Symbols / MBIN Stock $45.89 +1.98% Merchants Bancorp

Financial Services • Banks - Regional • United States • NCM
MBIN (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Banks - Regional
CEO Mr. Michael F. Petrie CMB
Exch · Country NCM · United States
Market Cap 2.11B
Enterprise Value 5.80B
Income 173.55M
Sales 563.69M
FCF (ttm) —
Book/sh 37.69
Cash/sh 19.38
Employees 735
Insider 10d —
IPO Oct 27, 2017
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 10.58%
P/E 11.19
Forward P/E 7.93
PEG —
P/S 3.74
P/B 1.22
P/C —
EV/EBITDA —
EV/Sales 10.29
Quick Ratio —
Current Ratio —
Debt/Eq —
LT Debt/Eq —
EPS (ttm) 4.10
EPS next Y 5.79
EPS Growth -30.60%
Revenue Growth -17.60%
EPS Gr Q/Q -29.10%
Rev Gr Q/Q —
Earnings (next) 2026-07-27
Earnings (prior) 2026-04-28
ROA 1.14%
ROE 9.67%
ROIC —
Gross Margin 0.00%
Oper. Margin 52.01%
Profit Margin 38.81%
Shs Outstand 45.94M
Shs Float 28.79M
Insider Own 46.06%
Instit Own 94.68%
Short Float 6.56%
Short Ratio 7.63
Short Interest 1.66M
52W High 50.26
vs 52W High -8.69%
52W Low 28.75
vs 52W Low 59.62%
Beta 1.16
Impl. Vol. 1.56%
Rel Volume 0.03
Avg Volume 339.55K
Volume 10.68K
Target (mean) $51.00
Tgt Median $49.00
Tgt Low $46.00
Tgt High $58.00
# Analysts 3
Recom Buy
Prev Close $45.00
Price $45.89
Change 1.98%
About

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing. This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service. The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$51.00
Mean price target
2. Current target
$45.89
Latest analyst target
3. DCF / Fair value
$61.50
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$45.89
Low
$46.00
High
$58.00
Mean
$51.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-02 main Morgan Stanley Equal-Weight → Equal-Weight $51
2026-01-30 main Morgan Stanley Equal-Weight → Equal-Weight $42
2025-10-30 main Piper Sandler Overweight → Overweight $42
2025-10-29 reit Raymond James Outperform → Outperform $38
2025-09-29 main Morgan Stanley Equal-Weight → Equal-Weight $39
2025-07-30 main Piper Sandler Overweight → Overweight $41
2025-07-29 main Morgan Stanley Equal-Weight → Equal-Weight $34
2025-07-29 reit Raymond James Outperform → Outperform $40
2025-04-29 reit Raymond James Outperform → Outperform $41
2025-04-02 main Raymond James Outperform → Outperform $45
2025-03-13 main Morgan Stanley Equal-Weight → Equal-Weight $45
2025-01-30 reit Raymond James Outperform → Outperform $53
2025-01-30 main Piper Sandler Overweight → Overweight $57
2024-11-26 main Piper Sandler Overweight → Overweight $53
2024-10-30 reit Piper Sandler Overweight → Overweight $48
2024-10-29 main Raymond James Outperform → Outperform $55
2024-09-09 init Morgan Stanley — → Equal-Weight $54
2024-07-30 down Raymond James Strong Buy → Outperform $58
2024-05-17 reit Piper Sandler Overweight → Overweight $56
2024-05-15 reit Raymond James Strong Buy → Strong Buy $55
News
RSS: Latest MBIN news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-02-26 PETRIE MICHAEL F Chief Executive Officer — 15,000 $44.05 $660,750
2026-02-19 DINWIDDIE THOMAS W. Director — 377 $46.45 $17,512
2026-02-19 CATCHINGS TAMIKA D. Director — 377 $46.45 $17,512
2026-02-19 JUSTER ANDREW A Director — 377 $46.45 $17,512
2026-02-19 O'BRIEN PATRICK D Director — 377 $46.45 $17,512
2026-02-19 GILROY SUE ANNE Director — 377 $46.45 $17,512
2026-02-19 SELLERS ANNE E Director — 377 $46.45 $17,512
2026-02-19 SHANE DAVID N Director — 377 $46.45 $17,512
2026-02-10 SCHROETER MARTIN A Officer — 5,500 $46.06 $253,330
2026-01-27 SIEVERS SEAN A Chief Financial Officer — 6,427 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
677.24
+1.54%
666.97
+19.24%
559.33
+27.18%
439.78
Operating Revenue
677.24
+1.54%
666.97
+19.24%
559.33
+27.18%
439.78
Selling General And Administration
198.31
