Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Merchants Bancorp (NASDAQ:MBIN)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Merchants Bancorp (NASDAQ:MBIN) by 50.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,985 shares of the company’s stock after selling 10,178 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Merchants Bancorp were worth $449,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in Merchants Bancorp by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 994,962 shares of the company’s stock valued at $42,962,000 after purchasing an additional 24,122 shares during the period. Lazard Asset Management LLC raised its position in shares of Merchants Bancorp by 446.3% during the first quarter. Lazard Asset Management LLC now owns 6,665 shares of the company’s stock valued at $287,000 after buying an additional 5,445 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Merchants Bancorp in the first quarter worth $202,000. Public Employees Retirement System of Ohio bought a new position in shares of Merchants Bancorp during the first quarter worth $587,000. Finally, Comerica Bank boosted its position in shares of Merchants Bancorp by 14,856.3% during the first quarter. Comerica Bank now owns 4,786 shares of the company’s stock worth $207,000 after acquiring an additional 4,754 shares during the last quarter. 24.57% of the stock is currently owned by hedge funds and other institutional investors.

Merchants Bancorp Trading Down 0.1 %

Shares of MBIN opened at $41.28 on Friday. The stock has a market capitalization of $1.89 billion, a PE ratio of 6.83 and a beta of 1.12. The company’s fifty day moving average is $42.03 and its 200 day moving average is $42.60. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.85 and a current ratio of 1.15. Merchants Bancorp has a fifty-two week low of $33.05 and a fifty-two week high of $53.27.

Merchants Bancorp (NASDAQ:MBIN) last posted its earnings results on Monday, October 28th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.25). The business had revenue of $355.67 million during the quarter, compared to the consensus estimate of $156.13 million. Merchants Bancorp had a return on equity of 22.36% and a net margin of 21.33%. During the same quarter last year, the firm earned $1.68 earnings per share. Sell-side analysts expect that Merchants Bancorp will post 5.74 earnings per share for the current fiscal year.

Merchants Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.09 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.87%. Merchants Bancorp’s dividend payout ratio (DPR) is presently 5.96%.

Analysts Set New Price Targets

Several brokerages have commented on MBIN. Morgan Stanley started coverage on shares of Merchants Bancorp in a research note on Monday, September 9th. They issued an “equal weight” rating and a $54.00 price target on the stock. Piper Sandler lifted their target price on Merchants Bancorp from $48.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Raymond James dropped their price target on Merchants Bancorp from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th.

Insider Activity

In other news, Director Patrick D. O’brien purchased 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the purchase, the director now owns 40,000 shares in the company, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 39.70% of the company’s stock.

Merchants Bancorp Company Profile

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.