74M | $139.87M | $127.74M | $102.24M | $57.66M | $65.78M | $66.02M | $73.31M | $77.56M | $70.56M | $66.48M | $57.91M | $56.61M | $66.36M | $87.01M | $74.65M | $78.34M | $71.91M | $59.21M | $39.43M |
| Avg Forecast | $63.74M | $63.36M | $62.19M | $60.97M | $61.46M | $61.55M | $59.29M | $87.32M | $61.11M | $61.69M | $63.88M | $79.39M | $66.13M | $86.69M | $57.36M | $62.76M | $50.39M | $49.41M | $48.67M | $56.63M | $45.57M | $45.03M | $44.41M | $66.36M | $45.31M | $41.57M | $40.39M | $72.82M | $56.71M | $36.39M |
| High Forecast | $64.09M | $63.71M | $62.53M | $61.31M | $61.80M | $61.84M | $59.62M | $104.79M | $61.30M | $62.57M | $64.24M | $95.26M | $66.49M | $104.03M | $57.66M | $75.31M | $50.64M | $49.67M | $48.91M | $67.96M | $45.80M | $45.26M | $44.64M | $79.63M | $45.54M | $41.79M | $40.59M | $87.39M | $68.05M | $43.67M |
| Low Forecast | $62.91M | $62.53M | $61.37M | $60.18M | $60.66M | $61.26M | $58.51M | $69.86M | $60.91M | $60.82M | $63.05M | $63.51M | $65.26M | $69.35M | $56.85M | $50.20M | $49.93M | $48.97M | $48.23M | $45.31M | $45.16M | $44.63M | $44.02M | $53.09M | $44.90M | $41.20M | $40.02M | $58.26M | $45.36M | $29.11M |
| Surprise % | - | - | - | - | - | - | - | - | 0.04% | 1.09% | 1.15% | 1.76% | 1.93% | 1.18% | 1.01% | 1.05% | 1.31% | 1.48% | 1.59% | 1.25% | 1.46% | 1.29% | 1.27% | 1.00% | 1.92% | 1.80% | 1.94% | 0.99% | 1.04% | 1.08% |
1 analysts predict FRME's average Quarter EBITDA for Mar 24 to be $87.32M, with a high of $104.79M and a low of $69.86M. This is 3902.04% upper than First Merchants's previous annual EBITDA (Dec 23) of $2.18M.
First Merchants Net Income Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Mar 18 | Mar 17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 8 | 16 |
| Net Income | - | - | - | - | - | - | - | - | $42.48M | $56.37M | $60.86M | $64.08M | $70.76M | $63.75M | $38.99M | $48.59M | $47.73M | $52.77M | $55.56M | $49.47M | $45.13M | $36.21M | $32.99M | $34.26M | $47.83M | $36.76M | $41.06M | $38.82M | $36.68M | $23.19M |
| Avg Forecast | $54.24M | $53.85M | $52.57M | $50.90M | $51.68M | $53.46M | $46.19M | $64.50M | $50.56M | $55.82M | $60.05M | $58.64M | $68.71M | $62.40M | $48.88M | $46.35M | $54.83M | $53.95M | $54.05M | $39.71M | $39.08M | $37.02M | $27.56M | $34.26M | $48.93M | $44.96M | $47.68M | $39.31M | $35.13M | $21.41M |
| High Forecast | $54.63M | $54.24M | $52.95M | $51.26M | $52.05M | $54.63M | $46.52M | $77.40M | $50.92M | $57.60M | $60.48M | $70.36M | $69.21M | $74.88M | $49.20M | $55.62M | $55.20M | $54.31M | $54.40M | $47.65M | $39.34M | $37.26M | $27.75M | $41.12M | $49.25M | $45.26M | $47.99M | $47.17M | $42.16M | $25.69M |
| Low Forecast | $53.32M | $52.93M | $51.68M | $50.03M | $50.80M | $52.28M | $45.40M | $51.60M | $49.98M | $54.04M | $59.03M | $46.91M | $67.55M | $49.92M | $48.31M | $37.08M | $54.19M | $53.32M | $53.42M | $31.76M | $38.63M | $36.58M | $27.24M | $27.41M | $48.36M | $44.44M | $47.12M | $31.45M | $28.10M | $17.13M |
| Surprise % | - | - | - | - | - | - | - | - | 0.84% | 1.01% | 1.01% | 1.09% | 1.03% | 1.02% | 0.80% | 1.05% | 0.87% | 0.98% | 1.03% | 1.25% | 1.15% | 0.98% | 1.20% | 1.00% | 0.98% | 0.82% | 0.86% | 0.99% | 1.04% | 1.08% |
First Merchants's average Quarter net income forecast for Mar 24 is $64.50M, with a range of $51.60M to $77.40M. FRME's average Quarter net income forecast represents a 51.84% increase compared to the company's last Quarter net income of $42.48M (Dec 23).
