Top 10 Bank Stocks to Buy Now According to Analysts

8. First Merchants Corp (NASDAQ:FRME)

Number of Hedge Fund Holders: 29

Stock Upside Potential: 16.28%

First Merchants Corp (NASDAQ:FRME) is one of the top bank stocks to buy now according to analysts. The Street has a Buy rating on First Merchants stock and projects a more than 16% upside to the current share price.

On June 26, Piper Sandler raised its price target on First Merchants Corp (NASDAQ:FRME) shares to $51 from $49 and kept an Overweight rating on the stock. The brokerage upgraded the target for First Merchants as part of its target adjustment for Midwest banks ahead of Q2 results.

First Merchants started the year with strong momentum, delivering solid adjusted earnings growth and an expanded net interest margin. Additionally, the bank recorded continued strength in the commercial loans business. Moreover, the bank’s capital, liquidity, and credit quality remained strong, and the management said this puts the company in a good position to continue growing and creating value for investors.

First Merchants completed the acquisition of First Savings in Q1, adding $2.4 billion of assets to its portfolio and enhancing its ability to serve clients across Indiana and beyond.

Indiana-based First Merchants Corp (NASDAQ:FRME) provides a wide variety of financial services to consumers, businesses, and public sector clients. It provides personal banking, commercial banking, and wealth advisory services to clients across Indiana, Michigan, and Ohio.