Declared Dividend • May 26
First quarter dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 15th June 2026 Payment date: 1st July 2026 Dividend yield will be 0.9%, which is lower than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. 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. Live News • May 21
Law Firms Probe Merchants Bancorp After Deposit Drop and Sharp Stock Decline Multiple securities law firms, including Bronstein, Gewirtz & Grossman, Levi & Korsinsky, and Pomerantz LLP, have opened investigations into Merchants Bancorp and certain officers and directors.
The investigations focus on whether Merchants Bancorp made materially false or misleading statements about the sustainability and composition of its deposit growth.
Scrutiny follows the company’s Q1 2026 disclosure that brokered deposits were roughly 50% lower year over year and that funding costs were materially higher, alongside a stock price decline of more than 9%.
The core issue for investors to monitor is potential misalignment between prior communications on deposit growth and the later disclosure of a sharp brokered deposit decline and higher funding costs. This contrast raises questions about management’s transparency and risk controls.
While investigations alone do not establish wrongdoing, they introduce headline and legal risk. It can be useful to track any formal actions or restatements that might affect capital, funding flexibility or confidence in leadership. Recent Insider Transactions Derivative • May 04
Co-Founder notifies of intention to sell stock Michael Petrie intends to sell 28k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of May. If the sale is conducted around the recent share price of US$46.36, it would amount to US$1.3m. For the year to December 2019, Michael's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2025, Michael's direct individual holding has increased from 12.57m shares to 12.58m. Company insiders have collectively bought US$156k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 30
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$1.25 (up from US$0.93 in 1Q 2025). Revenue: US$159.9m (up 16% from 1Q 2025). Net income: US$57.5m (up 35% from 1Q 2025). Profit margin: 36% (up from 31% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. 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 Recent Insider Transactions Derivative • Mar 08
Co-Founder notifies of intention to sell stock Michael Petrie intends to sell 11k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$41.80, it would amount to US$475k. For the year to December 2019, Michael's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Michael has owned 12.59m shares directly. Company insiders have collectively bought US$1.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$3.78 (down from US$6.32 in FY 2024). Revenue: US$563.7m (down 13% from FY 2024). Net income: US$173.6m (down 39% from FY 2024). Profit margin: 31% (down from 44% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Feb 24
Fourth quarter dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 13th March 2026 Payment date: 1st April 2026 Dividend yield will be 1.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (11% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 45% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • Feb 22
Co-Founder notifies of intention to sell stock Michael Petrie intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of February. If the sale is conducted around the recent share price of US$45.05, it would amount to US$284k. For the year to December 2019, Michael's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Michael has owned 12.59m shares directly. Company insiders have collectively bought US$1.2m more than they sold, via options and on-market transactions, in the last 12 months. 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. Recent Insider Transactions • Feb 13
President of Warehouse Lending recently sold US$253k worth of stock On the 10th of February, Martin Schroeter sold around 6k shares on-market at roughly US$46.06 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.2m more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$42.05, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Diversified Financial industry in the US. Total returns to shareholders of 41% over the past three years. Recent Insider Transactions Derivative • Feb 03
Co-Founder notifies of intention to sell stock Michael Petrie intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of February. If the sale is conducted around the recent share price of US$42.80, it would amount to US$428k. For the year to December 2019, Michael's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Michael's direct individual holding has decreased from 12.59m shares to 12.57m. Company insiders have collectively bought US$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Feb 02
Price target increased by 15% to US$47.33 Up from US$41.33, the current price target is an average from 3 analysts. New target price is 11% above last closing price of US$42.64. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of US$5.20 for next year compared to US$3.78 last year. Price Target Changed • Jan 30
Price target increased by 9.2% to US$43.67 Up from US$40.00, the current price target is an average from 3 analysts. New target price is 5.3% above last closing price of US$41.46. Stock is down 1.1% over the past year. The company is forecast to post earnings per share of US$5.07 for next year compared to US$3.78 last year. Reported Earnings • Jan 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$3.78 (down from US$6.32 in FY 2024). Revenue: US$563.7m (down 13% from FY 2024). Net income: US$173.6m (down 39% from FY 2024). Profit margin: 31% (down from 44% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.2%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. 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. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 02 January 2026. Payout ratio is a comfortable 9.0% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (1.0%). Declared Dividend • Nov 23
Third quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 15th December 2025 Payment date: 2nd January 2026 Dividend yield will be 1.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by earnings (9% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 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. Recent Insider Transactions Derivative • Nov 07
