Basswood Capital Management L.L.C. Takes Position in Merchants Bancorp $MBIN

Basswood Capital Management L.L.C. bought a new position in shares of Merchants Bancorp (NASDAQ:MBIN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 273,747 shares of the company's stock, valued at approximately $13,687,000. Basswood Capital Management L.L.C. owned 0.60% of Merchants Bancorp at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Jupiter Topco LLC acquired a new position in Merchants Bancorp in the 2nd quarter valued at $354,000. Legal & General Group Plc bought a new position in Merchants Bancorp during the 2nd quarter worth $3,219,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Merchants Bancorp during the second quarter worth $436,000. Oxford Financial Group LTD. LLC acquired a new stake in shares of Merchants Bancorp during the second quarter worth $557,000. Finally, Meeder Advisory Services Inc. bought a new stake in shares of Merchants Bancorp in the second quarter valued at about $375,000. 24.57% of the stock is owned by institutional investors and hedge funds.

Merchants Bancorp Stock Performance

NASDAQ:MBIN opened at $53.50 on Thursday. The stock has a fifty day moving average price of $51.25 and a 200-day moving average price of $47.58. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 10.74 and a beta of 1.14. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.89 and a current ratio of 1.21. Merchants Bancorp has a fifty-two week low of $30.37 and a fifty-two week 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 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.26. The company had revenue of $182.22 million for 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 anticipate that Merchants Bancorp will post 5.58 EPS for the current fiscal year.

Merchants Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Merchants Bancorp news, Director Julia L. Kaercher sold 9,000 shares of the firm's stock in a transaction dated 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. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 44.90% of the stock is currently owned by corporate insiders.

Merchants Bancorp 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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