Announcement • May 29
Merchants Bancorp to Report Q2, 2026 Results on Jul 28, 2026 Merchants Bancorp announced that they will report Q2, 2026 results at 4:05 PM, US Eastern Standard Time on Jul 28, 2026 Announcement • May 23
Merchants Bancorp announces Quarterly dividend, payable on July 01, 2026 Merchants Bancorp announced Quarterly dividend of USD 0.1100 per share payable on July 01, 2026, ex-date on June 15, 2026 and record date on June 15, 2026. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 8 highly experienced directors. Independent Director Tom Dinwiddie was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 14
Merchants Bancorp, Annual General Meeting, May 21, 2026 Merchants Bancorp, Annual General Meeting, May 21, 2026. Location: 410 monon blvd, indiana 46032, carmel United States Announcement • Feb 20
Merchants Bancorp Increases Quarterly Common Dividend, Payable on April 1, 2026 Merchants Bancorp announced that its Board of Directors declared a dividend of $0.11 per share on the Company's outstanding shares of its common stock for the first quarter of 2026, in each case to shareholders of record on March 13, 2026, payable on April 1, 2026. Announcement • Jan 29
Merchants Bancorp (NasdaqCM:MBIN) announces an Equity Buyback for $100 million worth of its shares. Merchants Bancorp (NasdaqCM:MBIN) announces a share repurchase program. Under the program, the company will repurchases up to $100 million worth of its shares.This is subject to compliance with applicable laws and regulations. Repurchases will depend upon a variety of factors, including general market and economic conditions as well as the financial and regulatory condition of Merchants. The program is valid till December 31, 2027. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 8 highly experienced directors. Director Tom Dinwiddie was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 20
Merchants Bancorp Announces Quarterly Cash Dividend for the Fourth Quarter of 2025, Payable on January 2, 2026 Merchants Bancorp announced quarterly cash dividend of $0.10 per share on the Company's outstanding shares of its common stock for the fourth quarter of 2025, in each case to shareholders of record on December 15, 2025, payable on January 2, 2026. Announcement • Oct 29
Merchants Bancorp Reports Charge-Offs for the Third Quarter Ended September 30, 2025 Merchants Bancorp reported charge-offs for the third quarter ended September 30, 2025. The Company recorded charge-offs for nine relationships, primarily in the multi-family loan portfolio, totaling $29.5 million, and $23,000 in recoveries during the third quarter of 2025. This compares to $2.1 million in charge-offs and $7,000 in recoveries during the third quarter of 2024 and $46.1 million in charge-offs and no recoveries in the second quarter of 2025. Announcement • Aug 22
Merchants Bancorp Declares Quarterly Cash Dividend for the Third Quarter of 2025, Payable on October 1, 2025 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividend for the third quarter of 2025, to shareholders of record on September 15, 2025, payable on October 1, 2025: A dividend of $0.10 per share on the Company's outstanding shares of its common stock. Announcement • Jul 29
Merchants Bancorp Reports Charge-Offs for the Second Quarter Ended June 30, 2025 Merchants Bancorp reported charge-offs for the second quarter ended June 30, 2025. The Company recorded charge-offs for 14 customers, primarily in the multi-family loan portfolio, totaling $46.1 million, and no recoveries during the second quarter of 2025. This compares to $3.5 million in charge-offs and $15,000 in recoveries during the second quarter of 2024 and to $10.5 million in charge-offs and $28,000 of recoveries in the first quarter of 2025. Announcement • May 16
Merchants Bancorp Declares Cash Dividend for the Second Quarter of 2025, Payable on July 1, 2025 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividends for the second quarter of 2025, in each case to shareholders of record on June 13, 2025, payable on July 1, 2025: A dividend of 0.10 per share on the Company’s outstanding shares of its common stock. Announcement • Apr 07
Merchants Bancorp, Annual General Meeting, May 15, 2025 Merchants Bancorp, Annual General Meeting, May 15, 2025. Announcement • Feb 21
Merchants Bancorp Announces Quarterly Common Dividend, Payable on April 1, 2025 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividends for the first quarter of 2025, in each case to shareholders of record on March 14, 2025, payable on April 1, 2025. A dividend of $0.10 per share on the Company's outstanding shares of its common stock. Announcement • Dec 23
Merchants Bancorp to Report Q4, 2024 Results on Jan 28, 2025 Merchants Bancorp announced that they will report Q4, 2024 results on Jan 28, 2025 Announcement • Nov 21
