First Merchants (FRME) vs Merchants Bancorp (MBIN)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Merchants Bancorp (MBIN) has outperformed First Merchants (FRME) over the past year, gaining 54.8% versus a gain of 4.6%. Over five years, MBIN leads with a +78.9% price change compared with -9.1% for FRME. First Merchants is the larger company by market cap ($2.45 billion vs $2.25 billion), about 1.1 times the size.
On valuation, Merchants Bancorp trades at a lower forward P/E (8.1x vs 8.7x for First Merchants). First Merchants offers the higher dividend yield (3.72% vs 0.86%). First Merchants converts more of its revenue into profit, with a net margin of 34.1% versus 32.1%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FRME | MBIN |
|---|---|---|
| Share price | $39.00 | $48.92 |
| Market cap | $2.45B | $2.25B |
| 1-day change | -1.49% | -1.77% |
| YTD return | +4.06% | +46.21% |
| 1-year return | +4.56% | +54.75% |
| 5-year return | -9.09% | +78.92% |
| P/E ratio (TTM) | 12.75 | 10.00 |
| Forward P/E | 8.72 | 8.14 |
| EPS (TTM) | $3.06 | $4.89 |
| Dividend yield | 3.72% | 0.86% |
| Annual dividend | $1.45 | $0.42 |
| Revenue (latest FY) | $662.95M | $681.45M |
| Revenue growth (YoY) | +2.51% | +1.60% |
| Net income (latest FY) | $226.00M | $218.77M |
| Net margin | 34.09% | 32.10% |
| 52-week high | $45.33 | $56.87 |
| 52-week low | $34.66 | $30.37 |
| Distance from 52-week high | -13.96% | -13.98% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +20.08% | +30.83% |
| Average volume | 463.19K | 186.70K |
| Shares outstanding | 62.80M | 45.94M |
| Employees | 2,086 | 735 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- MBIN has outperformed FRME by 50.2 percentage points over the past year.
- First Merchants trades at a higher earnings multiple (12.7x vs 10.0x trailing P/E).
- First Merchants offers a meaningfully higher dividend yield (3.72% vs 0.86%).
About First Merchants
FRME stock →First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products.
Finance · Major Banks · 2,086 employees
About Merchants Bancorp
MBIN stock →Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking.
Finance · Major Banks · 735 employees
FRME vs MBIN FAQ
Which is bigger, First Merchants or Merchants Bancorp?
First Merchants (FRME) is larger, with a market capitalization of $2.45B compared with $2.25B for Merchants Bancorp (MBIN).
Which stock has performed better over the past year, FRME or MBIN?
MBIN returned +54.75% over the past 12 months, compared with +4.56% for FRME (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FRME or MBIN?
MBIN has the lower trailing P/E at 10.0, versus 12.7 for FRME. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Merchants or Merchants Bancorp?
First Merchants has the higher yield at 3.72%, compared with 0.86% for Merchants Bancorp.
Are First Merchants and Merchants Bancorp in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.