Merchants Bancorp

MBIN · NASDAQ

$48.42+$0.81 (+1.70%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $47.61

MBIN analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform0
Sell0

12-month price target · 4 analysts

Average $65.79 (+35.9% upside)

Low: $64.64
Now: $48.42
High: $68.25

Upgrades and downgrades

The latest rating actions, newest first

MBIN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 5, 2026	Maintains	Overweight	$64.00 → $63.00	50%
Morgan Stanley	Sep 8, 2026	Maintains	Equal-Weight	$49.00 → $65.00	59%
Piper Sandler	Jul 29, 2026	Maintains	Overweight	$64.00 → $58.00	50%
Raymond James	Jul 1, 2026	Downgrade	Outperform → Market Perform	—	54%
Morgan Stanley	Jun 29, 2026	Maintains	Equal-Weight	$46.00 → $49.00	59%
Morgan Stanley	Mar 2, 2026	Maintains	Equal-Weight	$42.00 → $51.00	59%
Morgan Stanley	Jan 30, 2026	Maintains	Equal-Weight	$40.00 → $42.00	59%
Piper Sandler	Oct 30, 2025	Maintains	Overweight	$41.00 → $42.00	50%
Raymond James	Oct 29, 2025	Maintains	Outperform	$40.00 → $38.00	54%

The case for and against

Updated Apr 17, 2026

Bull case

Merchants Bancorp demonstrated solid profitability in the third quarter, with a reported return on assets (ROA) of 0.94% and return on tangible common equity (ROTCE) of 10.6%, alongside a tangible book value (TBV) growth of 3% quarter-over-quarter. The bank exhibited strong deposit growth, with certificates of deposits and brokered accounts increasing by 18% in the same period, indicating robust demand and market share gains, particularly in the mortgage warehouse segment. Additionally, all regulatory capital ratios strengthened sequentially, reflecting a stable financial foundation and potential for continued growth, supported by a positive outlook for core fee income expansion in the coming years.

Bear case

Merchants Bancorp has experienced a decline in key financial metrics, with net interest income decreasing by 1% quarter-over-quarter and falling 2% below consensus expectations, primarily due to a 5% drop in average earning assets. Additionally, the bank's net interest margin has compressed by 1 basis point, highlighting weakened loan and cash yields, which may indicate underlying challenges in its loan portfolio. Concerns regarding credit risk are further emphasized by the potential for rapid loan defaults, which could lead to increased losses, thereby contributing to a negative outlook for the bank's stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.