Allspring Global Investments Holdings LLC grew its holdings in Merchants Bancorp (NASDAQ:MBIN – Free Report) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 62,756 shares of the company’s stock after acquiring an additional 1,270 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.15% of Merchants Bancorp worth $1,605,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the business. Denali Advisors LLC grew its holdings in shares of Merchants Bancorp by 38.1% during the second quarter. Denali Advisors LLC now owns 80,809 shares of the company’s stock worth $2,067,000 after buying an additional 22,304 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in shares of Merchants Bancorp during the second quarter worth about $1,114,000. Twelve Points Wealth Management LLC grew its holdings in shares of Merchants Bancorp by 9.7% during the second quarter. Twelve Points Wealth Management LLC now owns 29,020 shares of the company’s stock worth $742,000 after buying an additional 2,574 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Merchants Bancorp by 46.9% during the first quarter. JPMorgan Chase & Co. now owns 512,158 shares of the company’s stock worth $13,337,000 after buying an additional 163,620 shares in the last quarter. Finally, Advisory Services Network LLC grew its holdings in shares of Merchants Bancorp by 9.6% during the first quarter. Advisory Services Network LLC now owns 4,847 shares of the company’s stock worth $126,000 after buying an additional 425 shares in the last quarter. 24.57% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
MBIN has been the subject of a number of research reports. Piper Sandler increased their price objective on Merchants Bancorp from $31.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. Raymond James increased their price target on Merchants Bancorp from $41.00 to $44.00 and gave the company a “strong-buy” rating in a research report on Monday, October 30th.
Merchants Bancorp Stock Performance
Shares of NASDAQ MBIN opened at $31.62 on Wednesday. The stock has a 50 day moving average price of $28.16 and a 200 day moving average price of $27.20. Merchants Bancorp has a 52 week low of $21.50 and a 52 week high of $33.58. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.79 and a current ratio of 1.02. The stock has a market capitalization of $1.37 billion, a PE ratio of 6.10 and a beta of 1.15.
Merchants Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a $0.08 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. Merchants Bancorp’s payout ratio is 6.18%.
In other Merchants Bancorp news, CEO Michael R. Dury acquired 14,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was bought at an average cost of $18.26 per share, with a total value of $255,640.00. Following the completion of the transaction, the chief executive officer now directly owns 26,000 shares in the company, valued at approximately $474,760. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Vice Chairman Randall D. Rogers sold 2,300 shares of Merchants Bancorp stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $28.25, for a total transaction of $64,975.00. Following the completion of the sale, the insider now directly owns 97,894 shares of the company’s stock, valued at approximately $2,765,505.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael R. Dury purchased 14,000 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were purchased at an average cost of $18.26 per share, with a total value of $255,640.00. Following the completion of the acquisition, the chief executive officer now owns 26,000 shares in the company, valued at approximately $474,760. The disclosure for this purchase can be found here. Insiders sold a total of 3,678 shares of company stock valued at $108,577 over the last three months. Insiders own 40.75% of the company’s stock.
Merchants Bancorp Profile
Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates and services government sponsored mortgages including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for multi-family and healthcare facilities; offers customized loan products for need-based skilled nursing facilities, independent living, assisted living, and memory care; and tax credit equity syndicator.
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