+26.41%
156.88
+28.84%
121.76
+31.57%
92.55
General And Administrative Expense
198.31
+26.41%
156.88
+28.84%
121.76
+31.57%
92.55
Salaries And Wages
166.51
+27.38%
130.72
+20.84%
108.18
+21.44%
89.08
Other Gand A
—
—
—
—
Reconciled Depreciation
3.46
+14.96%
3.01
+5.68%
2.85
+14.77%
2.48
Net Income
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Pretax Income
263.80
-37.58%
422.64
+21.48%
347.91
+19.50%
291.14
Net Interest Income
517.06
-1.06%
522.62
+16.64%
448.07
+40.66%
318.55
Interest Expense
683.79
-12.35%
780.10
+23.88%
629.73
+288.04%
162.28
Interest Income
1,200.85
-7.82%
1,302.72
+20.87%
1,077.80
+124.15%
480.83
Gain On Sale Of Security
0.00
+100.00%
-0.11
0.00
0.00
Tax Provision
45.03
-55.96%
102.26
+48.90%
68.67
-3.85%
71.42
Tax Rate For Calcs
0.00
-29.32%
0.00
+22.57%
0.00
-19.43%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Net Income From Continuing Operation Net Minority Interest
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Net Income From Continuing And Discontinued Operation
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Net Income Continuous Operations
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Normalized Income
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Net Income Common Stockholders
173.55
-38.82%
283.65
+15.98%
244.56
+26.23%
193.74
Otherunder Preferred Stock Dividend
4.16
+127.98%
1.82
—
—
Diluted EPS
3.78
-40.00%
6.30
+11.70%
5.64
+26.17%
4.47
Basic EPS
3.78
-40.19%
6.32
+11.66%
5.66
+26.06%
4.49
Basic Average Shares
45.87
+2.27%
44.86
+3.77%
43.22
+0.14%
43.16
Diluted Average Shares
45.94
+2.08%
45.00
+3.83%
43.35
+0.07%
43.32
Diluted NI Availto Com Stockholders
173.55
-38.82%
283.65
+15.98%
244.56
+26.23%
193.74
Insurance And Claims
31.80
+21.55%
26.16
+92.59%
13.58
+292.20%
3.46
Occupancy And Equipment
10.68
+18.79%
8.99
-2.48%
9.22
+12.87%
8.17
Other Non Interest Expense
73.84
+94.60%
37.94
+37.95%
27.50
+27.54%
21.57
Preferred Stock Dividends
41.06
+17.63%
34.91
+0.69%
34.67
+33.43%
25.98
Professional Expense And Contract Services Expense
12.86
-20.76%
16.23
+27.75%
12.70
+40.14%
9.06
Line Item Trend 2023-12-31
Total Assets
16,952.52
Cash And Cash Equivalents
584.42
Cash Financial
15.59
Other Short Term Investments
1,113.69
Receivables
91.35
Accounts Receivable
91.35
Net PPE
42.34
Gross PPE
53.55
Accumulated Depreciation
-11.21
Land And Improvements
8.10
Buildings And Improvements
29.29
Machinery Furniture Equipment
13.32
Construction In Progress
2.49
Leases
0.35
Goodwill And Other Intangible Assets
175.04
Goodwill
15.85
Other Intangible Assets
159.20
Investments And Advances
2,428.50
Total Liabilities Net Minority Interest
15,251.43
Current Debt And Capital Lease Obligation
—
Current Debt
—
Long Term Debt And Capital Lease Obligation
964.13
Long Term Debt
964.13
Non Current Deferred Liabilities
19.92
Non Current Deferred Taxes Liabilities
19.92
Stockholders Equity
1,701.08
Common Stock Equity
1,201.48
Capital Stock
639.97
Common Stock
140.37
Preferred Stock
499.61
Share Issued
43.24
Ordinary Shares Number
43.24
Treasury Shares Number
0.00
Retained Earnings
1,063.60
Gains Losses Not Affecting Retained Earnings
-2.49
Other Equity Adjustments
-2.49
Total Equity Gross Minority Interest
1,701.08
Total Capitalization
2,665.21
Invested Capital
2,165.60
Total Debt
964.13
Net Debt
379.70
Net Tangible Assets
1,526.04
Tangible Book Value
1,026.43
Available For Sale Securities
110.60
Cash Cash Equivalents And Federal Funds Sold
587.77
Held To Maturity Securities
1,204.22
Line Of Credit
—
Preferred Shares Number
20.63
Preferred Stock Equity
499.61
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-341.25
+59.15%
-835.28
-134.36%
-356.40
-136.53%
975.77
Cash Flow From Continuing Operating Activities
-341.25
+59.15%
-835.28
-134.36%
-356.40
