MBINNasdaqState Commercial BanksFiscal year ends December 31Also trades as MBINL, MBINM, MBINN
Merchants Bancorp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$47.61−1.16 (-2.38%)
Close on Oct 19, 2026
- Market cap
- $2.19B
- P/E (TTM)
- 9.6
- Dividend yield
- 0.84%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
45M
Shares held, 13F filers
Institutional holders
188
30 new, 16 sold out
Net institutional buying
-0M
In Q2 2026
Insider trades, 12 months
1 buys · 34 sales
Net sold $5.16M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| BlackRock, Inc. | 4,033,647 | 8.80% | 13G (passive) | Mar 31, 2026 |
| Randall D. Rogers, Jr. | 3,775,767 | 8.30% | 13G (passive) amendment | Feb 9, 2026 |
| Michael F. Petrie | 12,650,641 | 27.60% | 13G (passive) amendment | Dec 11, 2024 |
| Jody J. Petrie | 12,575,375 | 27.40% | 13G (passive) amendment | Feb 26, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of MBIN | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Elser Financial Planning, Inc | 26,808,625 | – | $1.34B | −174,476 | 58.12% |
| BlackRock, Inc. | 4,105,193 | – | $205.26M | +54,275 | 0.00% |
| Dimensional Fund Advisors LP | 1,827,144 | – | $91.36M | +68,159 | 0.02% |
| State Street Corp | 1,066,972 | – | $53.46M | +32,340 | 0.00% |
| Nomura Asset Management International Inc. | 1,044,992 | – | $52.25M | −48,012 | 0.08% |
| Vanguard Capital Management LLC | 1,015,813 | – | $50.79M | +15,037 | 0.00% |
| American Century Companies Inc | 837,052 | – | $41.85M | +94,417 | 0.02% |
| Doma Perpetual Capital Management LLC | 810,082 | – | $40.50M | −305,512 | 9.40% |
| Geode Capital Management, LLC | 740,326 | – | $37.02M | +14,891 | 0.00% |
| Royce & Associates LP | 527,047 | – | $26.35M | −40,220 | 0.21% |
| Vanguard Portfolio Management LLC | 488,221 | – | $24.41M | +23,558 | 0.00% |
| Morgan Stanley | 308,775 | – | $15.44M | +10,715 | 0.00% |
| Northern Trust Corp | 301,802 | – | $15.09M | +14,709 | 0.00% |
| Hotchkis & Wiley Capital Management LLC | 298,438 | – | $14.92M | −3,970 | 0.04% |
| Banc Funds Co LLC | 285,062 | – | $14.25M | +4,000 | 2.35% |
| Basswood Capital Management, L.L.C. | 273,747 | – | $13.69M | – | 0.54% |
| Charles Schwab Investment Management Inc | 252,548 | – | $12.63M | +4,466 | 0.00% |
| Invesco Ltd. | 240,395 | – | $12.02M | +85,328 | 0.00% |
| Bank of New York Mellon Corp | 234,378 | – | $11.72M | −1,768 | 0.00% |
| Valeo Financial Advisors, LLC | 226,998 | – | $11.35M | −8,102 | 0.24% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|
| Q2 2026 | 188 | 45M | 30 / 56 | 61 / 16 | 1M | 1M |
| Q1 2026 | 178 | 46M | 51 / 56 | 46 / 21 | 33M | 2M |
| Q4 2025 | 151 | 16M | 16 / 56 | 56 / 23 | 3M | 3M |
| Q3 2025 | 158 | 16M | 19 / 71 | 38 / 11 | 2M | 1M |
| Q2 2025 | 150 | 15M | 21 / 73 | 37 / 30 | 2M | 2M |
| Q1 2025 | 160 | 15M | 20 / 59 | 56 / 29 | 2M | 29M |
| Q4 2024 | 170 | 42M | 29 / 65 | 47 / 30 | 29M | 2M |
| Q3 2024 | 174 | 15M | 28 / 62 | 55 / 26 | 4M | 3M |
| Q2 2024 | 174 | 15M | 21 / 87 | 41 / 19 | 3M | 2M |
| Q1 2024 | 173 | 14M | 30 / 53 | 64 / 21 | 2M | 1M |
| Q4 2023 | 164 | 13M | 47 / 52 | 45 / 3 | 3M | 1M |
| Q3 2023 | 121 | 11M | 14 / 45 | 39 / 6 | 1M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of MBIN | Value | % of fund | As of |
|---|---|---|---|---|---|
| iShares Core S&P Small-Cap ETF | 1,771,556 | – | $88.58M | 0.08% | Jun 30, 2026 |