First Merchants SG&A Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Mar 18 | Mar 17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 8 | 16 |
| SG&A | - | - | - | - | - | - | - | - | - | $60.92M | $58.59M | $60.16M | $57.78M | $61.23M | $60.38M | $45.45M | $51.07M | $51.60M | $50.03M | $45.83M | $49.28M | $45.85M | $42.16M | $46.80M | $45.76M | $44.35M | $40.40M | $38.81M | $37.13M | $29.75M |
| Avg Forecast | $56.54M | $56.20M | $55.16M | $54.08M | $54.52M | $54.59M | $52.59M | $977.05K | $54.20M | $54.72M | $56.66M | $888.23K | $58.65M | $61.02M | $50.88M | $702.16K | $44.69M | $43.83M | $43.16M | $36.78M | $40.41M | $39.94M | $39.39M | $46.80M | $40.19M | $36.87M | $35.82M | $39.30M | $35.56M | $27.46M |
| High Forecast | $56.85M | $56.51M | $55.46M | $54.38M | $54.82M | $54.85M | $52.88M | $1.17M | $54.37M | $55.50M | $56.98M | $1.07M | $58.98M | $73.22M | $51.14M | $842.59K | $44.92M | $44.05M | $43.39M | $44.14M | $40.62M | $40.14M | $39.60M | $56.15M | $40.39M | $37.06M | $36.00M | $47.16M | $42.67M | $32.95M |
| Low Forecast | $55.80M | $55.46M | $54.43M | $53.38M | $53.80M | $54.34M | $51.90M | $781.64K | $54.03M | $53.94M | $55.92M | $710.59K | $57.89M | $48.81M | $50.42M | $561.73K | $44.29M | $43.44M | $42.78M | $29.43M | $40.05M | $39.58M | $39.04M | $37.44M | $39.83M | $36.54M | $35.50M | $31.44M | $28.45M | $21.97M |
| Surprise % | - | - | - | - | - | - | - | - | - | 1.11% | 1.03% | 67.73% | 0.99% | 1.00% | 1.19% | 64.72% | 1.14% | 1.18% | 1.16% | 1.25% | 1.22% | 1.15% | 1.07% | 1.00% | 1.14% | 1.20% | 1.13% | 0.99% | 1.04% | 1.08% |
First Merchants's average Quarter SG&A projection for Dec 23 is $54.20M, based on 2 Wall Street analysts, with a range of $54.03M to $54.37M. The forecast indicates a -11.03% fall compared to FRME last annual SG&A of $60.92M (Sep 23).
First Merchants EPS Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Mar 18 | Mar 17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 8 | 16 |
| EPS | - | - | - | - | - | - | - | - | $0.71 | $0.95 | $1.02 | $1.07 | $1.20 | $1.08 | $0.64 | $0.91 | $0.89 | $0.98 | $1.03 | $0.92 | $0.83 | $0.67 | $0.62 | $0.63 | $0.87 | $0.71 | $0.83 | $0.79 | $0.75 | $0.57 |
| Avg Forecast | $0.92 | $0.91 | $0.89 | $0.86 | $0.88 | $0.91 | $0.78 | $0.82 | $0.86 | $0.94 | $1.02 | $1.14 | $1.16 | $1.09 | $0.83 | $0.87 | $0.93 | $0.91 | $0.92 | $0.78 | $0.66 | $0.63 | $0.47 | $0.61 | $0.83 | $0.76 | $0.81 | $0.79 | $0.68 | $0.48 |
| High Forecast | $0.92 | $0.92 | $0.90 | $0.87 | $0.88 | $0.92 | $0.79 | $0.83 | $0.86 | $0.98 | $1.02 | $1.15 | $1.17 | $1.10 | $0.83 | $0.88 | $0.93 | $0.92 | $0.92 | $0.78 | $0.67 | $0.63 | $0.47 | $0.62 | $0.83 | $0.77 | $0.81 | $0.79 | $0.82 | $0.58 |
| Low Forecast | $0.90 | $0.90 | $0.87 | $0.85 | $0.86 | $0.89 | $0.77 | $0.81 | $0.85 | $0.91 | $1.00 | $1.12 | $1.14 | $1.07 | $0.82 | $0.86 | $0.92 | $0.90 | $0.90 | $0.77 | $0.65 | $0.62 | $0.46 | $0.60 | $0.82 | $0.75 | $0.80 | $0.78 | $0.54 | $0.38 |
| Surprise % | - | - | - | - | - | - | - | - | 0.83% | 1.01% | 1.00% | 0.94% | 1.03% | 0.99% | 0.77% | 1.04% | 0.96% | 1.07% | 1.13% | 1.18% | 1.25% | 1.07% | 1.33% | 1.03% | 1.05% | 0.93% | 1.03% | 1.00% | 1.10% | 1.19% |
According to 1 Wall Street analysts, First Merchants's projected average Quarter EPS for Mar 24 is $0.82, with a low estimate of $0.81 and a high estimate of $0.83. This represents a 16.06% increase compared to FRME previous annual EPS of $0.71 (Dec 23).
