Raymond James upgrades First Merchants stock to Outperform
Published on 10/07/2026 at 03:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Raymond James upgraded First Merchants Corporation (ISIN US3208171096) from Market Perform to Outperform and set a USD 46.00 price target on October 6, 2026, according to MarketBeat. The call came as the Indiana-based regional bank prepares for a leadership change and its next quarterly report.
Leadership change sets the tone
First Merchants announced on October 1, 2026, that CEO Mark Hardwick will retire at the end of 2026 after 29 years with the bank. President Mike Stewart will become president and chief executive officer, according to the company statement published through First Merchants.
The succession arrives after a mixed second quarter. First Merchants reported USD 0.74 in earnings per share for the quarter ended June 30, 2026, below the USD 1.02 consensus estimate, while revenue was USD 202.49 million versus USD 202.78 million expected, MarketBeat reported.
Results date brings a second test
First Merchants will release third-quarter 2026 results on October 21, 2026, followed by a conference call on October 22 at 9:00 a.m. ET, according to the company release published by GlobeNewswire. Consensus calls for USD 1.05 in earnings per share and USD 204.26 million in revenue for the quarter.
For investors, the next report will test whether the bank can convert its expanded balance sheet into steadier earnings. First Merchants reported net income of USD 43.98 million and diluted earnings per share of USD 0.70 in the second quarter, while total assets stood at USD 21.3 billion as of June 30, 2026.
Target remains above the market
Raymond James placed its USD 46.00 target against the recent US market quote of USD 39.67 on October 6, 2026 at 4:00 p.m. ET. The target is 15.97 percent above that quote, while the 52-week range was USD 34.66 to USD 45.33 and market capitalization was USD 2.5 billion.
That target sits below the 52-week high, making the October earnings release an important test for the upgraded rating. The leadership handoff, second-quarter credit performance and the pace of revenue growth will shape how investors assess the bank's next phase.
Prior close frames the euro view
The prior close for First Merchants at Lang & Schwarz was EUR 35.20 on October 5, 2026. 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 Global Select Market System
- Prior close Lang & Schwarz (October 5, 2026): EUR 35.20
- Market capitalization: USD 2.5 billion (as of October 6, 2026)
- 52-week range: USD 34.66-45.33 (as of October 6, 2026)
- Sector / Industry: Financial Services / Banks - Regional
- Next earnings date: October 21, 2026