| Avantis U.S. Small Cap Value ETF | 674,095 | – | $31.78M | 0.12% | May 31, 2026 |
| iShares Russell 2000 ETF | 673,363 | – | $33.67M | 0.04% | Jun 30, 2026 |
| Nomura Small Cap Value Fund | 672,733 | – | $31.71M | 0.91% | May 29, 2026 |
| Vanguard Total Stock Market Index Fund | 657,690 | – | $32.88M | 0.00% | Jun 30, 2026 |
| Nomura VIP Small Cap Value Series | 356,950 | – | $17.85M | 0.95% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 337,422 | – | $16.87M | 0.02% | Jun 30, 2026 |
| Royce Small-Cap Total Return Fund | 301,617 | – | $15.08M | 1.59% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 276,634 | – | $15.26M | 0.04% | Jul 31, 2026 |
| State Street(R) SPDR(R) Portfolio S&P 600(TM) Small Cap ETF | 270,069 | – | $13.50M | 0.08% | Jun 30, 2026 |
| iShares S&P Small-Cap 600 Value ETF | 253,129 | – | $12.66M | 0.16% | Jun 30, 2026 |
| Dimensional U.S. Targeted Value ETF | 218,543 | – | $12.06M | 0.08% | Jul 31, 2026 |
| U.S. Targeted Value Portfolio | 214,544 | – | $11.84M | 0.07% | Jul 31, 2026 |
| U.S. Small Cap Portfolio | 195,598 | – | $10.79M | 0.05% | Jul 31, 2026 |
| Dimensional US Small Cap Value ETF | 190,480 | – | $10.51M | 0.13% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | Latest filing |
|---|---|---|---|
| Michael F. Petrie | Chairman and CEO, Director, 10% owner | 12,559,451 | Jul 31, 2026 |
| Scott A. Evans | Lynn Market President, Director | 27,906 | Feb 3, 2026 |
| Michael J. Dunlap | President, COO, Director | 212,712 | Feb 3, 2026 |
| Michael R. Dury | CEO of Merchants Capital | 138,902 | Aug 7, 2026 |
| Kevin T. Langford | Chief Administrative Officer | 36,783 | May 7, 2026 |
| Martin A. Schroeter | President-Warehouse Lending | 11,220 | Feb 12, 2026 |
| Terry A. Oznick | SVP, General Counsel | 31,890 | Feb 3, 2026 |
| Jerry F. Koors | Merchants Mortgage President | 63,113 | Feb 3, 2026 |
| Sean A. Sievers | CHIEF FINANCIAL OFFICER | 14,388 | Feb 3, 2026 |
| Darin L. Thomas | Chief Accounting Officer | 1,103 | Aug 25, 2025 |
| Tamika Catchings | Director | 8,094 | Aug 24, 2026 |
| Mark E. Shaffer | Director | 709 | Aug 24, 2026 |
| Anne E. Sellers | Director | 12,987 | Aug 24, 2026 |
| Patrick D. O'Brien | Director | 200,049 | Aug 24, 2026 |
| Andrew Juster | Director | 26,500 | Aug 24, 2026 |
| Michael S. Curless | Director | 709 | Aug 24, 2026 |
| Thomas Dinwiddie | Director | 23,094 | Aug 24, 2026 |
| Julia L. Kaercher | Director | 818,266 | Jul 31, 2026 |
| Randall D. Rogers Jr. | Director | 3,775,361 | May 21, 2026 |
| David N. Shane | Director | 23,527 | Feb 19, 2026 |
| Sue Anne Gilroy | Director | 13,684 | Feb 19, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Thomas Dinwiddie Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 23,094 |
| Andrew Juster Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 26,500 |
| Michael S. Curless Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 709 |
| Tamika Catchings Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 8,094 |
| Patrick D. O'Brien Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 120,049 |
| Mark E. Shaffer Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 709 |
| Anne E. Sellers Director | Aug 20, 2026 | Award | +328 | $53.50 | $17.55K | 12,987 |
| Michael R. Dury CEO of Merchants Capital | Aug 5, 2026 | Gift | −3,700 | – | – | 120,702 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Jul 30, 2026 | Sale | −9,000 | $55.20 | $496.80K | 727,013 |
