PNC Financial Services Group Inc. Cuts Stock Position in Merchants Bancorp $MBIN

PNC Financial Services Group Inc. reduced its position in Merchants Bancorp (NASDAQ:MBIN) by 69.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,866 shares of the company’s stock after selling 22,017 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Merchants Bancorp were worth $336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MBIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Merchants Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,741 shares of the company’s stock valued at $397,000 after acquiring an additional 449 shares during the period. Legal & General Group Plc boosted its holdings in Merchants Bancorp by 3.8% during the 2nd quarter. Legal & General Group Plc now owns 21,677 shares of the company’s stock valued at $717,000 after acquiring an additional 795 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Merchants Bancorp by 12.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,846 shares of the company’s stock valued at $267,000 after acquiring an additional 865 shares during the period. Osaic Holdings Inc. boosted its holdings in Merchants Bancorp by 6.6% during the 2nd quarter. Osaic Holdings Inc. now owns 14,376 shares of the company’s stock valued at $475,000 after acquiring an additional 884 shares during the period. Finally, Brevan Howard Capital Management LP boosted its holdings in Merchants Bancorp by 16.7% during the 2nd quarter. Brevan Howard Capital Management LP now owns 6,890 shares of the company’s stock valued at $228,000 after acquiring an additional 984 shares during the period. 24.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MBIN has been the subject of several analyst reports. Raymond James Financial restated an “outperform” rating and set a $51.00 target price on shares of Merchants Bancorp in a report on Thursday, April 30th. Morgan Stanley upped their price target on Merchants Bancorp from $42.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. Zacks Research lowered Merchants Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 30th. Weiss Ratings raised Merchants Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $58.00 price target on shares of Merchants Bancorp in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.50.

Merchants Bancorp Stock Down 2.9%

Merchants Bancorp stock opened at $45.56 on Thursday. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 11.11 and a beta of 1.14. The stock has a fifty day simple moving average of $46.22 and a two-hundred day simple moving average of $40.89. Merchants Bancorp has a 12 month low of $28.75 and a 12 month high of $50.26. 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 earnings results on Tuesday, April 28th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $175.25 million during the quarter, compared to analyst estimates of $174.30 million. Merchants Bancorp had a return on equity of 13.40% and a net margin of 16.64%. Equities analysts predict that Merchants Bancorp will post 5.21 EPS for the current fiscal year.

Merchants Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.0%. Merchants Bancorp’s dividend payout ratio (DPR) is presently 10.73%.

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.