First Merchants Peer Comparison by Price Target
| Ticker | Company | Last Closing Price | Avg Price Target | Upside/Downside | Avg Rating |
|---|---|---|---|---|---|
| HBNC | Horizon Bancorp | $15.48 | $20.50 | 32.43% | Buy |
| FRME | First Merchants | $36.40 | $47.50 | 30.49% | Buy |
| HTBI | HomeTrust Bancshares | $34.17 | $42.00 | 22.91% | Buy |
| NBHC | National Bank | $41.32 | $47.67 | 15.37% | Hold |
| GABC | German American Bancorp | $38.43 | $44.00 | 14.49% | Buy |
| IBCP | Independent Bank | $32.32 | $35.75 | 10.61% | Buy |
| FBNC | First Bancorp | $40.92 | $43.00 | 5.08% | Buy |
| FFNW | First Financial Northwest | $22.59 | $23.50 | 4.03% | Hold |
| FNWB | First Northwest Bancorp | $11.35 | $11.50 | 1.32% | Hold |
FRME Forecast FAQ
Is First Merchants a good buy?
Yes, according to 3 Wall Street analysts, First Merchants (FRME) is considered a 'Buy'. The rating consensus is based on 0 'Strong Buy' and 3 'Buy' recommendations, accounting for 100.00% of FRME's total ratings.
What is FRME's price target?
First Merchants (FRME) average price target is $47.5 with a range of $45 to $50, implying a 30.49% from its last price of $36.4. The data is based on 3 Wall Street analysts who provided a twelve-month price target estimate in the last three months.
Will First Merchants stock go up soon?
According to Wall Street analysts' prediction for FRME stock, the company can go up by 30.49% (from the last price of $36.4 to the average price target of $47.5), up by 37.36% based on the highest stock price target, and up by 23.63% based on the lowest stock price target.
Can First Merchants stock reach $50?
FRME's average twelve months analyst stock price target of $47.5 does not support the claim that First Merchants can reach $50 in the near future.
What are First Merchants's analysts' financial forecasts?
First Merchants's analysts financial forecasts for the fiscal year (Dec 2024) are as follows: average revenue is $656.39M (high $659.87M, low $649.2M), average EBITDA is $269.63M (high $288.04M, low $250.29M), average net income is $215.83M (high $230.61M, low $200.09M), average SG&A $162.67M (high $163.71M, low $160.82M), and average EPS is $3.39 (high $3.42, low $3.32). FRME's analysts financial forecasts for the fiscal year (Dec 2025) are as follows: average revenue is $677.72M (high $681.46M, low $668.86M), average EBITDA is $250.26M (high $251.64M, low $246.98M), average net income is $211.56M (high $213.08M, low $207.96M), average SG&A $221.97M (high $223.2M, low $219.07M), and average EPS is $3.58 (high $3.61, low $3.52).
Did the FRME's actual financial results beat the analysts' financial forecasts?
Based on First Merchants's last annual report (Dec 2023), the company's revenue was $996.17M, beating the average analysts forecast of $684.14M by 45.61%. Apple's EBITDA was $8.74M, missing the average prediction of $266.07M by -96.71%. The company's net income was $223.79M, missing the average estimation of $225.07M by -0.57%. Apple's SG&A was $0, missing the average forecast of $166.47M by -100.00%. Lastly, the company's EPS was $3.76, missing the average prediction of $3.96 by -4.99%. In terms of the last quarterly report (Dec 2023), First Merchants's revenue was $261.84M, beating the average analysts' forecast of $165.48M by 58.23%. The company's EBITDA was $2.18M, missing the average prediction of $61.11M by -96.43%. First Merchants's net income was $42.48M, missing the average estimation of $50.56M by -15.98%. The company's SG&A was $0, missing the average forecast of $54.2M by -100.00%. Lastly, the company's EPS was $0.71, missing the average prediction of $0.856 by -17.06%