SmarterDividends
FRME

First Merchants Corporation

FRME

Financial Services · Banks - Regional · Stock · quarterly payer

$39.60

Overvalued · -43% Add to Portfolio

Forward Yield

3.74%

Annual Dividend

$1.48

Payout Ratio

47%

5-Yr Growth

6.6%

Ex-Date

Sep 4, 2026

Frequency

Quarterly

Key facts about FRME's dividend

Data as of · Source: SmarterDividends data

  • As of Oct 18, 2026, First Merchants Corporation (FRME) has a forward dividend yield of 3.74%, based on an annual dividend of $1.48 per share and a share price of $39.60.
  • As of Oct 18, 2026, FRME's dividend safety grade from SmarterDividends is A (88 out of 100), which rates the dividend as very safe.
  • By SmarterDividends' count, First Merchants Corporation (FRME) has raised its dividend for 14 consecutive years as of Oct 18, 2026.
  • FRME last cut its regular dividend in 2010.
  • FRME's most recent ex-dividend date was Sep 4, 2026, for a dividend of $0.37 per share.
  • As of Oct 18, 2026, FRME pays out 47% of its trailing 12-month earnings as dividends (its payout ratio).
  • FRME's dividend has grown at an average rate of 6.6% a year over the past five years.
  • As of Oct 18, 2026, SmarterDividends' blended fair-value estimate for FRME is $22.57 per share, 43% below the $39.60 share price, so FRME screens as overvalued.
  • First Merchants Corporation (FRME) pays its dividend quarterly, 4 times a year.
  • First Merchants Corporation (FRME) has raised its regular dividend 29 times and cut it 2 times across the 148 payments on record since 1989. Its most recent change was a 2.8% increase to $0.370 per share, going ex-dividend on Jun 5, 2026. The last cut went ex-dividend on Mar 3, 2010.
Cite this page

SmarterDividends, "FRME Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 18, 2026, https://smarterdividends.com/stocks/FRME

Summary

As of Oct 18, 2026, First Merchants Corporation (FRME) yields 3.74% ($1.48 a year per share), has a dividend safety grade of A (88/100) and has 14 consecutive years of dividend increases on record.

Is FRME a good dividend stock?

Yes

First Merchants Corporation (FRME) pays a quarterly dividend yielding 3.74% ($1.48/yr), with 14 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.

Advantages

  • 14 consecutive years of dividend growth
  • Comfortable payout ratio (47%)
  • Strong 6.6% 5-yr dividend growth
  • Top-tier dividend safety score

Risks

  • Cut its dividend in 2010
  • Share price is down over the past 5 years

Key Data

Dividend Yield
3.74%
Payout Ratio
47%
Annual Dividend
$1.48
5-Yr Avg Growth
6.6%
Ex-Dividend Date
Sep 4, 2026
Years of Growth
14
Frequency
quarterly
Beta
0.88
Market Cap
$2.5B
P/E Ratio
12.7
5-Yr Total Return
-1%
52-Week Range
$34.66 – $45.33
Dividend Safety
A · 88/100
Ever Cut?
Yes (2010)

FRME dividend raises and cuts

First Merchants Corporation (FRME) has raised its regular dividend 29 times and cut it 2 times across the 148 payments on record since 1989. Its most recent change was a 2.8% increase to $0.370 per share, going ex-dividend on Jun 5, 2026. The last cut went ex-dividend on Mar 3, 2010.

