Allspring Global Investments Holdings LLC Purchases 61,292 Shares of Merchants Bancorp (NASDAQ:MBIN)

Allspring Global Investments Holdings LLC raised its position in shares of Merchants Bancorp (NASDAQ:MBIN) by 75.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,553 shares of the company’s stock after buying an additional 61,292 shares during the period. Allspring Global Investments Holdings LLC owned about 0.33% of Merchants Bancorp worth $5,779,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of MBIN. MeadowBrook Investment Advisors LLC acquired a new stake in Merchants Bancorp during the 4th quarter valued at $26,000. AJOVista LLC bought a new stake in shares of Merchants Bancorp during the fourth quarter worth $86,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Merchants Bancorp by 45.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,648 shares of the company’s stock valued at $198,000 after buying an additional 1,463 shares in the last quarter. Wellington Wealth Strategies LLC. acquired a new stake in shares of Merchants Bancorp in the first quarter valued at $202,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Merchants Bancorp in the first quarter valued at about $202,000. 24.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on MBIN. Piper Sandler restated an “overweight” rating and issued a $56.00 price objective (down previously from $58.50) on shares of Merchants Bancorp in a research report on Friday, May 17th. Raymond James cut shares of Merchants Bancorp from a “strong-buy” rating to an “outperform” rating and boosted their price objective for the stock from $55.00 to $58.00 in a research report on Tuesday, July 30th.

Insider Activity

In related news, CEO Michael F. Petrie sold 22,050 shares of Merchants Bancorp stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $45.34, for a total transaction of $999,747.00. Following the completion of the sale, the chief executive officer now directly owns 1,990,545 shares of the company’s stock, valued at $90,251,310.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Vice Chairman Randall D. Rogers sold 75,000 shares of Merchants Bancorp stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $44.00, for a total transaction of $3,300,000.00. Following the transaction, the insider now owns 748,000 shares of the company’s stock, valued at approximately $32,912,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael F. Petrie sold 22,050 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $45.34, for a total transaction of $999,747.00. Following the transaction, the chief executive officer now owns 1,990,545 shares of the company’s stock, valued at approximately $90,251,310.30. The disclosure for this sale can be found here. 39.70% of the stock is currently owned by company insiders.

Merchants Bancorp Price Performance

Merchants Bancorp stock opened at $45.85 on Friday. The business’s 50-day simple moving average is $43.80 and its 200 day simple moving average is $42.30. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 1.44. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 7.20 and a beta of 1.12. Merchants Bancorp has a 12-month low of $25.78 and a 12-month high of $53.27.

Merchants Bancorp (NASDAQ:MBIN) last issued its earnings results on Monday, July 29th. The company reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.08). The business had revenue of $359.62 million during the quarter, compared to the consensus estimate of $160.70 million. Merchants Bancorp had a net margin of 23.14% and a return on equity of 26.78%. During the same period last year, the business posted $1.31 EPS. As a group, research analysts anticipate that Merchants Bancorp will post 6.22 earnings per share for the current year.

Merchants Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Friday, September 13th. Merchants Bancorp’s payout ratio is 5.65%.

About Merchants Bancorp

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. 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.