Merchants Bancorp (NASDAQ:MBIN) Upgraded at Zacks Research

Zacks Research upgraded shares of Merchants Bancorp (NASDAQ:MBIN) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

A number of other research firms have also recently commented on MBIN. Wall Street Zen upgraded shares of Merchants Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Morgan Stanley lifted their price target on Merchants Bancorp from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. UBS Group set a $42.00 price objective on shares of Merchants Bancorp in a report on Thursday, October 30th. Piper Sandler restated an “overweight” rating and set a $42.00 target price (up from $41.00) on shares of Merchants Bancorp in a research report on Thursday, October 30th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $38.00 price target (down previously from $40.00) on shares of Merchants Bancorp in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Merchants Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Merchants Bancorp Price Performance

Shares of MBIN stock opened at $42.17 on Tuesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.10 and a quick ratio of 0.80. The company has a market capitalization of $1.94 billion, a P/E ratio of 11.16 and a beta of 1.27. The company’s 50-day simple moving average is $35.69 and its two-hundred day simple moving average is $33.32. Merchants Bancorp has a one year low of $27.25 and a one year high of $43.77.

Merchants Bancorp (NASDAQ:MBIN) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $0.94 by $0.34. The company had revenue of $193.49 million for the quarter, compared to the consensus estimate of $170.80 million. Merchants Bancorp had a return on equity of 13.35% and a net margin of 16.02%. As a group, equities analysts anticipate that Merchants Bancorp will post 5.54 EPS for the current year.

Merchants Bancorp announced that its board has initiated a share buyback program on Wednesday, January 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Merchants Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, December 15th. Merchants Bancorp’s payout ratio is 10.58%.

Hedge Funds Weigh In On Merchants Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC raised its holdings in Merchants Bancorp by 135.6% in the 3rd quarter. Millennium Management LLC now owns 365,075 shares of the company’s stock valued at $11,609,000 after acquiring an additional 210,151 shares during the last quarter. Two Sigma Investments LP grew its position in shares of Merchants Bancorp by 1,509.5% in the third quarter. Two Sigma Investments LP now owns 175,754 shares of the company’s stock valued at $5,589,000 after purchasing an additional 164,834 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Merchants Bancorp by 17.4% in the second quarter. Geode Capital Management LLC now owns 681,486 shares of the company’s stock valued at $22,539,000 after purchasing an additional 101,139 shares during the last quarter. Doma Perpetual Capital Management LLC acquired a new position in Merchants Bancorp during the third quarter worth $2,984,000. Finally, Royce & Associates LP grew its holdings in Merchants Bancorp by 10.2% in the 3rd quarter. Royce & Associates LP now owns 862,119 shares of the company’s stock valued at $27,415,000 after buying an additional 79,707 shares in the last quarter. 24.57% of the stock is owned by hedge funds and other institutional investors.

Merchants Bancorp Company Profile

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.