Piper Sandler Cuts Merchants Bancorp (NASDAQ:MBIN) Price Target to $63.00

Merchants Bancorp (NASDAQ:MBIN) had its price objective reduced by Piper Sandler from $64.00 to $63.00 in a report issued on Monday, MarketBeat.com reports. They currently have an overweight rating on the stock.

Several other analysts have also commented on the stock. Raymond James Financial lowered shares of Merchants Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Zacks Research downgraded Merchants Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Morgan Stanley set a $65.00 target price on Merchants Bancorp and gave the stock an “equal weight” rating in a research report on Tuesday, September 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Merchants Bancorp in a research note on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.25.

Merchants Bancorp Stock Down 1.3%

Shares of NASDAQ MBIN opened at $49.32 on Monday. 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 12 month low of $30.37 and a 12 month high of $56.87. The firm has a market capitalization of $2.27 billion, a PE ratio of 9.90 and a beta of 1.21. The firm has a fifty day simple moving average of $52.92 and a two-hundred day simple moving average of $49.29.

Merchants Bancorp (NASDAQ:MBIN) last posted 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. Merchants Bancorp had a net margin of 19.80% and a return on equity of 15.29%. The firm had revenue of $182.22 million during the quarter, compared to analysts’ expectations of $179.00 million. Equities analysts expect that Merchants Bancorp will post 5.57 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, September 15th. Merchants Bancorp’s dividend payout ratio (DPR) is presently 8.84%.

Insider Transactions at Merchants Bancorp

In related news, Director Julia Kaercher sold 9,000 shares of Merchants Bancorp stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $55.20, for a total transaction of $496,800.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 44.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Merchants Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MBIN. BlackRock Inc. purchased a new position in shares of Merchants Bancorp during the second quarter valued at approximately $205,260,000. Dimensional Fund Advisors LP grew its stake in shares of Merchants Bancorp by 6.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,758,985 shares of the company’s stock worth $75,476,000 after buying an additional 102,087 shares during the last quarter. Basswood Capital Management L.L.C. bought a new position in Merchants Bancorp during the 2nd quarter valued at approximately $13,687,000. Bank of New York Mellon Corp increased its position in Merchants Bancorp by 43.7% during the 1st quarter. Bank of New York Mellon Corp now owns 236,146 shares of the company’s stock valued at $10,133,000 after buying an additional 71,775 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in Merchants Bancorp by 3.3% during the first quarter. Royal Bank of Canada now owns 212,852 shares of the company’s stock valued at $9,134,000 after buying an additional 6,899 shares during the last quarter. Hedge funds and other institutional investors own 24.57% of the company’s stock.

About Merchants Bancorp

Merchants Bancorp is a diversified financial services company headquartered in Carmel, Indiana. Through its banking subsidiary, Merchants Bank of Indiana, the company provides a range of banking and specialized finance solutions to commercial and residential customers across the United States.

The company’s primary activities include multifamily mortgage banking, mortgage warehouse lending and manufactured housing finance. Its multifamily mortgage business originates and services loans for apartment communities and other residential properties, including financing supported by government-sponsored and government-insured programs.