Merchants Bancorp
Finances multifamily housing, mortgage lenders, and Indiana banking customers.
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Profile
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
Categories
Key statistics
Year to date +60.9% · Average volume (30d) 159.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | Piper Sandler | Reiterate | Overweight | $58 | $64 | |
| Jul 1, 2026 | Raymond James | Downgrade | Outperform | Market Perform | ||
| Jun 29, 2026 | Morgan Stanley | Reiterate | Positive | $39 | $49 | |
| Apr 30, 2026 | Raymond James | Target | $33 | $51 | ||
| Apr 29, 2026 | Piper Sandler | Target | $58 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $1.22 | $1.48 | +21.3% | $179.0M | $182.2M | +1.8% | +11.30% |
| Apr 28, 2026Q1 FY26 | $1.16 | $1.25 | +7.8% | $174.3M | $175.2M | +0.5% | −9.33% |
| Jan 28, 2026Q4 FY25 | $0.94 | $1.28 | +36.2% | $170.8M | $185.3M | +8.5% | +15.71% |
| Oct 28, 2025Q3 FY25 | $0.79 | $0.97 | +22.8% | $175.0M | $169.8M | −3.0% | −1.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $310.1M | $353.7M | $343.5M | $354.7M | $317.1M | $294.1M | |
| Gross profit | $137.4M | $125.0M | $140.6M | $157.5M | $159.9M | $136.5M | |
| Operating income | $76.5M | $48.8M | $64.6M | $73.9M | $84.3M | $54.1M | |
| Net income | $58.2M | $38.0M | $54.7M | $67.8M | $67.7M | $78.3M | |
| Diluted EPS | $0.93 | $0.60 | $0.97 | $1.28 | $1.25 | $1.48 | |
| Gross margin | 44.3% | 35.3% | 40.9% | 44.4% | 50.4% | 46.4% | |
| Operating margin | 24.7% | 13.8% | 18.8% | 20.8% | 26.6% | 18.4% |
Fiscal years (4-quarter sums)FY21 $461.6M · FY22 $602.1M · FY23 $1.19B · FY24 $1.45B · FY25 $1.36B
Balance sheet, Jun 30, 2026Cash & short-term investments $17.9M · Total debt $4.28B · Total assets $21.23B · Shareholders' equity $2.39B
Dividends
Raised for 7 straight years — most recently to $0.11 from $0.10 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 1 | $0.11 | |
| Mar 13, 2026 | Mar 13 | Apr 1 | $0.11 | raised from $0.10 |
| Dec 15, 2025 | Dec 15 | Jan 2 | $0.10 | |
| Sep 15, 2025 | Sep 15 | Oct 1 | $0.10 | |
| Jun 13, 2025 | Jun 13 | Jul 1 | $0.10 | |
| Mar 14, 2025 | Mar 14 | Apr 1 | $0.10 | raised from $0.09 |
| Dec 13, 2024 | Dec 13 | Jan 2 | $0.09 | |
| Sep 13, 2024 | Sep 13 | Oct 1 | $0.09 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 45.94M · Float 19.22M · 41.8% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Elser Financial Planning, Inc | 26.81M | 58.36% | 13F | Jul 14, 2026 |
| BlackRock, Inc. | 4.11M | 8.94% | 13F | Aug 7, 2026 |
| Randall D. Jr. Rogers · director | 2.74M | 5.97% | Form 4 | May 21, 2026 |
| Michael F. Petrie · director, 10 percent owner, officer: Chairman and CEO | 2.58M | 5.61% | Form 4 | Jul 31, 2026 |
| Dimensional Fund Advisors LP | 1.83M | 3.98% | 13F | Aug 11, 2026 |
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 |
Peers
- Walker & Dunlop
Nation's #1 Fannie Mae DUS lender and top-3 Freddie Mac originator.
- Arbor Realty Trust
Mortgage REIT originating agency multifamily via Fannie DUS, Freddie, FHA MAP.
- CBRE Group
Global CRE services giant; #3 Fannie DUS producer, top-3 multifamily servicer.
- Western Alliance
$90B-asset bank with national warehouse lending and MSR financing for IMBs.
- Newmark Group
CRE advisory; top-ranked agency multifamily originator and GSE/FHA servicer.
- Texas Capital
Texas commercial bank with a national mortgage warehouse lending division.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Merchants Bancorp | $53.41 | +0.04% | $2.45B | 10.7 | 9.2 | 1.9 | +2.3% |
| Walker & Dunlop | $41.78 | +1.04% | $1.42B | 36.9 | 12.2 | 1.1 | +3.5% |
| Arbor Realty Trust | $5.06 | 0.00% | $973.3M | 37.4 | 12.0 | 0.8 | −11.1% |
| CBRE Group | $150.82 | −0.07% | $43.69B | 34.6 | 18.8 | 1.0 | +15.1% |
| Western Alliance | $78.53 | −0.03% | $8.57B | 8.8 | 7.5 | 1.7 | +17.7% |
| Newmark Group | $15.83 | −0.03% | $2.47B | 19.9 | 7.6 | 0.7 | +17.0% |
| Texas Capital | $98.87 | +0.22% | $4.29B | 12.9 | 12.9 | 2.2 | +9.1% |
| Median | 27.2 | 12.1 | 1.1 | +12.1% |