| Julia L. Kaercher Director | Jul 30, 2026 | Sale | −9,000 | $55.20 | $496.80K | 727,103 |
| Michael R. Dury CEO of Merchants Capital | Jun 3, 2026 | Gift | −10,700 | – | – | 124,402 |
| Andrew Juster Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 26,172 |
| Mark E. Shaffer Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 381 |
| Anne E. Sellers Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 12,659 |
| Patrick D. O'Brien Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 119,721 |
| Michael S. Curless Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 381 |
| Thomas Dinwiddie Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 22,766 |
| Tamika Catchings Director | May 21, 2026 | Award | +381 | $46.03 | $17.54K | 7,766 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | May 15, 2026 | Gift | −16,000 | – | – | 1,848,994 |
| Kevin T. Langford Chief Administrative Officer | May 7, 2026 | Gift | −650 | – | – | 36,433 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | May 6, 2026 | Sale | −8,334 | $46.86 | $390.53K | 1,864,994 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | May 5, 2026 | Sale | −20,000 | $46.75 | $935.00K | 1,873,328 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | May 5, 2026 | Sale | −10,696 | $46.75 | $500.04K | 736,013 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 26, 2026 | Sale | −13,871 | $20.25 | $280.89K | 2,958 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 26, 2026 | Sale | −15,000 | $44.05 | $660.75K | 1,893,328 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 25, 2026 | Sale | −377 | $20.20 | $7.62K | 16,829 |
| Tamika Catchings Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 7,385 |
| Anne E. Sellers Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 12,278 |
| Patrick D. O'Brien Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 119,340 |
| Sue Anne Gilroy Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 13,684 |
| Andrew Juster Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 25,791 |
| Thomas Dinwiddie Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 22,385 |
| David N. Shane Director | Feb 19, 2026 | Award | +377 | $46.45 | $17.51K | 23,527 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 18, 2026 | Sale | −1,502 | $20.20 | $30.34K | 17,206 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 17, 2026 | Sale | −100 | $20.20 | $2.02K | 18,708 |
| Martin A. Schroeter President-Warehouse Lending | Feb 10, 2026 | Sale | −5,500 | $46.06 | $253.33K | 10,881 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 10, 2026 | Sale | −4,455 | $20.20 | $89.99K | 18,808 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 9, 2026 | Sale | −14,610 | $20.20 | $295.12K | 23,263 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 6, 2026 | Sale | −7,149 | $20.20 | $144.41K | 37,873 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 5, 2026 | Sale | −2,034 | $20.20 | $41.09K | 45,022 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 4, 2026 | Sale | −6,929 | $20.20 | $139.97K | 47,056 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 3, 2026 | Sale | −1,383 | $20.20 | $27.94K | 53,985 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 2, 2026 | Sale | −2,404 | $20.20 | $48.56K | 55,368 |
