Piper Sandler Cuts Merchants Bancorp (NASDAQ:MBIN) Price Target to $63.00

Key Points

• Piper Sandler lowered Merchants Bancorp’s price target from $64 to $63 while maintaining an “overweight” rating, implying 26.13% potential upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports a consensus “Hold” rating and an average price target of $55.25, with Morgan Stanley at “equal weight,” Raymond James at “market perform,” and Zacks at “hold.”
• Merchants Bancorp exceeded quarterly expectations, reporting EPS of $1.48 versus the $1.22 consensus and revenue of $182.22 million versus $179 million expected. Shares opened at $49.95, within a 12-month range of $30.37 to $56.87.

Merchants Bancorp (NASDAQ:MBIN - Get Free Report) had its target price dropped by equities research analysts at Piper Sandler from $64.00 to $63.00 in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 26.13% from the stock's previous close.

Several other equities research analysts have also issued reports on MBIN. Morgan Stanley set a $65.00 target price on shares of Merchants Bancorp and gave the company an "equal weight" rating in a research report on Tuesday, September 8th. Weiss Ratings restated a "buy (b-)" rating on shares of Merchants Bancorp in a research report on Friday, July 31st. Raymond James Financial downgraded shares of Merchants Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Finally, Zacks Research lowered shares of Merchants Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Merchants Bancorp has a consensus rating of "Hold" and an average target price of $55.25.

Merchants Bancorp Price Performance

Shares of NASDAQ MBIN opened at $49.95 on Monday. The firm has a market capitalization of $2.29 billion, a P/E ratio of 10.03 and a beta of 1.21. The company has a quick ratio of 0.89, a current ratio of 1.21 and a debt-to-equity ratio of 2.32. The stock's 50-day simple moving average is $52.97 and its two-hundred day simple moving average is $49.13. Merchants Bancorp has a twelve month low of $30.37 and a twelve month high of $56.87.

Merchants Bancorp (NASDAQ:MBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.26. The firm had revenue of $182.22 million during the quarter, compared to the consensus estimate of $179.00 million. Merchants Bancorp had a return on equity of 15.29% and a net margin of 19.80%. As a group, equities analysts anticipate that Merchants Bancorp will post 5.57 EPS for the current fiscal year.

Insider Activity

In related news, Director Julia Kaercher sold 9,000 shares of Merchants Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $55.20, for a total value of $496,800.00. Following the transaction, the director directly owned 727,103 shares of the company's stock, valued at $40,136,085.60. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 44.90% of the company's stock.

Institutional Investors Weigh In On Merchants Bancorp

Institutional investors have recently added to or reduced their stakes in the company. NBH Bank purchased a new position in shares of Merchants Bancorp in the second quarter valued at about $113,000. Gamco Investors INC. ET AL purchased a new stake in shares of Merchants Bancorp during the first quarter worth about $215,000. Fifth Third Bancorp bought a new stake in shares of Merchants Bancorp in the first quarter worth about $270,000. Oregon Public Employees Retirement Fund bought a new stake in shares of Merchants Bancorp in the first quarter worth about $287,000. Finally, Jupiter Topco LLC purchased a new position in Merchants Bancorp during the 2nd quarter valued at about $354,000. Hedge funds and other institutional investors own 24.57% of the company's stock.

Merchants Bancorp Company Profile

Merchants Bancorp is a diversified financial services company headquartered in Carmel, Indiana. Through its banking subsidiary, Merchants Bank of Indiana, the company provides a range of banking and specialized finance solutions to commercial and residential customers across the United States.

The company's primary activities include multifamily mortgage banking, mortgage warehouse lending and manufactured housing finance. Its multifamily mortgage business originates and services loans for apartment communities and other residential properties, including financing supported by government-sponsored and government-insured programs.

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