Ex-dateChangeOld → newMove
Jun 5, 2026Raise$0.360 → $0.370+2.8%
Jun 6, 2025Raise$0.350 → $0.360+2.9%
Jun 7, 2024Raise$0.340 → $0.350+2.9%
Jun 1, 2023Raise$0.320 → $0.340+6.3%
Jun 2, 2022Raise$0.290 → $0.320+10.3%
Jun 3, 2021Raise$0.260 → $0.290+11.5%
May 17, 2019Raise$0.220 → $0.260+18.2%
May 31, 2018Raise$0.180 → $0.220+22.2%
May 31, 2017Raise$0.150 → $0.180+20.0%
Nov 30, 2016Raise$0.140 → $0.150+7.1%
Jun 1, 2016Raise$0.110 → $0.140+27.3%
Jun 3, 2015Raise$0.0800 → $0.110+37.5%
Show all 31 changes since 1990
Ex-dateChangeOld → newMove
Jun 4, 2014Raise$0.0500 → $0.0800+60.0%
May 30, 2013Raise$0.0300 → $0.0500+66.7%
May 31, 2012Raise$0.0100 → $0.0300+200.0%
Mar 3, 2010Cut$0.0800 → $0.0100−87.5%
Jun 3, 2009Cut$0.230 → $0.0800−65.2%
Sep 3, 2003Raise$0.219 → $0.230+5.0%
Sep 4, 2002Raise$0.209 → $0.219+5.0%
Sep 6, 2001Raise$0.199 → $0.209+5.0%
Sep 1, 2000Raise$0.190 → $0.199+4.5%
Sep 1, 1999Raise$0.173 → $0.190+10.0%
Sep 2, 1998Raise$0.161 → $0.173+7.1%
Sep 3, 1997Raise$0.138 → $0.161+16.7%
Sep 4, 1996Raise$0.115 → $0.138+20.0%
Sep 1, 1995Raise$0.108 → $0.115+7.1%
Aug 30, 1994Raise$0.0960 → $0.108+12.0%
Aug 30, 1993Raise$0.0845 → $0.0960+13.6%
Aug 31, 1992Raise$0.0793 → $0.0845+6.5%
Aug 30, 1991Raise$0.0717 → $0.0793+10.7%
Aug 30, 1990Raise$0.0640 → $0.0717+12.0%
Every FRME payment →Download every raise and cut (CSV)
FRME ex-dividend date & scheduleNext ex-date Sep 4, 2026 · full ex-dividend historyView →FRME dividend historyEvery payment, totals by year, raises and cutsView →

Frequently Asked Questions

Is FRME a good dividend stock?

Yes. First Merchants Corporation (FRME) pays a quarterly dividend yielding 3.74% ($1.48/yr), with 14 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.

Is FRME undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, FRME's fair value is about $22.57 versus a $39.60 share price — so it looks overvalued (-43% vs. fair value).

Is FRME's dividend safe?

FRME has a dividend-safety grade of A (88/100), based on its payout coverage, free-cash-flow, 14-year growth streak, a dividend cut in 2010, debt and yield-versus-history.

What is FRME's fair value?

Our blended fair-value estimate for FRME is about $22.57 per share, about 43% below the current $39.60 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is FRME a buy, hold, or sell?

We don't issue formal ratings, but on the data FRME screens as "yes" and overvalued. First Merchants Corporation (FRME) pays a quarterly dividend yielding 3.74% ($1.48/yr), with 14 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding. This is research for your own analysis, not investment advice.

Will FRME cut its dividend?

FRME earns a dividend-safety grade of A (88/100), and has cut its dividend before (last in 2010). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

Does FRME pay a dividend?

Yes. First Merchants Corporation pays a quarterly dividend of about $1.48 per share annually, a forward yield of roughly 3.74%.

What is FRME's dividend yield?

As of Oct 18, 2026, FRME's forward dividend yield is 3.74%, based on a $1.48 annual dividend and a $39.60 share price.

What is FRME's dividend per share?

As of Oct 18, 2026, FRME pays $1.48 per share per year, distributed on a quarterly basis.

What is FRME's dividend payout ratio?

As of Oct 18, 2026, FRME's payout ratio is 47% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.

How many years has FRME grown its dividend?

As of Oct 18, 2026, FRME has increased its dividend for 14 consecutive years.

When is the next FRME ex-dividend date?

As of Oct 18, 2026, FRME's next ex-dividend date hasn't been announced. The most recent was Sep 4, 2026, for $0.37 per share.

FRME Dividend News

FRME
IncreaseFRME·Jun 11, 2026

First Merchants Raises Quarterly Dividend to 37 Cents

First Merchants Corporation lifted its quarterly dividend to $0.37 per share, extending its dividend growth streak to 15 years.

Income Calculator

At $1.48 / yr per share

Per payment (quarterly)$37.00
Annual$148.00
Monthly avg$12.33

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