Merchants Bancorp Declares Quarterly Common Share Dividend, Payable on January 2, 2025 Merchants Bancorp announced that its Board of Directors declared quarterly cash dividend of $0.09 per share on the Company's outstanding shares of its common stock for the fourth quarter of 2024, in each case to shareholders of record on December 13, 2024, payable on January 2, 2025. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €33.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Diversified Financial industry in Germany. Total returns to shareholders of 25% over the past three years. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: US$1.17 (vs US$1.69 in 3Q 2023) Third quarter 2024 results: EPS: US$1.17 (down from US$1.69 in 3Q 2023). Revenue: US$142.7m (down 4.6% from 3Q 2023). Net income: US$53.5m (down 27% from 3Q 2023). Profit margin: 38% (down from 49% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 05
Merchants Bancorp to Report Q3, 2024 Results on Oct 28, 2024 Merchants Bancorp announced that they will report Q3, 2024 results on Oct 28, 2024 Upcoming Dividend • Sep 09
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 5.2% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.6%). Recent Insider Transactions • Aug 30
Co-founder recently sold €895k worth of stock On the 27th of August, Michael Petrie sold around 22k shares on-market at roughly €40.61 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Michael has been a net seller over the last 12 months, reducing personal holdings by €1.5m. Declared Dividend • Aug 26
Second quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 13th September 2024 Payment date: 1st October 2024 Dividend yield will be 0.8%, which is lower than the industry average of 6.4%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 7 years and payments have been stable during that time. EPS is expected to decline by 6.7% over the next year. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. Announcement • Aug 16
Merchants Bancorp Declares Quarterly Cash Dividends for the Third Quarter of 2024, Payable on October 1, 2024 Merchants Bancorp announced that its Board of Directors declared the quarterly cash dividend for the third quarter of 2024, in each case to shareholders of record on September 13, 2024, payable on October 1, 2024: A dividend of $0.09 per share on the Company's outstanding shares of its common stock. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €37.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Diversified Financial industry in Germany. Total returns to shareholders of 91% over the past three years. Recent Insider Transactions • Aug 02
Insider recently bought €249k worth of stock On the 31st of July, Michael Dury bought around 6k shares on-market at roughly €41.42 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €13m more in shares than they bought in the last 12 months. New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: US$1.71 (vs US$1.31 in 2Q 2023) Second quarter 2024 results: EPS: US$1.71 (up from US$1.31 in 2Q 2023). Revenue: US$149.5m (up 32% from 2Q 2023). Net income: US$76.4m (up 35% from 2Q 2023). Profit margin: 51% (in line with 2Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 21
Merchants Bancorp to Report Q2, 2024 Results on Jul 29, 2024 Merchants Bancorp announced that they will report Q2, 2024 results on Jul 29, 2024 Announcement • Jul 03
Merchants Bancorp(NasdaqCM:MBIN) dropped from Russell 3000E Value Index Merchants Bancorp(NasdaqCM:MBIN) dropped from Russell 3000E Value Index Upcoming Dividend • Jun 10
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 5.2% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.6%). Declared Dividend • May 27
First quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 14th June 2024 Payment date: 1st July 2024 Dividend yield will be 0.9%, which is lower than the industry average of 6.4%. Sustainability & Growth The dividend has increased by an average of 18% per year over the past 6 years and payments have been stable during that time. EPS is expected to decline by 2.4% over the next year. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. Announcement • May 19
Merchants Bancorp Declares Quarterly Common for the Second Quarter of 2024, Payable on July 1, 2024 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividends for the second quarter of 2024, in each case to shareholders of record on June 14, 2024, payable on July 1, 2024: a dividend of $0.09 per share on the Company's outstanding shares of its common stock. Announcement • May 15
Merchants Bancorp has completed a Follow-on Equity Offering in the amount of $103.2 million. Merchants Bancorp has completed a Follow-on Equity Offering in the amount of $103.2 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,400,000
Price\Range: $43 Announcement • May 14