-136.53%
975.77
Net Income From Continuing Operations
218.77
-31.72%
320.39
+14.74%
279.23
+27.09%
219.72
Depreciation Amortization Depletion
3.46
+14.96%
3.01
+5.68%
2.85
+14.77%
2.48
Depreciation
3.46
+14.96%
3.01
+5.68%
2.85
+14.77%
2.48
Depreciation And Amortization
3.46
+14.96%
3.01
+5.68%
2.85
+14.77%
2.48
Other Non Cash Items
-383.11
+50.51%
-774.05
-23.25%
-628.02
-258.14%
397.13
Deferred Tax
7.78
+67.99%
4.63
+289.60%
-2.44
-151.62%
4.73
Deferred Income Tax
7.78
+67.99%
4.63
+289.60%
-2.44
-151.62%
4.73
Operating Gains Losses
-85.36
-37.31%
-62.17
-29.02%
-48.18
+24.89%
-64.15
Gain Loss On Investment Securities
0.00
-100.00%
0.11
0.00
0.00
Change In Working Capital
-220.55
+37.23%
-351.37
-501855.71%
-0.07
-100.02%
398.56
Change In Other Current Assets
-31.67
-52.38%
-20.78
+75.60%
-85.18
-128.59%
-37.26
Change In Other Current Liabilities
3.01
+123.16%
-12.98
-131.27%
41.52
+99.81%
20.78
Investing Cash Flow
-195.67
+77.62%
-874.27
+73.18%
-3,260.08
-13.88%
-2,862.85
Cash Flow From Continuing Investing Activities
-195.67
+77.62%
-874.27
+73.18%
-3,260.08
-13.88%
-2,862.85
Net PPE Purchase And Sale
-20.94
-13.87%
-18.39
-144.30%
-7.53
-11.34%
-6.76
Purchase Of PPE
-20.94
-13.87%
-18.39
-144.30%
-7.53
-11.34%
-6.76
Capital Expenditure
-35.42
-92.61%
-18.39
-144.30%
-7.53
+14.63%
-8.82
Net Investment Purchase And Sale
218.82
+52.00%
143.96
+115.91%
-904.66
+21.98%
-1,159.50
Purchase Of Investment
-1,032.91
-4.04%
-992.81
+38.10%
-1,603.90
-21.64%
-1,318.58
Sale Of Investment
1,251.72
+10.11%
1,136.77
+62.57%
699.25
+339.55%
159.08
Net Business Purchase And Sale
0.00
+100.00%
-170.59
0.00
0.00
Purchase Of Business
0.00
+100.00%
-170.59
0.00
0.00
Net Intangibles Purchase And Sale
-14.48
0.00
0.00
+100.00%
-2.06
Purchase Of Intangibles
-14.48
0.00
0.00
+100.00%
-2.06
Net Other Investing Changes
-0.68
+99.47%
-128.99
-1617.31%
-7.51
-45.93%
-5.15
Financing Cash Flow
272.51
-82.99%
1,601.74
-59.70%
3,974.74
+267.82%
1,080.63
Cash Flow From Continuing Financing Activities
272.51
-82.99%
1,601.74
-59.70%
3,974.74
+267.82%
1,080.63
Net Issuance Payments Of Debt
-546.72
-115.98%
3,421.20
+10225.96%
33.13
+131.99%
-103.56
Issuance Of Debt
323,574.59
+94.55%
166,323.76
+73.64%
95,788.79
+45.62%
65,781.54
Repayment Of Debt
-324,121.31
-98.97%
-162,902.56
-70.12%
-95,755.65
-45.34%
-65,885.10
Long Term Debt Issuance
323,574.59
+94.55%
166,323.76
+73.64%
95,788.79
+45.62%
65,781.54
Long Term Debt Payments
-324,121.31
-98.97%
-162,902.56
-70.12%
-95,755.65
-45.34%
-65,885.10
Net Long Term Debt Issuance
-546.72
-115.98%
3,421.20
+10225.96%
33.13
+131.99%
-103.56
Net Common Stock Issuance
0.00
-100.00%
97.66
0.00
+100.00%
-3.94
Common Stock Payments
—
0.00
0.00
+100.00%
-3.94
Cash Dividends Paid
-59.42
-16.13%
-51.17
-5.49%
-48.51
-27.42%
-38.07
Repurchase Of Capital Stock
0.00
+100.00%
-177.04
0.00
+100.00%
-3.94
Changes In Cash
-264.41
-145.25%
-107.81
-130.09%
358.26
+144.42%
-806.45
Beginning Cash Position
476.61
-18.45%
584.42
+158.41%
226.16
-78.10%
1,032.61
End Cash Position
212.20
-55.48%
476.61
-18.45%
584.42
+158.41%
226.16
Free Cash Flow
-376.67
+55.88%
-853.67
-134.57%
-363.93
-137.64%
966.96
Interest Paid Supplemental Data
692.92
-12.18%
789.05
+29.42%
609.69
+334.36%
140.37
Income Tax Paid Supplemental Data
47.64
-40.14%
79.58
+18.09%
67.39
+1.32%
66.51
Common Stock Issuance
0.00
-100.00%
97.66
0.00
0.00
Issuance Of Capital Stock
0.00
-100.00%
320.40
0.00
-100.00%
137.46
Net Preferred Stock Issuance
0.00
-100.00%
45.70
0.00
-100.00%
137.46
Preferred Stock Issuance
0.00
-100.00%
222.75
0.00
-100.00%
137.46
Preferred Stock Payments
0.00
+100.00%
-177.04
0.00
0.00
Sale Of Intangibles
—
—
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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