Is First Merchants Corporation overvalued?

First Merchants Corporation (FRME) looks undervalued — trading about 20% below its fair value.

Undervalued

Price

$43.73

Fair value

$52.40

Current P/E

11.0

Normal P/E

13.2

Market cap

$2.75B

Dividend yield

3.4%

Return on equity

7.3%

Sector

Financial Services

Fair value compares FRME's current P/E to its own historical "normal" P/E (FAST Graphs-style). Updated 11 Aug 2026.

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