Co-Founder notifies of intention to sell stock Michael Petrie intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of November. If the sale is conducted around the recent share price of US$31.98, it would amount to US$1.6m. For the year to December 2018, Michael's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Michael's direct individual holding has decreased from 12.65m shares to 12.57m. Company insiders have collectively bought US$1.6m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Nov 05
Insider recently bought US$490k worth of stock On the 30th of October, Michael Dury bought around 16k shares on-market at roughly US$31.64 per share. This transaction amounted to 12% 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 US$1.6m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.97 (down from US$1.17 in 3Q 2024). Revenue: US$141.8m (flat on 3Q 2024). Net income: US$44.4m (down 17% from 3Q 2024). Profit margin: 31% (down from 38% in 3Q 2024). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. 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. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 8.3% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (0.9%). Declared Dividend • Aug 25
Second quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 15th September 2025 Payment date: 1st October 2025 Dividend yield will be 1.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by earnings (8% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. 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. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$29.18, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Diversified Financial industry in the US. Total returns to shareholders of 8.5% over the past three years. Recent Insider Transactions • Aug 03
Insider recently bought US$505k worth of stock On the 30th of July, Michael Dury bought around 16k shares on-market at roughly US$31.56 per share. This transaction amounted to 14% 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 US$194k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 29
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.60 (down from US$1.50 in 2Q 2024). Revenue: US$126.2m (down 16% from 2Q 2024). Net income: US$27.7m (down 59% from 2Q 2024). Profit margin: 22% (down from 45% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. 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. Upcoming Dividend • Jun 06
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 6.8% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (0.9%). Board Change • Jun 01
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. Declared Dividend • May 21
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 13th June 2025 Payment date: 1st July 2025 Dividend yield will be 1.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by earnings (7% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 17% per year over the past 7 years and payments have been stable during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. 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. Major Estimate Revision • May 05
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$692.7m to US$639.1m. EPS estimate also fell from US$5.76 per share to US$4.64 per share. Net income forecast to shrink 10% next year vs 15% growth forecast for Diversified Financial industry in the US . Consensus price target down from US$45.33 to US$40.67. Share price fell 6.8% to US$31.31 over the past week. Reported Earnings • Apr 29
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.93 (down from US$1.81 in 1Q 2024). Revenue: US$138.2m (down 15% from 1Q 2024). Net income: US$42.6m (down 46% from 1Q 2024). Profit margin: 31% (down from 48% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Price Target Changed • Apr 07
Price target decreased by 8.7% to US$45.33 Down from US$49.67, the current price target is an average from 3 analysts. New target price is 36% above last closing price of US$33.37. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$5.76 for next year compared to US$6.32 last year. Announcement • Apr 07
Merchants Bancorp, Annual General Meeting, May 15, 2025 Merchants Bancorp, Annual General Meeting, May 15, 2025. Price Target Changed • Apr 02
Price target decreased by 8.7% to US$47.00 Down from US$51.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of US$37.17. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of US$5.76 for next year compared to US$6.32 last year. Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$6.32 (up from US$5.66 in FY 2023). Revenue: US$646.5m (up 24% from FY 2023). Net income: US$283.7m (up 16% from FY 2023). Profit margin: 44% (down from 47% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • Feb 26
Fourth quarter dividend increased to US$0.10 Dividend of US$0.10 is 11% higher than last year. Ex-date: 14th March 2025 Payment date: 1st April 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by earnings (6% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). 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 4.1% over the next 2 years. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. 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. Major Estimate Revision • Feb 04
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$655.2m to US$693.7m. EPS estimate increased from US$4.91 to US$5.56 per share. Net income forecast to shrink 9.7% next year vs 16% growth forecast for Diversified Financial industry in the US . Consensus price target up from US$49.83 to US$52.17. Share price was steady at US$40.84 over the past week. Recent Insider Transactions Derivative • Jan 30
Director notifies of intention to sell stock Scott Evans intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of January. If the sale is conducted around the recent share price of US$39.76, it would amount to US$994k. Since March 2024, Scott has owned 35.08k shares directly. Company insiders have collectively sold US$424k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 29
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$6.32 (up from US$5.66 in FY 2023). Revenue: US$646.5m (up 24% from FY 2023). Net income: US$283.7m (up 16% from FY 2023). Profit margin: 44% (down from 47% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. 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 Upcoming Dividend • Dec 09
