Horizon Bancorp (HBNC) vs Mercantile Bank (MBWM)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Mercantile Bank (MBWM) has outperformed Horizon Bancorp (HBNC) over the past year, gaining 28.9% versus a gain of 20.7%. Over five years, MBWM leads with a +72.1% price change compared with +7.4% for HBNC. Mercantile Bank is the larger company by market cap ($1.00 billion vs $990.9 million), about 1.0 times the size.
On valuation, Horizon Bancorp trades at a lower forward P/E (8.6x vs 10.1x for Mercantile Bank). Horizon Bancorp offers the higher dividend yield (3.32% vs 2.66%).
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 | HBNC | MBWM |
|---|---|---|
| Share price | $19.30 | $57.98 |
| Market cap | $990.95M | $1.00B |
| 1-day change | -1.03% | -0.38% |
| YTD return | +14.98% | +21.00% |
| 1-year return | +20.67% | +28.93% |
| 5-year return | +7.44% | +72.09% |
| P/E ratio (TTM) | — | 10.19 |
| Forward P/E | 8.62 | 10.09 |
| EPS (TTM) | $-2.99 | $5.69 |
| Dividend yield | 3.32% | 2.66% |
| Annual dividend | $0.64 | $1.54 |
| 52-week high | $21.04 | $62.95 |
| 52-week low | $14.97 | $42.75 |
| Distance from 52-week high | -8.27% | -7.90% |
| Analyst consensus | strong_buy | none |
| Avg. price target upside | +19.69% | +8.95% |
| Average volume | 592.48K | 119.05K |
| Shares outstanding | 51.34M | 17.29M |
| Employees | 465 | 827 |
| 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.
About Horizon Bancorp
HBNC stock →Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides commercial and retail banking services to individuals and corporate clients in Indiana and Michigan in the United States.
Finance · Major Banks · 465 employees
About Mercantile Bank
MBWM stock →Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit.
Finance · Major Banks · 827 employees
HBNC vs MBWM FAQ
Which is bigger, Horizon Bancorp or Mercantile Bank?
Mercantile Bank (MBWM) is larger, with a market capitalization of $1.00B compared with $990.95M for Horizon Bancorp (HBNC).
Which stock has performed better over the past year, HBNC or MBWM?
MBWM returned +28.93% over the past 12 months, compared with +20.67% for HBNC (price return, excluding dividends). Past performance does not predict future results.
Which pays a higher dividend, Horizon Bancorp or Mercantile Bank?
Horizon Bancorp has the higher yield at 3.32%, compared with 2.66% for Mercantile Bank.
Are Horizon Bancorp and Mercantile Bank in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.