MERCHANTS BANCORP
In the published model solve dated 2026-Q2, anchored at $56.14, MERCHANTS BANCORP (MBIN) is priced for 10.3% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
Merchants Bancorp compounds book value, and that is how a bank like this creates value. Tangible book value per share reached $38.55, against a $49.22 price, and Q1 2026 diluted EPS rose to $1.25 from $0.93 a year earlier. The franchise is a specialty lender, not a branch bank. It originates and services multifamily and affordable-housing mortgages and runs a warehouse-lending book, funded largely by core deposits at 93% of total deposits. The valuation is balanced. At $49.22 the asset-based a
Is MBIN overvalued? See what's priced in →
169 institutional managers reported holding MBIN in 13F filings for the quarter ended 2026-03-31. 43 opened new positions that quarter. Held by BlackRock, Dimensional Fund Advisors, Vanguard Group, among others. On the short side, 2.3M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (20.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
MBIN's share count grew 6.4% over the past five years even with $6.94M spent on repurchases. It pays a dividend, and has paid one every year in our records (10 and counting), raised 7 years straight; the current rate is $0.40 a share annually. Cash returned over the past three years: $150.16M in dividends and $3.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at MBIN over the trailing three years: 2023: 5 buys totaling $720k; 2024: 9 buys totaling $2.63M; 2025: 12 buys totaling $1.63M. 18 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
MBIN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-10 | +2.4% | -12.2% |
| 2023-11-10 | +11.0% | +30.7% |
| 2024-03-13 | +0.7% | +1.9% |
| 2024-05-11 | +3.3% | -7.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
MBIN's latest 8-K filings: 2026-07-28 (items 2.02, 9.01); 2026-05-21 (items 5.07, 8.01, 9.01); 2026-04-28 (items 2.02, 9.01); 2026-02-19 (items 8.01, 9.01); 2026-01-28 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.