Legal & General Group Plc Makes New Investment in Merchants Bancorp $MBIN

Legal & General Group Plc bought a new position in shares of Merchants Bancorp (NASDAQ:MBIN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 64,385 shares of the company's stock, valued at approximately $3,219,000. Legal & General Group Plc owned 0.14% of Merchants Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MBIN. BlackRock Inc. purchased a new position in Merchants Bancorp during the second quarter worth $205,260,000. Bank of New York Mellon Corp purchased a new stake in Merchants Bancorp during the 2nd quarter worth $11,719,000. Millennium Management LLC boosted its position in shares of 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 buying an additional 210,151 shares during the period. Two Sigma Investments LP boosted its stake in shares of Merchants Bancorp by 1,509.5% in the third quarter. Two Sigma Investments LP now owns 175,754 shares of the company's stock valued at $5,589,000 after purchasing an additional 164,834 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in shares of Merchants Bancorp in the first quarter worth about $6,120,000. Institutional investors and hedge funds own 24.57% of the company's stock.

Wall Street Analyst Weigh In

MBIN has been the subject of several research reports. Zacks Research upgraded Merchants Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Raymond James Financial cut Merchants Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Piper Sandler restated an "overweight" rating and issued a $64.00 price objective on shares of Merchants Bancorp in a report on Wednesday, July 29th. Morgan Stanley reiterated a "positive" rating and set a $49.00 price objective (up from $46.00) on shares of Merchants Bancorp in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Merchants Bancorp in a research report on Friday, July 31st. One 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 company. According to data from MarketBeat, Merchants Bancorp presently has a consensus rating of "Buy" and an average price target of $51.50.

Insider Activity

In other news, Director Julia Kaercher sold 9,000 shares of Merchants Bancorp stock in a transaction that occurred 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 sale, the director directly owned 727,103 shares in the company, valued at $40,136,085.60. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.90% of the stock is owned by corporate insiders.

Merchants Bancorp Price Performance

NASDAQ:MBIN opened at $52.68 on Friday. The company has a fifty day moving average price of $51.68 and a 200 day moving average price of $47.90. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.21 and a quick ratio of 0.89. The stock has a market cap of $2.42 billion, a P/E ratio of 10.58 and a beta of 1.14. Merchants Bancorp has a one year low of $30.37 and a one year 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 EPS for the quarter, beating the consensus estimate of $1.22 by $0.26. The company 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%. Analysts anticipate that Merchants Bancorp will post 5.58 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors 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 of this dividend is Tuesday, September 15th. Merchants Bancorp's dividend payout ratio is presently 8.84%.

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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