Merchants Bancorp has filed a Follow-on Equity Offering. Merchants Bancorp has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,400,000 Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €42.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Diversified Financial industry in Germany. Total returns to shareholders of 90% over the past three years. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$1.81 (vs US$1.07 in 1Q 2023) First quarter 2024 results: EPS: US$1.81 (up from US$1.07 in 1Q 2023). Revenue: US$163.2m (up 51% from 1Q 2023). Net income: US$78.4m (up 69% from 1Q 2023). Profit margin: 48% (up from 43% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 07
Merchants Bancorp, Annual General Meeting, May 16, 2024 Merchants Bancorp, Annual General Meeting, May 16, 2024, at 08:00 Eastern Daylight. Location: 410 Monon Blvd., Carmel, Indiana 46032 Indiana United States Agenda: To consider the election of 11 directors to the Company’s Board of Directors, to serve until the Company’s 2025 annual meeting of shareholders and until his or her successor has been duly elected and qualified; to consider a non-binding, advisory vote on the compensation of the Company’s Named Executive Officers; to consider the ratification of the appointment of FORVIS, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024; and the transaction of such other matters as may properly come before the meeting and any adjournment or postponement of the meeting. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: US$5.66 (vs US$4.49 in FY 2022) Full year 2023 results: EPS: US$5.66 (up from US$4.49 in FY 2022). Revenue: US$522.5m (up 22% from FY 2022). Net income: US$244.6m (up 26% from FY 2022). Profit margin: 47% (up from 45% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
John F. Macke to Retire as Chief Financial Officer of Merchants Bancorp, on or Before September 30, 2024 On March 7, 2024, John F. Macke, Merchants Bancorp’s Chief Financial Officer notified the Company of his intention to retire. Mr. Macke’s decision to retire was voluntary and not the result of any dispute or disagreement with management or the Board or related to the Company’s operations, policies, or practices. The Company will begin a search for Mr. Macke’s replacement. Mr. Macke will continue to serve in his current role and assist the Company with the transition to a successor until his retirement on or before September 30, 2024. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 01 April 2024. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.8%). Declared Dividend • Feb 18
Fourth quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 14th March 2024 Payment date: 1st April 2024 Dividend yield will be 0.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by earnings (6% payout ratio) and is expected to be well covered in 3 years' time (7% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 6 years and payments have been stable during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Feb 16
Merchants Bancorp Increases Quarterly Common Dividend, Payable on April 1, 2024 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividends for the first quarter of 2023, in each case to shareholders of record on March 15, 2024, payable on April 1, 2024: A dividend of $0.09 per share on the Company's outstanding shares of its common stock. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: US$5.66 (vs US$4.49 in FY 2022) Full year 2023 results: EPS: US$5.66 (up from US$4.49 in FY 2022). Revenue: US$522.5m (up 22% from FY 2022). Net income: US$244.6m (up 26% from FY 2022). Profit margin: 47% (up from 45% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.08 per share at 0.9% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 6.0% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.4%). Announcement • Nov 17
Merchants Bancorp Declares Quarterly Common Dividends for the Fourth Quarter of 2023, Payable on January 2, 2024 Merchants Bancorp announced that its Board of Directors declared the quarterly cash dividend of $0.08 per share on the Company's outstanding shares of its common stock for the fourth quarter of 2023, to shareholders of record on December 15, 2023, payable on January 2, 2024. Recent Insider Transactions • Nov 16
Vice Chairman recently sold €7.1m worth of stock On the 14th of November, Randall Rogers sold around 238k shares on-market at roughly €29.65 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Randall has been a net seller over the last 12 months, reducing personal holdings by €12m. Recent Insider Transactions • Nov 05
Vice Chairman recently sold €4.1m worth of stock On the 3rd of November, Randall Rogers sold around 139k shares on-market at roughly €29.44 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Randall has been a net seller over the last 12 months, reducing personal holdings by €4.1m. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.004% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.004% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (€421k sold). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €29.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total returns to shareholders of 145% over the past three years. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$1.69 (vs US$1.22 in 3Q 2022) Third quarter 2023 results: EPS: US$1.69 (up from US$1.22 in 3Q 2022). Revenue: US$149.5m (up 33% from 3Q 2022). Net income: US$72.8m (up 38% from 3Q 2022). Profit margin: 49% (up from 47% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (€421k sold). Upcoming Dividend • Sep 07
