Bank of America Corp DE Has $4.56 Million Holdings in Merchants Bancorp $MBIN

Key Points

• Bank of America increased its Merchants Bancorp stake by 66.8% in the first quarter, holding 106,357 shares valued at approximately $4.56 million. Institutional investors collectively own 24.57% of MBIN.
• Merchants Bancorp exceeded quarterly earnings expectations, reporting $1.48 EPS versus the $1.22 consensus and revenue of $182.22 million. Analysts maintain an overall “Buy” rating with a consensus price target of $51.50.
• MBIN shares were trading at $53.41, near their 52-week high, while the company declared a quarterly dividend of $0.11, representing an annualized yield of 0.8%.

Bank of America Corp DE grew its holdings in Merchants Bancorp (NASDAQ:MBIN - Free Report) by 66.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 106,357 shares of the company's stock after purchasing an additional 42,582 shares during the quarter. Bank of America Corp DE owned about 0.23% of Merchants Bancorp worth $4,564,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MBIN. Millennium Management LLC increased its position in Merchants Bancorp by 135.6% in the third quarter. Millennium Management LLC now owns 365,075 shares of the company's stock worth $11,609,000 after purchasing an additional 210,151 shares during the period. Two Sigma Investments LP lifted its position in Merchants Bancorp by 1,509.5% during the 3rd quarter. Two Sigma Investments LP now owns 175,754 shares of the company's stock worth $5,589,000 after buying an additional 164,834 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Merchants Bancorp in the 1st quarter valued at about $6,120,000. First Trust Advisors LP lifted its position in Merchants Bancorp by 458.7% during the fourth quarter. First Trust Advisors LP now owns 141,145 shares of the company's stock worth $4,807,000 after acquiring an additional 115,881 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Merchants Bancorp by 6.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,758,985 shares of the company's stock worth $75,476,000 after purchasing an additional 102,087 shares during the period. Institutional investors own 24.57% of the company's stock.

Merchants Bancorp Trading Up 0.3%

MBIN stock opened at $53.41 on Friday. The firm has a market cap of $2.45 billion, a P/E ratio of 10.72 and a beta of 1.14. The company's 50-day simple moving average is $51.42 and its 200-day simple moving average is $47.70. The company has a quick ratio of 0.89, a current ratio of 1.21 and a debt-to-equity ratio of 2.32. Merchants Bancorp has a 52-week low of $30.37 and a 52-week high of $56.87.

Merchants Bancorp (NASDAQ:MBIN - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.26. The company had revenue of $182.22 million during the quarter, compared to analysts' expectations 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 forecast that Merchants Bancorp will post 5.58 EPS for the current fiscal year.

Merchants Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a yield of 0.8%. Merchants Bancorp's dividend payout ratio is presently 8.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Merchants Bancorp in a research note on Friday, July 31st. Raymond James Financial cut Merchants Bancorp from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Zacks Research raised shares of Merchants Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Morgan Stanley reiterated a "positive" rating and set a $49.00 price target (up from $46.00) on shares of Merchants Bancorp in a report on Monday, June 29th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $64.00 price objective on shares of Merchants Bancorp in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Merchants Bancorp currently has an average rating of "Buy" and a consensus target price of $51.50.

Insider Activity at Merchants Bancorp

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

About Merchants Bancorp

Merchants Bancorp NASDAQ: MBIN is the bank holding company for Merchants Bank, a regional financial institution headquartered in Buffalo, New York. Through its network of branches and digital platforms, the company offers a range of banking services across western and central New York. Merchants Bancorp operates as a full‐service commercial bank, serving small and medium-sized businesses, professionals, families and individuals in its core markets.

The company's primary activities include deposit taking, commercial and consumer lending, mortgage origination, and treasury management services.

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