MBIN
Merchants Bancorp
NasdaqCMUSDEQUITY
Financial Services
DELAYED
Neutral
+18/100
Last price
49.95
▲ 0.23 (0.46%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
49.95
Prev close
49.72
Day high
53.62
Day low
49.58
Volume
140.79K
Market cap
$2.29B
P/E (TTM)
9.99
52W range
30.37 – 56.87
Day trading desk
Gap from prior close
+0.46%
Prior close 49.72
VWAP
49.88
+0.13% from price
Relative volume
0.40×
Quiet session
Session range
8.29%
49.51 – 53.62
Position in range
11%
Near session low
ATR (14D)
1.52
3.04% of price
Prior day high
50.10
PDH
Prior day low
48.49
PDL
Bid / ask spread
—
Quote not published
Session volume
73.95K
Avg 185.35K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+0.69%
-1.3%
1M
-5.18%
-6.3%
3M
+7.05%
+2.5%
6M
+9.95%
-8.2%
YTD
+46.65%
+32.4%
1Y
+55.27%
+38.8%
3Y
+80.19%
-2.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on MBIN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-21.02K
Net selling
Buy transactions
18
36.01K shares
Sell transactions
3
57.03K shares
Net transactions
+21
Buys less sells
Sell : buy shares
1.6 : 1
Mixed
Insider-held shares
21.11M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 20, 26 | O'BRIEN PATRICK D Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | SELLERS ANNE E Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | DINWIDDIE THOMAS W. Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | CATCHINGS TAMIKA D. Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | SHAFFER MARK E. Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | JUSTER ANDREW A Director |
STOCK | 328 | $17.55K | Direct |
| Aug 20, 26 | CURLESS MICHAEL S Director |
STOCK | 328 | $17.55K | Direct |
| Aug 5, 26 | DURY MICHAEL R Officer |
STOCK | 3.70K | $0 | Direct |
| Jul 30, 26 | PETRIE MICHAEL F Chief Executive Officer |
SELL | 9.00K | $496.80K | Indirect |
| Jul 30, 26 | KAERCHER JULIA L Director |
SELL | 9.00K | $496.80K | Indirect |
| Jun 3, 26 | DURY MICHAEL R Officer |
STOCK | 10.70K | $0 | Direct |
| May 21, 26 | O'BRIEN PATRICK D Director |
STOCK | 381 | $17.54K | Direct |
| May 21, 26 | SELLERS ANNE E Director |
STOCK | 381 | $17.54K | Direct |
| May 21, 26 | DINWIDDIE THOMAS W. Director |
STOCK | 381 | $17.54K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
DUNLAP MICHAEL J |
President | 219.96K | Stock Award(Grant) |
DURY MICHAEL R |
Officer | 138.90K | Stock Gift |
EVANS SCOTT A |
Officer and Director | 29.37K | Stock Award(Grant) |
JUSTER ANDREW A |
Director | 26.50K | Stock Award(Grant) |
KAERCHER JULIA L |
Director | — | Sale |
KOORS JERRY F |
Officer | 65.25K | Stock Award(Grant) |
LANGFORD KEVIN T |
Officer | 36.43K | Stock Gift |
O'BRIEN PATRICK D |
Director | 120.05K | Stock Award(Grant) |
OZNICK TERRY A |
General Counsel | 34.06K | Stock Award(Grant) |
PETRIE MICHAEL F |
Chief Executive Officer | — | Sale |
Fundamentals
Market cap$2.29B
Enterprise value$6.35B
Revenue (TTM)$632.34M
Gross profit$632.34M
EBITDA—
Net income$228.74M
EPS (TTM)$5.00
Free cash flow—
Total cash$791.88M
Total debt$4.30B
Book value / share$40.11
Shares outstanding45.94M
Float25.37M
Short % of float10.07%
Dividend yield0.88%
Beta (5Y)1.21
Valuation & profitability ratios
Trailing P/E9.99
Forward P/E8.31
PEG ratio—
Price / sales—
Price / book1.25
EV / revenue10.05
EV / EBITDA—
Gross margin0.00%
Operating margin61.07%
Profit margin42.47%
Return on equity11.73%
Return on assets1.33%
Debt / equity—
Current ratio—
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $677.24M | $666.97M | $559.33M | $439.78M | +1.5% |
| Operating revenue | $677.24M | $666.97M | $559.33M | $439.78M | +1.5% |
| Selling, general & admin | $198.31M | $156.88M | $121.76M | $92.55M | +26.4% |
| Pre-tax income | $263.80M | $422.64M | $347.91M | $291.14M | -37.6% |
| Tax provision | $45.03M | $102.26M | $68.67M | $71.42M | -56.0% |
| Net income | $218.77M | $320.39M | $279.23M | $219.72M | -31.7% |
| Net income to common | $173.55M | $283.65M | $244.56M | $193.74M | -38.8% |
| Basic EPS | 3.78 | 6.32 | 5.66 | 4.49 | -40.2% |
| Diluted EPS | 3.78 | 6.30 | 5.64 | 4.47 | -40.0% |
| Basic shares | 45.87M | 44.86M | 43.22M | 43.16M | +2.3% |
| Diluted shares | 45.94M | 45.00M | 43.35M | 43.32M | +2.1% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $212.20M | $476.61M | $584.42M | $226.16M | — | -55.5% |
