Latest revenue
$276.9M
as of 2026-03-31
Latest net income
$67.7M
as of 2026-03-31
Net margin
24.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $2.11B
- Enterprise value
- $2.11B
- P/E (trailing)
- 9.7×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.9%
- 52-wk high
- $50.26
- 52-wk low
- $28.75
- Beta
- —
- Shares out
- 45.9M
5-year trend
What this company does
Item 1. Business. Company Overview Merchants Bancorp (the “Company,” “Merchants,” “we,” “our,” or “us”), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio…
AI summary unavailable — showing raw filing excerpt
Generated from MBIN's filing dated 2026-02-27
Key risks
Item 1A. Risk Factors The risks described below, together with all other information included in this report should be carefully considered. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effect on our business, financial condition, results of operations and growth prospects. Risks Related to Our Business Mortgage Banking and Community Banking Risks Decreased residential and multi-family mortgage origination, volume and pricing decisions of competitors, and changes in interest rates, may adversely affect our profitability. We currently operate a residential and multi-family mortgage origination, warehouse…
AI summary unavailable — showing raw filing excerpt
Generated from MBIN's filing dated 2026-02-27
Profitability
Net margin
16.0%
27.4%Return on equity
9.6%
32.8%Return on assets
14.2%
26.4%Leverage
Debt / equity
-0.32×
25.3%Long-term debt / equity
1.68×
13.8%Debt / assets
-47.8%
37.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $276.9M | +5.3% | $67.7M | +16.3% | 24.5% |
Q4 2025 2025-12-31 | $503.8M | -7.5% | $67.8M | -29.1% | 13.5% |
Q3 2025 2025-09-30 | $297.1M | -3.2% | $54.7M | -10.7% | 18.4% |
Q2 2025 2025-06-30 | $301.4M | +5.2% | $38.0M | -50.3% | 12.6% |
Q1 2025 2025-03-31 | $263.0M | -15.9% | $58.2M | -33.1% | 22.1% |
Q4 2024 2024-12-31 | $544.4M | — | $95.7M | — | 17.6% |
Q3 2024 2024-09-30 | $307.0M | +1.4% | $61.3M | -24.8% | 20.0% |
Q2 2024 2024-06-30 | $286.5M | +21.3% | $76.4M | +17.0% | 26.7% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
State Commercial Banks · SIC 6022
Your notes
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Insider activity
Insider buying
$1.2M
Insider selling
$4.7M
Net activity
−$3.4M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns MBIN
Institutional value
$1.65B
Total shares held
38.0M
Distinct holders
113
-37 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | Elser Financial Planning, Inc | 27.0M | $1.18B | — | New |
| 2 | BlackRock, Inc. | 4.1M | $173.8M | +2.2M (+115.3%) | Added |
| 3 | DIMENSIONAL FUND ADVISORS LP | 1.8M | $75.5M | +102.1K (+6.2%) | Added |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 1.0M | $42.9M | — | New |
| 5 | ROYCE & ASSOCIATES LP | 567.3K | $24.3M | -241.0K (-29.8%) | Trimmed |
| 6 | VANGUARD PORTFOLIO MANAGEMENT LLC | 464.7K | $19.9M | — | New |
| 7 | Bank of New York Mellon Corp | 236.1K | $10.1M | +71.8K (+43.7%) | Added |
| 8 | Valeo Financial Advisors, LLC | 235.1K | $10.1M | -9.0K (-3.7%) | Trimmed |
| 9 | DENALI ADVISORS LLC | 194.7K | $8.4M | -42.9K (-18.1%) | Trimmed |
| 10 | VANGUARD FIDUCIARY TRUST CO | 181.9K | $7.8M | — | New |
| 11 | Invesco Ltd. | 155.1K | $6.7M | +109.2K (+238.4%) | Added |
| 12 | PRINCIPAL FINANCIAL GROUP INC | 142.6K | $6.1M | — | New |
| 13 | Ballast Asset Management, LP | 136.6K | $5.9M | +3.3K (+2.5%) | Added |
| 14 | FIRST TRUST ADVISORS LP | 116.4K | $5.0M | -24.8K (-17.6%) | Trimmed |
| 15 | SEI INVESTMENTS CO | 109.0K | $4.7M | +53.1K (+94.9%) | Added |
| 16 | FRANKLIN RESOURCES INC | 107.6K | $4.6M | +90.2K (+520.4%) | Added |
| 17 | Public Sector Pension Investment Board | 105.1K | $4.5M | — | New |
| 18 | DEUTSCHE BANK AG\ | 103.0K | $4.4M | +34.2K (+49.8%) | Added |
| 19 | MACKENZIE FINANCIAL CORP | 87.1K | $3.7M | +29.8K (+51.9%) | Added |
| 20 | Russell Investments Group, Ltd. | 85.8K | $3.7M | -36.8K (-30.0%) | Trimmed |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
Coming once MBIN's latest filing finishes processing.