Algert Global LLC Takes $363,000 Position in Merchants Bancorp $MBIN

Key Points

• Algert Global LLC has acquired a new position in Merchants Bancorp, purchasing 9,803 shares valued at approximately $363,000 during the first quarter.
• Analysts have recently adjusted their price targets for Merchants Bancorp, with Morgan Stanley lowering their target from $40.00 to $34.00 and several others giving a mix of ratings including a consensus of "Moderate Buy."
• Merchants Bancorp has announced a quarterly dividend of $0.10 per share, payable on October 1st, representing a 1.2% yield with a low payout ratio of 8.79%.

Algert Global LLC acquired a new stake in Merchants Bancorp (NASDAQ:MBIN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 9,803 shares of the company's stock, valued at approximately $363,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new position in shares of Merchants Bancorp in the first quarter valued at approximately $318,000. Ameriprise Financial Inc. lifted its holdings in shares of Merchants Bancorp by 76.0% in the fourth quarter. Ameriprise Financial Inc. now owns 82,200 shares of the company's stock valued at $2,998,000 after purchasing an additional 35,492 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Merchants Bancorp by 214.1% in the fourth quarter. Millennium Management LLC now owns 126,087 shares of the company's stock valued at $4,598,000 after purchasing an additional 85,948 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Merchants Bancorp by 94.2% in the fourth quarter. Jane Street Group LLC now owns 20,513 shares of the company's stock valued at $748,000 after purchasing an additional 9,952 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Merchants Bancorp in the fourth quarter valued at approximately $878,000. Institutional investors and hedge funds own 24.57% of the company's stock.

Analyst Upgrades and Downgrades

MBIN has been the topic of a number of recent research reports. Wall Street Zen lowered Merchants Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Piper Sandler restated an "overweight" rating and issued a $41.00 target price (down previously from $42.00) on shares of Merchants Bancorp in a report on Wednesday, July 30th. Raymond James Financial restated an "outperform" rating and issued a $40.00 target price (down previously from $41.00) on shares of Merchants Bancorp in a report on Tuesday, July 29th. Finally, Morgan Stanley dropped their price target on Merchants Bancorp from $40.00 to $34.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.33.

Merchants Bancorp Stock Performance

Merchants Bancorp stock traded down $0.12 during mid-day trading on Friday, reaching $32.42. 148,942 shares of the company's stock were exchanged, compared to its average volume of 217,251. The firm has a market capitalization of $1.49 billion, a PE ratio of 7.13 and a beta of 1.30. The business's fifty day simple moving average is $33.17 and its 200 day simple moving average is $34.28. The company has a quick ratio of 0.88, a current ratio of 1.20 and a debt-to-equity ratio of 2.45. Merchants Bancorp has a one year low of $27.25 and a one year high of $47.42.

Merchants Bancorp (NASDAQ:MBIN - Get Free Report) last issued its earnings results on Monday, July 28th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.52). The firm had revenue of $179.20 million during the quarter, compared to the consensus estimate of $161.10 million. Merchants Bancorp had a net margin of 18.06% and a return on equity of 16.06%. On average, sell-side analysts expect that Merchants Bancorp will post 5.54 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. Merchants Bancorp's payout ratio is presently 8.79%.

Insider Activity

In other news, CAO Darin L. Thomas bought 3,353 shares of the stock in a transaction on Friday, August 22nd. The shares were purchased at an average cost of $29.71 per share, for a total transaction of $99,617.63. Following the completion of the purchase, the chief accounting officer directly owned 2,250 shares in the company, valued at $66,847.50. This represents a -303.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 34.80% of the stock is currently owned by insiders.

Merchants Bancorp Profile

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.