| Sean A. Sievers CHIEF FINANCIAL OFFICER | Feb 1, 2026 | Tax withholding | −246 | $41.46 | $10.20K | 14,388 |
| Kevin T. Langford Chief Administrative Officer | Feb 1, 2026 | Tax withholding | −2,483 | $41.46 | $102.95K | 37,083 |
| Jerry F. Koors Merchants Mortgage President | Feb 1, 2026 | Tax withholding | −2,140 | $41.46 | $88.72K | 45,106 |
| Michael R. Dury CEO of Merchants Capital | Feb 1, 2026 | Tax withholding | −2,972 | $41.46 | $123.22K | 135,102 |
| Michael J. Dunlap President, COO, Director | Feb 1, 2026 | Tax withholding | −7,766 | $41.46 | $321.98K | 212,196 |
| Scott A. Evans Lynn Market President, Director | Feb 1, 2026 | Tax withholding | −1,817 | $41.46 | $75.33K | 27,556 |
| Terry A. Oznick SVP, General Counsel | Feb 1, 2026 | Tax withholding | −2,685 | $41.46 | $111.32K | 31,374 |
| Martin A. Schroeter President-Warehouse Lending | Feb 1, 2026 | Tax withholding | −663 | $41.46 | $27.49K | 16,381 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Feb 1, 2026 | Tax withholding | −9,685 | $41.46 | $401.54K | 1,930,308 |
| Scott A. Evans Lynn Market President, Director | Jan 27, 2026 | Award | +4,011 | – | – | 29,373 |
| Sean A. Sievers CHIEF FINANCIAL OFFICER | Jan 27, 2026 | Award | +6,427 | – | – | 14,634 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Jan 27, 2026 | Award | +20,565 | – | – | 1,939,993 |
| Michael J. Dunlap President, COO, Director | Jan 27, 2026 | Award | +20,051 | – | – | 219,962 |
| Jerry F. Koors Merchants Mortgage President | Jan 27, 2026 | Award | +5,553 | – | – | 47,246 |
| Terry A. Oznick SVP, General Counsel | Jan 27, 2026 | Award | +4,216 | – | – | 34,059 |
| Kevin T. Langford Chief Administrative Officer | Jan 27, 2026 | Award | +4,628 | – | – | 39,566 |
| Michael F. Petrie Chairman and CEO, Director, 10% owner | Dec 12, 2025 | Sale | −1,380 | $19.00 | $26.22K | 57,772 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Jody J. Petrie Director | Jul 30, 2026 | 11,111 | $613.74K | Jul 30, 2026 | Gift |
| Michael F. Petrie Officer | Jun 11, 2026 | 6,000 | $297.48K | Jun 11, 2026 | Gift |
| Jody J. Petrie 10% Stockholder | May 1, 2026 | 10,870 | $504.91K | May 1, 2026 | Gift |
| Michael F. Petrie Officer, 10% Stockholder | May 1, 2026 | 28,334 | $1.31M | May 1, 2026 | Restricted Stock Award |
| Jody J. Petrie Member of immediate family of any of the foregoing | Mar 5, 2026 | 11,364 | $475.02K | Mar 5, 2026 | Gift |
| Michael F. Petrie Officer | Feb 24, 2026 | 43,334 | $1.87M | Feb 24, 2026 | Restricted Stock Award |
| Michael F. Petrie Officer | Feb 20, 2026 | 6,315 | $284.49K | Feb 20, 2026 | Gifted |
| Michael F. Petrie Officer | Feb 2, 2026 | 67,772 | $1.59M | Feb 2, 2026 | Open Market purchase |
| Michael F. Petrie Officer | Nov 7, 2025 | 50,000 | $1.00M | Nov 7, 2025 | Open market purchase |
| Michael F. Petrie Officer | Nov 6, 2025 | 50,000 | $1.60M | Nov 6, 2025 | Open market purchase |
| Michael F. Petrie Officer | Feb 6, 2025 | 6,977 | $299.87K | Feb 6, 2025 | Gifted |
| A. Evans Scott Director, Officer | Jan 29, 2025 | 25,000 | $994.00K | Jan 29, 2025 | RSA |
| Michael F. Petrie Director | Aug 27, 2024 | 22,050 | $992.91K | Aug 27, 2024 | Restricted Stock Award |
| Mary H. Rogers Affiliate Spouse | Aug 15, 2024 | 492,000 | $20.67M | Aug 15, 2024 | Gift |
| Michael F. Petrie Officer | Nov 28, 2023 | 9,090 | $299.97K | Nov 28, 2023 | Gift |