Upcoming dividend of US$0.08 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 6.3% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.1%). Announcement • Aug 18
Merchants Bancorp Declares Quarterly Common Dividend, Payable on October 2, 2023 Merchants Bancorp announced that its Board of Directors declared the quarterly cash dividend of $0.08 per share on the Company's outstanding shares of its common stock for the third quarter of 2023, to shareholders of record on September 15, 2023, payable on October 2, 2023. Recent Insider Transactions • Aug 11
Co-founder recently sold €341k worth of stock On the 8th of August, Michael Petrie sold around 12k shares on-market at roughly €28.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Announcement • Jul 29
Merchants Bancorp Reports Charge-Offs Results for the Second Quarter Ended June 30, 2023 Merchants Bancorp reported charge-offs results for the second quarter ended June 30, 2023. For the quarter, the company reported charge-offs of $9.5 million against $0.047 million in the second quarter of 2022. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$1.31 (vs US$1.12 in 2Q 2022) Second quarter 2023 results: EPS: US$1.31 (up from US$1.12 in 2Q 2022). Revenue: US$112.9m (up 7.5% from 2Q 2022). Net income: US$56.6m (up 18% from 2Q 2022). Profit margin: 50% (up from 46% in 2Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €24.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Diversified Financial industry in Germany. Total returns to shareholders of 8.2% over the past year. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.08 per share at 1.2% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 6.4% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%). Announcement • May 19
Merchants Bancorp Declares Quarterly Common Dividend, Payable on July 3, 2023 Merchants Bancorp announced that its Board of Directors declared a dividend of $0.08 per share on the Company's outstanding shares of its common stock for the second quarter of 2023, to shareholders of record on June 15, 2023, payable on July 3, 2023. Recent Insider Transactions • May 06
President recently bought €50k worth of stock On the 4th of May, Michael Dunlap bought around 3k shares on-market at roughly €20.11 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: US$4.49 (vs US$4.78 in FY 2021) Full year 2022 results: EPS: US$4.49 (down from US$4.78 in FY 2021). Revenue: US$427.2m (flat on FY 2021). Net income: US$193.7m (down 6.1% from FY 2021). Profit margin: 45% (down from 48% in FY 2021). Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Diversified Financial industry in Germany. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €23.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Mortgage industry in Europe. Total loss to shareholders of 5.3% over the past year. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.08 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 03 April 2023. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.7%). Announcement • Feb 17
Merchants Bancorp Increases Quarterly Common Dividend, Payable on April 3, 2023 Merchants Bancorp announced that its Board of Directors declared the following quarterly cash dividends for the first quarter of 2023, in each case to shareholders of record on March 15, 2023, payable on April 3, 2023: A dividend of $0.08 per share on the Company's outstanding shares of its common stock. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €28.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Mortgage industry in Europe. Total returns to shareholders of 7.2% over the past year. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: US$4.49 (vs US$4.78 in FY 2021) Full year 2022 results: EPS: US$4.49 (down from US$4.78 in FY 2021). Revenue: US$427.2m (flat on FY 2021). Net income: US$193.7m (down 6.1% from FY 2021). Profit margin: 45% (down from 48% in FY 2021). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Mortgage industry in Europe. Recent Insider Transactions • Dec 17
President of Merchants Capital Corp recently bought €220k worth of stock On the 15th of December, Michael Dury bought around 10k shares on-market at roughly €23.15 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €47k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 03 January 2023. Payout ratio is a comfortable 6.0% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.4%). Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$1.22 (vs US$1.22 in 3Q 2021) Third quarter 2022 results: EPS: US$1.22. Revenue: US$112.3m (up 4.0% from 3Q 2021). Net income: US$52.8m (flat on 3Q 2021). Profit margin: 47% (down from 49% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Mortgage industry in Europe. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 5.8% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.7%). Recent Insider Transactions • Aug 13