| Accounts receivable | $81.81M | $83.41M | $91.35M | $56.26M | — | -1.9% |
| Property, plant & equipment | $73.93M | $58.62M | $42.34M | $35.44M | — | +26.1% |
| Goodwill & intangibles | $225.53M | $198.01M | $175.04M | $163.28M | — | +13.9% |
| Total assets | $19.45B | $18.81B | $16.95B | $12.62B | — | +3.4% |
| Current debt | — | — | — | $30.00M | $300.00M | — |
| Long-term debt | $3.84B | $4.34B | $964.13M | $910.39M | — | -11.4% |
| Total debt | $3.84B | $4.34B | $964.13M | $910.39M | — | -11.4% |
| Total liabilities | $17.17B | $16.56B | $15.25B | $11.16B | — | +3.7% |
| Retained earnings | $1.49B | $1.33B | $1.06B | $832.87M | — | +11.7% |
| Shareholder equity | $2.28B | $2.24B | $1.70B | $1.46B | — | +1.7% |
| Net tangible assets | $2.06B | $2.05B | $1.53B | $1.30B | — | +0.5% |
| Shares issued | 45.89M | 45.77M | 43.24M | 43.11M | — | +0.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $218.77M | $320.39M | $279.23M | $219.72M | -31.7% |
| Depreciation & amortisation | $3.46M | $3.01M | $2.85M | $2.48M | +15.0% |
| Change in working capital | -$220.55M | -$351.37M | -$70.00K | $398.56M | +37.2% |
| Operating cash flow | -$341.25M | -$835.28M | -$356.40M | $975.77M | +59.1% |
| Capital expenditure | -$35.42M | -$18.39M | -$7.53M | -$8.82M | -92.6% |
| Investing cash flow | -$195.67M | -$874.27M | -$3.26B | -$2.86B | +77.6% |
| Share buybacks | $0 | -$177.04M | $0 | -$3.94M | +100.0% |
| Dividends paid | -$59.42M | -$51.17M | -$48.51M | -$38.07M | -16.1% |
| Financing cash flow | $272.51M | $1.60B | $3.97B | $1.08B | -83.0% |
| Free cash flow | -$376.67M | -$853.67M | -$363.93M | $966.96M | +55.9% |
| End cash position | $212.20M | $476.61M | $584.42M | $226.16M | -55.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $181.04M | $174.06M | $184.28M | $169.81M | $178.06M | +4.0% |
| Operating revenue | $181.04M | $174.06M | $184.28M | $169.81M | $178.06M | +4.0% |
| Selling, general & admin | $45.24M | $46.97M | $50.41M | $53.53M | $50.72M | -3.7% |
| Pre-tax income | $99.78M | $84.31M | $73.88M | $64.58M | $48.84M | +18.4% |
| Tax provision | $21.48M | $16.57M | $6.04M | $9.88M | $10.85M | +29.6% |
| Net income | $78.30M | $67.73M | $67.85M | $54.70M | $37.98M | +15.6% |
| Net income to common | $68.04M | $57.47M | $58.80M | $44.44M | $27.71M | +18.4% |
| Basic EPS | 1.48 | 1.25 | 1.28 | 0.97 | 0.60 | +18.4% |
| Diluted EPS | 1.48 | 1.25 | 1.28 | 0.97 | 0.60 | +18.4% |
| Basic shares | 45.94M | 45.93M | 45.89M | 45.89M | 45.88M | +0.0% |
| Diluted shares | 46.01M | 46.00M | 45.98M | 45.95M | 45.93M | +0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $314.70M | $83.22M | $212.20M | $598.04M | $647.16M | +278.2% |
| Accounts receivable | $82.08M | $77.33M | $81.81M | $82.44M | $82.39M | +6.1% |
| Property, plant & equipment | $74.66M | $73.69M | $73.93M | $75.15M | $71.05M | +1.3% |
| Goodwill & intangibles | $244.96M | $237.59M | $225.53M | $221.17M | $201.05M | +3.1% |
| Total assets | $21.23B | $20.32B | $19.45B | $19.35B | $19.14B | +4.5% |
| Long-term debt | $4.28B | $4.63B | $3.84B | $2.90B | $3.83B | -7.6% |
| Total debt | $4.28B | $4.63B | $3.84B | $2.90B | $3.83B | -7.6% |
| Total liabilities | $18.84B | $17.99B | $17.17B | $17.13B | $16.96B | +4.7% |
| Retained earnings | $1.60B | $1.54B | $1.49B | $1.43B | $1.39B | +4.1% |
| Shareholder equity | $2.39B | $2.33B | $2.28B | $2.23B | $2.18B | +2.7% |
| Net tangible assets | $2.15B | $2.09B | $2.06B | $2.00B | $1.98B | +2.7% |
| Shares issued | 45.94M | 45.94M | 45.89M | 45.89M | 45.89M | +0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $78.30M | $67.73M | $67.85M | $54.70M | $37.98M | +15.6% |
| Depreciation & amortisation | $1.40M | $1.37M | $1.16M | $765.00K | $770.00K | +1.9% |
| Change in working capital | $56.64M | $190.30M | -$223.78M | -$6.47M | -$24.36M | -70.2% |
| Operating cash flow | $213.31M | -$597.32M | -$397.90M | $29.77M | -$121.15M | +135.7% |
| Capital expenditure | -$2.44M | -$1.27M | -$5.36M | -$18.64M | -$4.57M | -92.0% |
| Investing cash flow | -$768.94M | -$335.26M | $12.69M | -$181.13M | -$26.33M | -129.4% |
| Share buybacks | $0 | -$3.00M | $0 | $0 | $0 | +100.0% |
| Dividends paid | -$15.32M | -$15.32M | -$14.86M | -$14.85M | -$14.85M | 0.0% |
