Bank of New York Mellon Corp Takes $11.72 Million Position in Merchants Bancorp $MBIN

Key Points

• Bank of New York Mellon acquired 234,378 shares of Merchants Bancorp valued at approximately $11.72 million, representing about 0.51% of the company. Institutional investors and hedge funds collectively own 24.57% of MBIN.
• Merchants Bancorp exceeded quarterly earnings expectations, reporting $1.48 in EPS versus the $1.22 consensus estimate and revenue of $182.22 million. The company also declared a quarterly dividend of $0.11 per share.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $51.50 price target, while MBIN recently traded near $51.74. An insider sold 9,000 shares, though insiders still own 44.90% of the company.

Bank of New York Mellon Corp bought a new stake in Merchants Bancorp (NASDAQ:MBIN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 234,378 shares of the company's stock, valued at approximately $11,719,000. Bank of New York Mellon Corp owned approximately 0.51% of Merchants Bancorp at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its stake in shares of Merchants Bancorp by 110.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,201 shares of the company's stock worth $73,000 after purchasing an additional 1,153 shares in the last quarter. Gamco Investors INC. ET AL bought a new stake in shares of Merchants Bancorp in the 1st quarter valued at approximately $215,000. Brevan Howard Capital Management LP grew its stake in shares of Merchants Bancorp by 16.7% in the 2nd quarter. Brevan Howard Capital Management LP now owns 6,890 shares of the company's stock valued at $228,000 after buying an additional 984 shares in the last quarter. Numerai GP LLC acquired a new position in Merchants Bancorp in the fourth quarter worth approximately $254,000. Finally, Caxton Associates LLP acquired a new position in Merchants Bancorp in the third quarter worth approximately $256,000. 24.57% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Julia L. Kaercher sold 9,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 727,103 shares in the company, valued at $40,136,085.60. This represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 44.90% of the stock is currently owned by insiders.

Merchants Bancorp Price Performance

Shares of Merchants Bancorp stock opened at $51.74 on Wednesday. The firm has a fifty day simple moving average of $51.52 and a 200-day simple moving average of $47.80. The company has a current ratio of 1.21, a quick ratio of 0.89 and a debt-to-equity ratio of 2.32. Merchants Bancorp has a 1-year low of $30.37 and a 1-year high of $56.87. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 10.39 and a beta of 1.14.

Merchants Bancorp (NASDAQ:MBIN - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.22 by $0.26. The firm had revenue of $182.22 million for the quarter, compared to the consensus estimate of $179.00 million. Merchants Bancorp had a net margin of 19.80% and a return on equity of 15.29%. On average, sell-side analysts expect that Merchants Bancorp will post 5.58 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Merchants Bancorp's payout ratio is currently 8.84%.

Analyst Ratings Changes

A number of research firms have issued reports on MBIN. Zacks Research upgraded shares of Merchants Bancorp from a "hold" rating to a "strong-buy" rating in a research note 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. Morgan Stanley reaffirmed a "positive" rating and issued a $49.00 price objective (up from $46.00) on shares of Merchants Bancorp in a research note on Monday, June 29th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Merchants Bancorp in a report on Friday, July 31st. Finally, Piper Sandler reissued an "overweight" rating and set a $64.00 target price on shares of Merchants Bancorp in a research 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $51.50.

Merchants Bancorp Company Profile

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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