Vice Chairman recently sold €274k worth of stock On the 9th of August, Randall Rogers sold around 10k shares on-market at roughly €27.38 per share. This was the largest sale by an insider in the last 3 months. Randall has been a seller over the last 12 months, reducing personal holdings by €2.0m. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: US$1.12 (vs US$1.06 in 2Q 2021) Second quarter 2022 results: EPS: US$1.12 (up from US$1.06 in 2Q 2021). Revenue: US$105.0m (up 7.6% from 2Q 2021). Net income: US$48.2m (up 5.3% from 2Q 2021). Profit margin: 46% (in line with 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Germany. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 5.6% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (6.1%). Recent Insider Transactions • May 21
President of Merchants Capital Corp recently bought €101k worth of stock On the 13th of May, Michael Dury bought around 5k shares on-market at roughly €22.35 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.6m more in shares than they bought in the last 12 months. Reported Earnings • Apr 30
First quarter 2022 earnings released: EPS: US$1.03 (vs US$1.35 in 1Q 2021) First quarter 2022 results: EPS: US$1.03 (down from US$1.35 in 1Q 2021). Revenue: US$97.9m (down 14% from 1Q 2021). Net income: US$44.4m (down 24% from 1Q 2021). Profit margin: 45% (down from 51% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 4.8% compared to a 11% growth forecast for the industry in Germany. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Andy Juster was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 5.0% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.5%). Lower than average of industry peers (4.2%). Reported Earnings • Mar 06
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.78 (up from US$3.85 in FY 2020). Revenue: US$430.3m (up 27% from FY 2020). Net income: US$206.2m (up 24% from FY 2020). Profit margin: 48% (down from 49% in FY 2020). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 2.79% (up from 2.69% in FY 2020). Cost-to-income ratio: 28.8% (up from 27.4% in FY 2020). Non-performing loans: 0.01% (down from 0.11% in FY 2020). Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is expected to shrink by 4.5% compared to a 14% growth forecast for the banks industry in Germany. Reported Earnings • Feb 02
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.76 (up from US$3.85 in FY 2020). Revenue: US$430.3m (up 27% from FY 2020). Net income: US$206.2m (up 24% from FY 2020). Profit margin: 48% (down from 49% in FY 2020). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 28.8% (up from 27.4% in FY 2020). Non-performing loans: 0.01% (down from 0.11% in FY 2020). Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is expected to shrink by 7.6% compared to a 14% growth forecast for the banks industry in Germany. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 03 January 2022. Payout ratio is a comfortable 4.7% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (3.2%). Recent Insider Transactions • Nov 05
Vice Chairman recently sold €1.3m worth of stock On the 3rd of November, Randall Rogers sold around 33k shares on-market at roughly €40.11 per share. This was the largest sale by an insider in the last 3 months. This was Randall's only on-market trade for the last 12 months. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS US$1.83 (vs US$1.79 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$108.1m (up 7.0% from 3Q 2020). Net income: US$52.8m (up 2.7% from 3Q 2020). Profit margin: 49% (down from 51% in 3Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 01 October 2021. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.3%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS US$1.59 (vs US$1.31 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: US$97.6m (up 29% from 2Q 2020). Net income: US$45.8m (up 22% from 2Q 2020). Profit margin: 47% (down from 50% in 2Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 14 June 2021. Payment date: 01 July 2021. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.8%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS US$2.02 (vs US$0.73 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$114.2m (up 107% from 1Q 2020). Net income: US$58.2m (up 178% from 1Q 2020). Profit margin: 51% (up from 38% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 08
Full year 2020 earnings released: EPS US$5.78 (vs US$2.37 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$339.8m (up 105% from FY 2019). Net income: US$166.1m (up 144% from FY 2019). Profit margin: 49% (up from 41% in FY 2019). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.69% (up from 2.40% in FY 2019). Cost-to-income ratio: 27.4% (down from 37.4% in FY 2019). Non-performing loans: 0.11% (down from 0.15% in FY 2019). 
