Denali Advisors LLC Sells 20,134 Shares of Merchants Bancorp $MBIN

Key Points

• Denali Advisors reduced its Merchants Bancorp position by 10.3%, selling 20,134 shares in the second quarter and retaining 174,576 shares valued at approximately $8.7 million. Institutional investors collectively own 24.57% of MBIN.
• Analyst sentiment remains favorable, with the stock carrying an average “Buy” rating and a consensus price target of $51.50. Price targets include $49 from Morgan Stanley and $64 from Piper Sandler, while Raymond James downgraded the stock to “Market Perform.”
• Merchants Bancorp reported quarterly EPS of $1.48, beating estimates of $1.22, while revenue of $182.22 million also exceeded expectations. MBIN opened at $53.50, near its 52-week high of $56.87.

Denali Advisors LLC cut its position in shares of Merchants Bancorp (NASDAQ:MBIN - Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,576 shares of the company's stock after selling 20,134 shares during the quarter. Merchants Bancorp comprises about 0.9% of Denali Advisors LLC's holdings, making the stock its 21st largest position. Denali Advisors LLC owned 0.38% of Merchants Bancorp worth $8,729,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in Merchants Bancorp by 110.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,201 shares of the company's stock valued at $73,000 after acquiring an additional 1,153 shares during the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Merchants Bancorp in the 1st quarter worth about $215,000. Brevan Howard Capital Management LP raised its position 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 worth $228,000 after acquiring an additional 984 shares in the last quarter. Numerai GP LLC acquired a new position in shares of Merchants Bancorp in the 4th quarter valued at about $254,000. Finally, Caxton Associates LLP acquired a new position in shares of Merchants Bancorp in the 3rd quarter valued at about $256,000. Institutional investors own 24.57% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Merchants Bancorp

In related news, Director Julia L. 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 completion of the sale, the director owned 727,103 shares of the company's stock, valued at approximately $40,136,085.60. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 44.90% of the company's stock.

Merchants Bancorp Stock Down 1.7%

MBIN stock opened at $53.50 on Thursday. The stock's 50 day simple moving average is $50.80 and its 200 day simple moving average is $47.17. The company has a market cap of $2.46 billion, a P/E 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 announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.26. Merchants Bancorp had a return on equity of 15.29% and a net margin of 19.80%.The firm had revenue of $182.22 million during the quarter, compared to analysts' expectations of $179.00 million. On average, research analysts expect that Merchants Bancorp will post 5.58 earnings per share for the current fiscal year.

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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