| Financing cash flow | $787.11M | $803.59M | -$620.00K | $102.23M | $273.35M | -2.1% |
| Free cash flow | $210.87M | -$598.60M | -$403.25M | $11.13M | -$125.72M | +135.2% |
| End cash position | $314.70M | $83.22M | $212.20M | $598.04M | $647.16M | +278.2% |
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
50.00
+0.1% from spot
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
50.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.22 | 1.48 | +21.3% |
| Mar 2026 | 1.16 | 1.25 | +7.8% |
| Dec 2025 | 0.94 | 1.28 | +36.2% |
| Sep 2025 | 0.79 | 0.97 | +22.8% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.39 | 3 | $182.95M | +6.9% |
| Next quarter | 1.45 | 3 | $187.60M | +1.3% |
| Current year | 5.44 | 3 | $721.87M | +5.9% |
| Next year | 6.01 | 3 | $770.96M | +6.8% |
Analyst targets & ownership
Mean target$64.00
High target$65.00
Low target$63.00
Implied upside28.13%
Analyst count2
ConsensusHOLD
Strong buy / Buy1 / 0
Hold2
Sell / Strong sell0 / 0
Held by insiders45.95%
Held by institutions99.15%
Institutions holding263
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
50.50
-1.08% from price
SMA 20
51.52
-3.06% from price
SMA 50
52.94
-5.65% from price
SMA 100
50.51
-1.10% from price
SMA 200
46.29
+7.91% from price
EMA 12
50.60
-1.28% from price
EMA 26
51.43
-2.87% from price
EMA 50
51.57
-3.15% from price
RSI (14)
38.6
Neutral
MACD (12,26,9)
-0.83
Hist -0.22
ATR (14)
1.52
3.04% of price
Realised vol 30D
17.9%
Annualised
Bollinger upper
54.21
20, 2σ
Bollinger lower
48.84
20, 2σ
50 / 200 cross
Golden
52.94 vs 46.29
Trend bias
Above 200
+7.91%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.53
Less volatile than market
Correlation to SPY
0.20
Largely independent
Realised vol 30D
17.9%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-13.5%
Peak to trough
Max drawdown 5Y
-44.5%
Peak to trough
ATR 14
1.52
3.04% of price
Beta (reported)
1.21
5Y monthly, from filing
Short interest
Shares short
2.55M
Prior 1.68M
Change vs prior
+51.4%
Shorts adding
% of float
10.07%
Elevated
% of shares out
5.55%
Against total outstanding
Days to cover
15.0
Crowded exit
Float
25.37M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 5, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Sep 8, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 29, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Jul 1, 26 | Raymond James | DOWNGRADE | Outperform | Market Perform |
| Jun 29, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Mar 2, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jan 30, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Oct 30, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Oct 29, 25 | Raymond James | MAINTAINED | Outperform | Outperform |
| Sep 29, 25 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 30, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Jul 29, 25 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
Dividends & splits
Forward rate$0.44 / yr
Forward yield0.88%
5-year avg yield0.94%
Payout ratio8.43%
Ex-dividend dateSep 15, 2026
Next pay dateOct 1, 2026
Last split3:2
Split dateJan 18, 2022
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-20
Periodic Financial Reports
10-Q · 2026-08-07
Corporate Changes & Voting Matters
8-K · 2026-07-28
Corporate Changes & Voting Matters
8-K · 2026-05-21
Periodic Financial Reports
10-Q · 2026-05-07
Corporate Changes & Voting Matters
8-K · 2026-04-28
Annual Report to Shareholders
ARS · 2026-04-22
Proxy Statements
DEFA14A · 2026-04-10
Headlines
3 Reasons to Sell MBIN and 1 Stock to Buy Instead
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StockStory · 7d ago
Q2 Earnings Outperformers: Merchants Bancorp (NASDAQ:MBIN) And The Rest Of The Regional Banks Stocks
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Farmers & Merchants Bancorp's Dividend Analysis
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Merchants Bancorp’s Rally Is Testing How Much Risk Investors Will Overlook
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How Farmers & Merchants Bancorp’s Dividend Hike Shapes FMCB’s Capital Return Strategy for Investors
Simply Wall St. · 44d ago
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
PR Newswire · 47d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.