First Merchants names new CEO. First Merchants stock sits 12.49 percent below high.
Published on 10/08/2026 at 19:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSKey points in brief
- First Merchants named Mike Stewart as president and CEO effective 2027 after Mark Hardwick's planned retirement.
- Second-quarter 2026 net income was USD 43.50 million, with earnings per diluted share of USD 0.70.
- The Lang & Schwarz price was EUR 35.40 on October 8, 2026, plus 0.85 percent versus the prior close.
- Raymond James upgraded First Merchants to Outperform and set a USD 46.00 price target on October 6, 2026.
First Merchants (ISIN US3208171096) stock was trading at EUR 35.40 at Lang & Schwarz on October 8, 2026 at 7:32 p.m. CEST, while its Nasdaq price of USD 39.67 stood 12.49 percent below the 52-week high. The bank named Mike Stewart as president and CEO effective 2027 after Mark Hardwick announced his retirement at the end of 2026 in an October 1, 2026 release from First Merchants.
Three dates shape the transition
On July 23, 2026, First Merchants reported second-quarter net income of USD 43.50 million and earnings per diluted share of USD 0.70, according to the Yahoo Finance transcript. On September 23, 2026, the company priced USD 100.00 million of subordinated notes due 2036, according to GlobeNewswire. On October 1, 2026, the leadership change became the latest milestone.
What does the succession change?
The transition gives Stewart, currently president, a defined route into the top role while Hardwick completes 2026 after 29 years with the bank. First Merchants had USD 21.30 billion of total assets as of June 30, 2026 and operated 126 banking centers, according to the company's investor-relations page.
The operating backdrop is mixed. In the second quarter of 2026, adjusted pre-tax, pre-provision earnings reached USD 84.60 million, up 7.50 percent from the first quarter, while net interest margin expanded to 3.38 percent, according to the Yahoo Finance transcript. Two commercial credits led to USD 29.70 million of specific reserves, making credit quality an important counterweight to the margin improvement.
Analyst target adds a second signal
Raymond James upgraded First Merchants from Market Perform to Outperform on October 6, 2026 and set a USD 46.00 price target, as reported by MarketBeat. The target sits above the USD 39.67 Nasdaq price, but the next earnings release is scheduled for October 21, 2026, with the conference call on October 22, 2026, according to First Merchants.
Next results arrive in October
First Merchants will report third-quarter 2026 results on October 21, 2026 and host its earnings call on October 22, 2026. For investors, the key test is whether the incoming leadership team can preserve the 3.38 percent margin while containing the credit costs that affected the second quarter.
Stock remains below its yearly high
At Lang & Schwarz, First Merchants stock was trading at EUR 35.40 on October 8, 2026 at 7:32 p.m. CEST, up 0.85 percent versus the prior close of EUR 35.10 on October 7, 2026. The Nasdaq quote was USD 39.67 at 1:34 p.m. ET on October 8, 2026, against a 52-week range of USD 34.66 to USD 45.33.
The further course of trading is shown by the continuously updated real-time quote of First Merchants stock.
First Merchants stock facts
- Company: First Merchants Corporation
- ISIN: US3208171096
- Ticker: FRME
- Primary exchange: Nasdaq
- Price Lang & Schwarz (as of October 8, 2026, 7:32 p.m. CEST): EUR 35.40
- Change versus prior close: plus 0.85 percent
- Prior close Lang & Schwarz (October 7, 2026): EUR 35.10
- Market capitalization: USD 2.5 billion (as of October 8, 2026)
- 52-week range: USD 34.66-45.33 (as of October 8, 2026)
- Sector / Industry: Financial Services / Regional Banks
Market context: Market report S&P 500.
