First Merchants Corp (FRME) Hedge Fund Ownership (Q2 2026)

First Merchants Corp (FRME)

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

Smart Money Signals — FRME

Based on 302 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 11 quarters in a row

last 6Q

For 11 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

302 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 — +11% more funds vs a year ago

fund count last 6Q

+29 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.

🟡

Slight buying edge — 58% buying

160 buying117 selling

Last quarter: 160 funds bought or added vs 117 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.

⚠️

Fewer new buyers each quarter (-20 vs last Q)

new funds entering per quarter

Funds opening this position for the first time: 32 → 34 → 55 → 35. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.

🔒

61% of holders stayed for 2+ years

■ 61% conviction (2yr+) ■ 20% medium ■ 19% new

185 out of 302 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.

📈

Growing discovery — still being found

39 → 32 → 34 → 55 → 35 new funds/Q

New funds entering each quarter: 32 → 34 → 55 → 35. A growing number of institutions are discovering FRME each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

🏛️

Veteran-anchored — 68% veterans vs 23% newcomers

■ 68% veterans ■ 9% 1-2yr ■ 23% new

Entry-cohort mix of 302 holders: 206 (68%) are 2+ year veterans, 28 entered 1–2 years ago, and 68 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.

🏆

Elite ownership — 54% AUM from top-100 funds

54% from top-100 AUM funds

50 of 302 holders are among the 100 largest funds by AUM, controlling 54% 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.

3.7

out of 10

Low Exit Risk

Exit risk score 3.7/10 — 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.

Metric	All 13F Filers (2026 Q2)	Prior (2026 Q1)	Change
Funds Holding	302	299	1.0%
13F Shares	46M	46M	1.62%
Total Value	$2.00B	$1.74B	14.59%
New Positions	35	55	-20
Increased Positions	125	125	-
Closed Positions	32	34	-2
Reduced Positions	85	71	+14
Total Calls	0	1	-100.0%
Total Puts	0	1	-100.0%
PUT/CALL Ratio	0.0	1.0	Bullish

Metric

All 13F Filers (2026 Q2)

Prior (2026 Q1)

Change

Funds Holding

302

299

1.0%

13F Shares

46M

1.62%

Total Value

$2.00B

$1.74B

14.59%

New Positions

-20

Increased Positions

125

Closed Positions

-2

Reduced Positions

+14

Total Calls

-100.0%

Total Puts

-100.0%

PUT/CALL Ratio

0.0

1.0

Bullish

Institutional Holders (2026 Q2)

302 + 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:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 FRME holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	PL Capital Advisors, LLC	8.34%	686,333	$30.0M
2	FJ Capital Management LLC	4.03%	711,425	$31.1M
3	Petiole USA ltd	2.95%	94,047	$4.1M
4	Round Hill Asset Management	1.50%	54,531	$2.4M
5	Phocas Financial Corp.	1.22%	201,603	$8.8M
6	Mendon Capital Advisors Corp	1.16%	75,000	$3.3M
7	Lynch & Associates/In	0.99%	130,000	$5.7M
8	Denali Advisors LLC	0.86%	194,500	$8.5M
9	First Merchants Corp	0.80%	521,994	$22.8M
10	Systematic Financial Management LP	0.74%	850,405	$37.2M
11	Minerva Advisors LLC	0.65%	23,662	$1.0M
12	BridgePort Financial Solutions, LLC	0.65%	58,069	$2.5M
13	Watershed Asset Management, L.L.C.	0.44%	11,139	$487K
14	Numerai GP LLC	0.41%	115,285	$5.0M
15	Earnest Partners LLC	0.34%	2,174,024	$95.0M
16	Bridgeway Capital Management, LLC	0.33%	429,606	$18.8M
17	EJF Capital LP	0.31%	10,632	$465K
18	Advisory Research Inc	0.28%	65,315	$2.9M
19	Atom Investors LP	0.25%	64,208	$2.8M
20	Edgestream Partners, L.P.	0.24%	185,737	$8.1M
21	First Financial Bank - Trust Division	0.24%	75,779	$3.3M
22	Odyssean, LLC	0.22%	30,458	$1.3M
23	BCGM Wealth Management, LLC	0.21%	22,645	$989K
24	Inspire Advisors, LLC	0.21%	67,888	$3.0M
25	OneAscent Financial Services LLC	0.20%	97,810	$4.3M

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 — 11 quarters in a row: For 11 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 — 58% buying: Last quarter: 160 funds bought or added vs 117 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 — 54% AUM from top-100 funds: 50 of 302 holders are among the 100 largest funds by AUM, controlling 54% 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?

61% of holders stayed for 2+ years: 185 out of 302 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.

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First Merchants Corp (FRME)

Smart Money Signals — FRME

Buying streak — 11 quarters in a row

At the ownership peak (100% of max)

Steady growth — +11% more funds vs a year ago

Slight buying edge — 58% buying

Fewer new buyers each quarter (-20 vs last Q)

61% of holders stayed for 2+ years

Growing discovery — still being found

Veteran-anchored — 68% veterans vs 23% newcomers

Elite ownership — 54% AUM from top-100 funds

Institutional Sentiment Summary — FRME

Hedge Fund Ownership: FRME

Market Analysis: FRME

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: FRME

Hedge Fund Positioning: FRME

Statistics: FRME

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q2)

Frequently Asked Questions — First Merchants Corp (FRME)

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