MERCHANTS BANCORP IND MBIN
COM · Common Stock · CUSIP 58844R108
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersCarmel, IN
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($37.8k this quarter). Holder counts are more reliable. Shares outstanding: 45.9m as of 2026-07-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $49.99. Options: 3 managers hold calls ($1.6m notional), 3 hold puts ($1.8m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 121 |
| Q4 2022 | 115 |
| Q1 2023 | 126 |
| Q2 2023 | 115 |
| Q3 2023 | 123 |
| Q4 2023 | 165 |
| Q1 2024 | 175 |
| Q2 2024 | 175 |
| Q3 2024 | 175 |
| Q4 2024 | 172 |
| Q1 2025 | 161 |
| Q2 2025 | 151 |
| Q3 2025 | 158 |
| Q4 2025 | 152 |
| Q1 2026 | 178 |
| Q2 2026 | 188 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 87 | 80 |
| Q4 2024 | 88 | 77 |
| Q1 2025 | 77 | 84 |
| Q2 2025 | 93 | 66 |
| Q3 2025 | 89 | 49 |
| Q4 2025 | 67 | 79 |
| Q1 2026 | 98 | 68 |
| Q2 2026 | 82 | 77 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $397.4k | $1.7m | 4.40 |
| Q4 2025 | $275.9k | $1.4m | 5.16 |
| Q1 2026 | $502.0k | $1.5m | 2.98 |
| Q2 2026 | $1.6m | $1.8m | 1.10 |
Biggest buyers
| AMERICAN CENTURY COMPANIES INC | Added | +94.4k |
| Invesco Ltd. | Added | +85.3k |
| DIMENSIONAL FUND ADVISORS LP | Added | +68.2k |
| BlackRock, Inc. | Added | +54.3k |
| XTX Topco Ltd | Added | +45.3k |
| STATE STREET CORP | Added | +32.3k |
| CITIGROUP INC | Added | +29.1k |
| Russell Investments Group, Ltd. | Added | +26.2k |
| ExodusPoint Capital Management, LP | New | +25.7k |
| MILLENNIUM MANAGEMENT LLC | New | +25.5k |
Biggest sellers
| Doma Perpetual Capital Management LLC | Reduced | -305.5k |
| Elser Financial Planning, Inc | Reduced | -174.5k |
| MACKENZIE FINANCIAL CORP | Sold out | -87.1k |
| GOLDMAN SACHS GROUP INC | Reduced | -55.3k |
| SEI INVESTMENTS CO | Reduced | -54.3k |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -49.1k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | Reduced | -48.0k |
| ROYCE & ASSOCIATES LP | Reduced | -40.2k |
| Wakefield Asset Management LLLP | Sold out | -29.5k |
| Trexquant Investment LP | Sold out | -29.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $760.0k15.2k shares |
| CITADEL ADVISORS LLC | Added | $495.0k9.9k shares |
| ZEGA Investments, LLC | New | $360.0k7.2k shares |
Biggest puts
| SIMPLEX TRADING, LLC | Added | $735.0k14.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $620.0k12.4k shares |
| JANE STREET GROUP, LLC | New | $415.0k8.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Petrie Michael F. 13G · exempt (held before listing) -0.2 pts · filed 2026-04-06 | 27.4% |
| BlackRock, Inc. 13G · institution new · filed 2026-04-27 | 8.8% |
Fell to 5% or below in the last year: Rogers Randall D. (8.3%, 2026-04-06)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 4 | $2.2m | 0 | — | — |
| Q1 2025 | 0 | — | 1 | $1.1m | $1.1m |
| Q2 2025 | 2 | $381.4k | 0 | — | — |
| Q3 2025 | 3 | $753.5k | 0 | — | — |
| Q4 2025 | 1 | $490.4k | 1 | $810.2k | — |
| Q1 2026 | 0 | — | 2 | $2.0m | — |
| Q2 2026 | 0 | — | 1 | $1.8m | — |
| Q3 2026 | 0 | — | 2 | $496.8k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-07-30 | Petrie Michael F. Chairman and CEO, director · Spouse is Trustee of The Petrie Grandchildren Trust | Sold | $496.8k9.0k shares |
| 2026-07-30 | Kaercher Julia L. Director · As Trustee of The Petrie Grandchildren Trust | Sold | $496.8k9.0k shares |
| 2026-05-06 | Petrie Michael F. Chairman and CEO, director | Sold | $390.5k8.3k shares |
| 2026-05-05 | Petrie Michael F. Chairman and CEO, director | Sold | $935.0k20.0k shares |
| 2026-05-05 | Petrie Michael F. Chairman and CEO, director | Sold | $500.0k10.7k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Elser Financial Planning, Inc 58.12% of their portfolio | 26.8m $1.3bn | Reduced -174.5k |
| BlackRock, Inc. 0.00% of their portfolio | 4.1m $205.3m | Added +54.3k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.8m $91.4m | Added +68.2k |
