Illinois Municipal Retirement Fund Makes New $649,000 Investment in Merchants Bancorp $MBIN

Illinois Municipal Retirement Fund bought a new stake in shares of Merchants Bancorp (NASDAQ:MBIN) in the 1st quarter, Holdings Channel reports. The firm bought 15,132 shares of the company’s stock, valued at approximately $649,000.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of Merchants Bancorp by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,656,898 shares of the company’s stock worth $56,433,000 after buying an additional 54,970 shares during the last quarter. Vanguard Group Inc. raised its stake in Merchants Bancorp by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 1,414,584 shares of the company’s stock valued at $48,181,000 after buying an additional 36,184 shares during the last quarter. Geode Capital Management LLC raised its stake in Merchants Bancorp by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 715,394 shares of the company’s stock valued at $24,371,000 after buying an additional 18,925 shares during the last quarter. State Street Corp boosted its holdings in Merchants Bancorp by 4.7% in the fourth quarter. State Street Corp now owns 574,086 shares of the company’s stock worth $19,609,000 after acquiring an additional 25,823 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its holdings in Merchants Bancorp by 7.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 389,878 shares of the company’s stock worth $12,398,000 after acquiring an additional 27,358 shares in the last quarter. 24.57% of the stock is owned by institutional investors.

Merchants Bancorp Stock Performance

Shares of MBIN opened at $47.69 on Friday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 11.63 and a beta of 1.14. The business’s fifty day simple moving average is $48.19 and its two-hundred day simple moving average is $44.75. Merchants Bancorp has a 12 month low of $28.75 and a 12 month high of $51.47. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 2.68.

Merchants Bancorp (NASDAQ:MBIN) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $175.25 million during the quarter, compared to analysts’ expectations of $174.30 million. Merchants Bancorp had a return on equity of 13.40% and a net margin of 16.64%. Research analysts anticipate that Merchants Bancorp will post 5.15 earnings per share for the current fiscal year.

Merchants Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, June 15th. Merchants Bancorp’s dividend payout ratio (DPR) is presently 10.73%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MBIN. Piper Sandler restated an “overweight” rating and set a $58.00 price target on shares of Merchants Bancorp in a report on Wednesday, April 29th. Raymond James Financial cut shares of Merchants Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Morgan Stanley reissued 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. Weiss Ratings upgraded shares of Merchants Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Finally, Zacks Research cut shares of Merchants Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Merchants Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Merchants Bancorp Company 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.