Merchants Bancorp (MBIN)
Finances multifamily housing, mortgage lenders, and Indiana banking customers.
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Provides nationwide multifamily and healthcare mortgage financing, servicing, tax-credit syndication, mortgage warehouse lines, and an Indiana-centered banking franchise. Earnings combine interest income with gains on loan sales and servicing, syndication, and asset-management fees, while deposits fund lending across its interconnected segments.
Operates three interconnected segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The first finances and services affordable rental housing and healthcare facilities nationwide and also syndicates low-income housing tax credit and debt funds.
Provides asset-based warehouse lines to nonbank mortgage originators, financing residential and multifamily loans until sale into the secondary market. The banking segment holds multifamily and healthcare loans, runs retail and correspondent residential mortgage operations, and offers agricultural, small-business, commercial, consumer, and community banking, centered in Indiana with broader online reach.
Combines interest income with gains on loan sales and servicing, syndication, and asset-management fees. Government-program underwriting, agency eligibility, secondary-market execution, custodial and retail deposits, and federal and state banking oversight shape the business.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $49 | Target: $65 |
| Jul 29, 2026 | Piper Sandler | Reiterate | Rating: —Target: $58 | Target: $64 |
| Jul 1, 2026 | Raymond James | Downgrade | ||
| Jun 29, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $39 | Target: $49 |
| Apr 30, 2026 | Raymond James | Target | Target: $33 | Target: $51 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $17.9M · Total debt $4.28B · Total assets $21.23B · Shareholders' equity $2.39B
- Revenue
- $294.1M
- Operating income
- $54.1M
- Net income
- $78.3M
HistoryDividendAnnual yield
| Institutions | ≥ 98.87% | 45.42M shares | |
|---|---|---|---|
| 194 holders · as of Jun 30, 2026 | |||
| Insiders | 56.22% | 25.83M shares | |
| 22 holders · as of Aug 24, 2026 | |||
| Adds to | 155.09% | ||
45.94M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Institutional filings for MBINL (100% of the company) are not on file here, so the institutional figure is a floor.
These groups come from separate filings that can overlap, so they add to 155.09%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Elser Financial Planning, IncInstitution | 58.36% | 26.81M | as of Jun 30, 2026 |
Michael F. Petrie1,2Insiderdirector, 10 percent owner, officer: Chairman and CEO | 28.96% | 12.58M · 727,013 | filed Mar 31, 2026 |
Randall D. Jr. Rogers3Insiderdirector | 16.61% | 3.85M · 3.78M | filed Dec 31, 2021 |
BlackRock, Inc.Institution | 8.94% | 4.11M | as of Jun 30, 2026 |
Randall D. Rogers4Insiderdirector, officer: Vice Chairman | 7.49% | 2.74M · 698,000 | filed Apr 6, 2026 |
- Michael F. Petrie's transaction reports restate only vehicles that traded; the 2026 ownership statement (12.58M) is used instead.
- Michael F. Petrie reports a block also reported by Dimensional Fund Advisors LP; it is counted once, under Dimensional Fund Advisors LP.
- Randall D. Jr. Rogers's transaction reports restate only vehicles that traded; the 2022 ownership statement (3.85M) is used instead.
- Randall D. Rogers's transaction reports restate only vehicles that traded; the 2026 ownership statement (2.74M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −9,000 | $55.20 |
| Jul 30, 2026 | Julia L. Kaercher | director | −9,000 | $55.20 |
| May 5, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −30,696 | $46.75 |
| May 6, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −8,334 | $46.86 |
| Feb 26, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −28,871 | $32.62 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Merchants Bancorp | $51.88 | −0.90% | $2.40B | 10.5 | 9.1 | 1.8 | +2.3% |
| Walker & Dunlop | $38.67 | +0.76% | $1.32B | 34.3 | 6.9 | 1.0 | +3.5% |
| Arbor Realty Trust | $4.36 | +0.35% | $834.8M | 32.1 | 10.3 | 0.7 | −11.1% |
| CBRE Group | $140.39 | −1.97% | $41.47B | 32.8 | 17.4 | 1.0 | +15.1% |
| Western Alliance | $77.92 | −0.93% | $8.59B | 8.8 | 7.5 | 1.7 | +17.7% |
| Newmark Group | $13.97 | −0.02% | $2.18B | 17.5 | 6.7 | 0.6 | +17.0% |
| Texas Capital | $95.16 | +0.17% | $4.13B | 12.5 | 12.4 | 2.1 | +9.1% |
| Median | 24.8 | 8.9 | 1.0 | +12.1% |