Merchants Bancorp (NASDAQ:MBIN) Shares Gap Down to $42.35

Merchants Bancorp (NASDAQ:MBIN) gapped down before the market opened on Thursday . The stock had previously closed at $42.35, but opened at $41.50. Merchants Bancorp shares last traded at $42.07, with a volume of 4,829 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MBIN. Morgan Stanley began 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 on the stock. Raymond James lowered Merchants Bancorp from a “strong-buy” rating to an “outperform” rating and raised their target price for the company from $55.00 to $58.00 in a report on Tuesday, July 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $56.00 price target (down previously from $58.50) on shares of Merchants Bancorp in a report on Friday, May 17th.

Merchants Bancorp Trading Up 3.9 %

The firm has a 50-day moving average price of $44.50 and a 200-day moving average price of $42.44. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $2.01 billion, a PE ratio of 6.89 and a beta of 1.10.

Merchants Bancorp (NASDAQ:MBIN) last posted its quarterly earnings data on Monday, July 29th. The company reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.08). Merchants Bancorp had a return on equity of 25.54% and a net margin of 23.14%. The company had revenue of $359.62 million for the quarter, compared to analysts’ expectations of $160.70 million. During the same quarter last year, the business posted $1.31 EPS. As a group, equities analysts forecast that Merchants Bancorp will post 6.09 EPS for the current fiscal year.

Merchants Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Friday, September 13th. Merchants Bancorp’s dividend payout ratio (DPR) is 5.65%.

Insider Activity

In other news, CEO Michael R. Dury acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was bought at an average price of $44.82 per share, with a total value of $268,920.00. Following the acquisition, the chief executive officer now owns 88,593 shares in the company, valued at approximately $3,970,738.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 transaction, the chief executive officer now directly owns 1,990,545 shares of the company’s stock, valued at $90,251,310.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael R. Dury acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were bought at an average price of $44.82 per share, for a total transaction of $268,920.00. Following the completion of the purchase, the chief executive officer now owns 88,593 shares in the company, valued at approximately $3,970,738.26. The disclosure for this purchase can be found here. Insiders own 39.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC boosted its position in shares of Merchants Bancorp by 650.0% in the second quarter. nVerses Capital LLC now owns 1,500 shares of the company’s stock valued at $61,000 after acquiring an additional 1,300 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Merchants Bancorp by 54.3% in the second quarter. Point72 Asset Management L.P. now owns 4,012 shares of the company’s stock worth $163,000 after purchasing an additional 1,412 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in shares of Merchants Bancorp in the first quarter worth $202,000. Wellington Wealth Strategies LLC. bought a new position in Merchants Bancorp in the 1st quarter worth about $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Merchants Bancorp by 79.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,755 shares of the company’s stock valued at $193,000 after acquiring an additional 2,101 shares during the last quarter. 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.