316,190 Shares in Merchants Bancorp $MBIN Purchased by FJ Capital Management LLC

Key Points

• FJ Capital Management LLC has acquired a new investment in Merchants Bancorp, purchasing 316,190 shares worth approximately $11.7 million, representing 1.2% of its total portfolio.
• Merchants Bancorp has announced a quarterly dividend of $0.10 per share, with a record date of September 15th and an ex-dividend date also set for September 15th, yielding an annualized 1.2% dividend.
• Despite reporting earnings per share of $0.60, Merchants Bancorp missed the consensus estimate of $1.12, prompting recent price target adjustments by various analysts.

FJ Capital Management LLC purchased a new position in Merchants Bancorp (NASDAQ:MBIN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 316,190 shares of the company's stock, valued at approximately $11,699,000. Merchants Bancorp comprises 1.2% of FJ Capital Management LLC's holdings, making the stock its 26th largest position. FJ Capital Management LLC owned approximately 0.69% of Merchants Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Sowell Financial Services LLC bought a new stake in Merchants Bancorp during the first quarter valued at about $318,000. Ameriprise Financial Inc. grew its holdings in Merchants Bancorp by 76.0% during 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 during the period. Millennium Management LLC grew its holdings in Merchants Bancorp by 214.1% during 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 during the period. Jane Street Group LLC grew its holdings in Merchants Bancorp by 94.2% during 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 during the period. Finally, Point72 Asset Management L.P. bought a new stake in Merchants Bancorp during the fourth quarter valued at about $878,000. 24.57% of the stock is currently owned by hedge funds and other institutional investors.

Merchants Bancorp Price Performance

Shares of Merchants Bancorp stock traded down $0.14 during trading hours on Friday, hitting $32.82. The company's stock had a trading volume of 164,392 shares, compared to its average volume of 172,437. The business has a 50 day moving average price of $33.13 and a two-hundred day moving average price of $33.98. Merchants Bancorp has a 12-month low of $27.25 and a 12-month high of $47.42. The company has a market cap of $1.51 billion, a PE ratio of 7.21 and a beta of 1.30. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.88 and a current ratio of 1.20.

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

Merchants Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on MBIN shares. Wall Street Zen lowered Merchants Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Raymond James Financial reissued an "outperform" rating and set a $40.00 price target (down previously from $41.00) on shares of Merchants Bancorp in a report on Tuesday, July 29th. Piper Sandler reissued an "overweight" rating and set a $41.00 price target (down previously from $42.00) on shares of Merchants Bancorp in a report on Wednesday, July 30th. Finally, Morgan Stanley lowered their price objective on Merchants Bancorp from $40.00 to $34.00 and set an "equal weight" rating on the stock in a research 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's stock. According to data from MarketBeat, Merchants Bancorp currently has an average rating of "Moderate Buy" and an average target price of $38.33.

Insider Activity at Merchants Bancorp

In other news, CAO Darin L. Thomas bought 3,353 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average cost of $29.71 per share, for a total transaction of $99,617.63. Following the completion of the transaction, the chief accounting officer owned 2,250 shares of the company's stock, valued at approximately $66,847.50. This represents a -303.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 34.80% of the company's stock.

About Merchants Bancorp

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.