| STATE STREET CORP 0.00% of their portfolio | 1.1m $53.5m | Added +32.3k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.08% of their portfolio | 1.0m $52.2m | Reduced -48.0k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.0m $50.8m | Added +15.0k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 837.1k $41.9m | Added +94.4k |
| Doma Perpetual Capital Management LLC 9.40% of their portfolio | 810.1k $40.5m | Reduced -305.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 740.3k $37.0m | Added +14.9k |
| ROYCE & ASSOCIATES LP 0.21% of their portfolio | 527.0k $26.4m | Reduced -40.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 488.2k $24.4m | Added +23.6k |
| MORGAN STANLEY 0.00% of their portfolio | 308.8k $15.4m | Added +10.7k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 301.8k $15.1m | Added +14.7k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 298.4k $14.9m | Reduced -4.0k |
| BANC FUNDS CO LLC 2.35% of their portfolio | 285.1k $14.3m | Added +4.0k |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. 0.59% of their portfolio | 273.7k $13.7m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 252.5k $12.6m | Added +4.5k |
| Invesco Ltd. 0.00% of their portfolio | 240.4k $12.0m | Added +85.3k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 234.4k $11.7m | Reduced -1.8k |
| Valeo Financial Advisors, LLC 0.24% of their portfolio | 227.0k $11.3m | Reduced -8.1k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 220.6k $11.0m | Added +7.8k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 190.6k $9.5m | Added +8.7k |
| DENALI ADVISORS LLC 0.88% of their portfolio | 174.6k $8.7m | Reduced -20.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 142.5k $7.1m | Reduced -140 |
| Ballast Asset Management, LP 2.70% of their portfolio | 135.3k $6.8m | Reduced -1.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 121.1k $6.1m | Added +14.8k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 112.0k $5.6m | Added +26.2k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 105.7k $5.3m | Added +2.7k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 100.9k $5.0m | Reduced -15.4k |
| Public Sector Pension Investment Board 0.01% of their portfolio | 100.8k $5.0m | Reduced -4.3k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 98.9k $4.9m | Reduced -8.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 71.2k $3.6m | Reduced -55.3k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 70.5k $3.5m | Reduced -2.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 66.8k $3.3m | Reduced -10.7k |
| XTX Topco Ltd 0.04% of their portfolio | 65.0k $3.2m | Added +45.3k |
| Legal & General Group Plc 0.00% of their portfolio | 64.4k $3.2m | Added +5.9k |
| UBS Group AG 0.00% of their portfolio | 61.8k $3.1m | Reduced -18.5k |
| SAPIENT CAPITAL LLC 0.04% of their portfolio | 60.5k $3.0m | Unchanged |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 58.1k $2.9m | Reduced -2.6k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 54.7k $2.7m | Reduced -54.3k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio | 54.2k $2.7m | Reduced -3.0k |
| Nuveen, LLC 0.00% of their portfolio | 51.0k $2.5m | Added +3.1k |
| Quantinno Capital Management LP 0.00% of their portfolio | 50.2k $2.5m | Added +15.2k |
| CITIGROUP INC 0.00% of their portfolio | 42.4k $2.1m | Added +29.1k |
| Swiss National Bank 0.00% of their portfolio | 41.5k $2.1m | Added +800 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 40.3k $2.0m | Added +2.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 38.5k $1.9m | Reduced -4.9k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 34.6k $1.7m | Reduced -7.0k |
| LPL Financial LLC 0.00% of their portfolio | 34.0k $1.7m | Reduced -903 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 33.8k $1.7m | Added +6.0k |
| Formidable Asset Management, LLC 0.23% of their portfolio | 33.2k $1.4m | Reduced -1.2k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 29.6k $1.5m | Added +200 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 29.3k $1.5m | Unchanged |
