Merchants Bancorp (NASDAQ:MBIN) Receives Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Merchants Bancorp (NASDAQ:MBIN) in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a $48.00 target price on the stock, down from their previous target price of $56.00.

MBIN has been the subject of several other reports. Raymond James reduced their target price on shares of Merchants Bancorp from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Tuesday. Morgan Stanley started coverage on shares of Merchants Bancorp in a report on Monday, September 9th. They issued an “equal weight” rating and a $54.00 target price for the company.

Merchants Bancorp Price Performance

NASDAQ MBIN opened at $35.96 on Wednesday. The company has a 50-day moving average price of $44.21 and a 200-day moving average price of $42.95. The firm has a market capitalization of $1.56 billion, a P/E ratio of 5.65 and a beta of 1.09. Merchants Bancorp has a 52 week low of $29.60 and a 52 week high of $53.27. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 0.81.

Merchants Bancorp (NASDAQ:MBIN) last released its earnings results on Monday, October 28th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.25). The firm had revenue of $355.67 million during the quarter, compared to analysts’ expectations of $156.13 million. Merchants Bancorp had a return on equity of 25.54% and a net margin of 23.14%. During the same period in the prior year, the company posted $1.68 earnings per share. Equities research analysts anticipate that Merchants Bancorp will post 6.08 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.00%. Merchants Bancorp’s dividend payout ratio is currently 5.65%.

Insider Activity

In other news, CEO Michael F. Petrie sold 22,050 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $45.34, for a total transaction of $999,747.00. Following the completion of the transaction, the chief executive officer now directly owns 1,990,545 shares in the company, valued at approximately $90,251,310.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael F. Petrie sold 22,050 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $45.34, for a total value of $999,747.00. Following the completion of the sale, the chief executive officer now directly owns 1,990,545 shares in the company, valued at $90,251,310.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Randall D. Rogers sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $44.00, for a total value of $3,300,000.00. Following the completion of the sale, the insider now owns 748,000 shares of the company’s stock, valued at approximately $32,912,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 39.70% of the company’s stock.

Institutional Trading of Merchants Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Catalyst Capital Advisors LLC purchased a new stake in Merchants Bancorp in the third quarter worth $162,000. Harbor Capital Advisors Inc. increased its stake in shares of Merchants Bancorp by 9.4% during the third quarter. Harbor Capital Advisors Inc. now owns 5,340 shares of the company’s stock valued at $240,000 after buying an additional 460 shares during the period. US Bancorp DE increased its stake in shares of Merchants Bancorp by 8,677.6% during the third quarter. US Bancorp DE now owns 5,881 shares of the company’s stock valued at $264,000 after buying an additional 5,814 shares during the period. Raymond James & Associates increased its stake in shares of Merchants Bancorp by 16.0% during the third quarter. Raymond James & Associates now owns 64,238 shares of the company’s stock valued at $2,888,000 after buying an additional 8,873 shares during the period. Finally, Twelve Points Wealth Management LLC increased its stake in shares of Merchants Bancorp by 3.5% during the third quarter. Twelve Points Wealth Management LLC now owns 34,012 shares of the company’s stock valued at $1,529,000 after buying an additional 1,166 shares during the period. Hedge funds and other institutional investors own 24.57% of the company’s stock.

About Merchants Bancorp

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. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for multi-family and healthcare facilities.