Merchants Bancorp (NASDAQ:MBIN) Reaches New 1-Year High Following Better-Than-Expected Earnings

Merchants Bancorp (NASDAQ:MBIN) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $56.39 and last traded at $55.63, with a volume of 38070 shares trading hands. The stock had previously closed at $48.77.

The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.26. The firm had revenue of $182.22 million for the quarter, compared to analyst estimates of $179.00 million. Merchants Bancorp had a net margin of 16.64% and a return on equity of 13.40%.

Merchants Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were 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 was Monday, June 15th. Merchants Bancorp’s dividend payout ratio is 10.73%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MBIN. Piper Sandler reissued an “overweight” rating and issued a $64.00 price objective on shares of Merchants Bancorp in a research note on Wednesday. Zacks Research lowered Merchants Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 30th. Morgan Stanley reiterated a “positive” rating and issued a $49.00 target price (up from $46.00) on shares of Merchants Bancorp in a report on Monday, June 29th. Weiss Ratings raised shares of Merchants Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Finally, Raymond James Financial lowered shares of Merchants Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.50.

Institutional Trading of Merchants Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Merchants Bancorp in the fourth quarter worth approximately $34,000. Tower Research Capital LLC TRC boosted its position in shares of 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 buying an additional 1,153 shares during the last quarter. Gamco Investors INC. ET AL purchased a new position in shares of Merchants Bancorp during the first quarter valued at approximately $215,000. Brevan Howard Capital Management LP boosted its position in shares of Merchants Bancorp by 16.7% during the second quarter. Brevan Howard Capital Management LP now owns 6,890 shares of the company’s stock valued at $228,000 after buying an additional 984 shares during the last quarter. Finally, Numerai GP LLC bought a new stake in Merchants Bancorp during the fourth quarter worth $254,000. 24.57% of the stock is owned by institutional investors.

Merchants Bancorp Price Performance

The firm has a market cap of $2.54 billion, a P/E ratio of 13.52 and a beta of 1.14. The company has a fifty day moving average of $48.34 and a 200-day moving average of $45.01. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.26 and a quick ratio of 0.89.

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.