| Pacific Ridge Capital Partners, LLC 0.26% of their portfolio | 28.4k $1.4m | Reduced -328 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 27.6k $1.2m | Unchanged |
| PICTON MAHONEY ASSET MANAGEMENT 0.01% of their portfolio | 26.9k $1.3m | Added +4.4k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 25.7k $1.3m | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 25.5k $1.3m | New |
| Verdence Capital Advisors LLC 0.07% of their portfolio | 25.0k $1.3m | Reduced -830 |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 25.0k $1.2m | Added +7.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 24.0k $1.2m | Added +4.8k |
| JAMES INVESTMENT RESEARCH, INC. 0.12% of their portfolio | 23.8k $1.2m | Unchanged |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 22.9k $1.1m | Reduced -1.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 22.0k $1.1m | Added +12.1k |
| Twelve Points Wealth Management LLC 0.21% of their portfolio | 20.5k $1.0m | Reduced -2.5k |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 19.3k $965.0k | Reduced -300 |
| CAPSTONE INVESTMENT ADVISORS, LLC 0.01% of their portfolio | 19.0k $950.9k | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 17.8k $945.8k | Reduced -11.4k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 17.1k $852.5k | Added +813 |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 16.4k $818.0k | Reduced -11.9k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 16.2k $808.7k | Reduced -24 |
| LJI Wealth Management, LLC 0.11% of their portfolio | 15.0k $750.0k | New |
| Illinois Municipal Retirement Fund 0.01% of their portfolio | 14.9k $743.6k | Reduced -259 |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 14.7k $737.4k | Unchanged |
| MetLife Investment Management, LLC 0.00% of their portfolio | 14.7k $735.4k | Added +461 |
| STRS OHIO 0.00% of their portfolio | 14.2k $710.0k | Unchanged |
| Curry Webb Wealth Management LLC 0.29% of their portfolio | 14.1k $705.9k | Added +35 |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 13.6k $682.3k | Reduced -1.6k |
| Inspire Investing, LLC 0.03% of their portfolio | 13.6k $678.4k | Added +1.6k |
| Louisiana State Employees Retirement System 0.01% of their portfolio | 12.9k $645.0k | Reduced -100 |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 12.5k $626.0k | Reduced -1.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 11.9k $592.8k | Reduced -144 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 11.7k $582.9k | Reduced -526 |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 11.6k $582.0k | Reduced -4.8k |
| OXFORD FINANCIAL GROUP, LTD. LLC 0.03% of their portfolio | 11.1k $556.9k | Unchanged |
| Aldebaran Capital, LLC 0.38% of their portfolio | 10.1k $506.2k | Unchanged |
| BCGM Wealth Management, LLC 0.11% of their portfolio | 10.1k $504.9k | Reduced -5.4k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 10.0k $499.6k | Added +113 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 9.6k $482.0k | Added +503 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 8.7k $436.0k | Reduced -6.0k |
| BARCLAYS PLC 0.00% of their portfolio | 8.6k $431.4k | Added +2.8k |
| SG Americas Securities, LLC 0.00% of their portfolio | 8.0k $400.0k | Added +3.1k |
| YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 7.8k $389.6k | Reduced -56 |
| AMALGAMATED BANK 0.00% of their portfolio | 7.8k $389.0k | Reduced -562 |
| Cetera Investment Advisers 0.00% of their portfolio | 7.6k $381.4k | Reduced -800 |
| Meeder Advisory Services, Inc. 0.01% of their portfolio | 7.5k $375.0k | Unchanged |
| Impact Partnership Wealth, LLC 0.04% of their portfolio | 7.3k $365.9k | Reduced -7.2k |
| TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.00% of their portfolio | 7.3k $365.0k | Unchanged |
| ZEGA Investments, LLC 0.06% of their portfolio | 7.2k $360.0k | New |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 7.2k $358.9k | Unchanged |