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 02 January 2025. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (0.9%). Declared Dividend • Nov 25
Third quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 13th December 2024 Payment date: 2nd January 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.0%. 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 15% per year over the past 7 years and payments have been stable during that time. EPS is expected to decline by 1.8% over the next 2 years. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. 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 US$36.32, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Diversified Financial industry in the US. Total returns to shareholders of 18% over the past three years. Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 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 06
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 American dividend payers (4.4%). Lower than average of industry peers (1.0%). Recent Insider Transactions • Aug 30
Co-founder recently sold US$1m worth of stock On the 27th of August, Michael Petrie sold around 22k shares on-market at roughly US$45.34 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 US$1.6m. Recent Insider Transactions Derivative • Aug 29
Co-founder notifies of intention to sell stock Michael Petrie intends to sell 22k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of August. If the sale is conducted around the recent share price of US$45.03, it would amount to US$993k. For the year to December 2017, Michael's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Michael's direct individual holding has increased from 13.64m shares to 13.65m. Company insiders have collectively sold US$13m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 19
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 1.0%. 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. Recent Insider Transactions Derivative • Aug 18
Vice Chairman notifies of intention to sell stock Randall Rogers intends to sell 164k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of August. If the sale is conducted around the recent share price of US$42.02, it would amount to US$6.9m. Since September 2023, Randall's direct individual holding has decreased from 3.36m shares to 3.22m. Company insiders have collectively sold US$13m more than they bought, via options and on-market transactions in the last 12 months. 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 US$40.81, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Diversified Financial industry in the US. Total returns to shareholders of 78% over the past three years. Recent Insider Transactions • Aug 02
Insider recently bought US$269k worth of stock On the 31st of July, Michael Dury bought around 6k shares on-market at roughly US$44.82 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 US$14m more in shares than they bought in the last 12 months. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% 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 3.1% 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: EPS misses analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Diversified Financial industry in the US. 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 31% 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 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$47.77, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Diversified Financial industry in the US. Total returns to shareholders of 91% over the past three years. 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 07
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 American dividend payers (4.7%). Lower than average of industry peers (1.0%). Declared Dividend • May 20
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 0.8%, which is lower than the industry average of 1.0%. 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 New Risk • May 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Major Estimate Revision • May 06
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$599.2m to US$654.7m. EPS estimate increased from US$5.65 to US$6.60 per share. Net income forecast to grow 3.4% next year vs 15% growth forecast for Diversified Financial industry in the US. Consensus price target up from US$54.00 to US$56.75. Share price rose 17% to US$45.87 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. 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 13
Full year 2023 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Diversified Financial industry in the US. 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 17% 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 American dividend payers (4.7%). In line with average of industry peers (0.9%). Declared Dividend • Feb 18
Fourth quarter dividend increased to US$0.09 Dividend of US$0.09 is 13% higher than last year. Ex-date: 14th March 2024 Payment date: 1st April 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.0%. Payout Ratios Payout ratio: 6%. Forecast payout ratio in 3 years: 7%. 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: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Diversified Financial industry in the US. 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 29% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 13
Price target increased by 15% to US$45.50 Up from US$39.50, the current price target is an average from 2 analysts. New target price is 16% above last closing price of US$39.12. Stock is up 57% over the past year. The company is forecast to post earnings per share of US$5.50 for next year compared to US$4.49 last year. Recent Insider Transactions Derivative • Dec 07
Co-founder notifies of intention to sell stock Michael Petrie intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of November. If the sale is conducted around the recent share price of US$33.00, it would amount to US$300k. For the year to December 2016, Michael's total compensation was 45% salary and 55% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Michael's direct individual holding has decreased from 13.72m shares to 13.64m. Company insiders have collectively sold US$13m more than they bought, via options and on-market transactions in the last 12 months.