PNC Financial Services Group Inc. Sells 22,017 Shares of Merchants Bancorp $MBIN

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

A number of other institutional investors and hedge funds have also recently modified their holdings of MBIN. Royal Bank of Canada boosted its stake in shares of Merchants Bancorp by 1.0% in the 1st quarter. Royal Bank of Canada now owns 220,170 shares of the company’s stock worth $8,146,000 after buying an additional 2,101 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Merchants Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,741 shares of the company’s stock worth $397,000 after buying an additional 449 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Merchants Bancorp by 60.3% in the 1st quarter. Jane Street Group LLC now owns 32,874 shares of the company’s stock worth $1,216,000 after buying an additional 12,361 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Merchants Bancorp by 3.8% in the 2nd quarter. Legal & General Group Plc now owns 21,677 shares of the company’s stock worth $717,000 after buying an additional 795 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Merchants Bancorp by 41.5% in the 2nd quarter. Rhumbline Advisers now owns 38,622 shares of the company’s stock worth $1,277,000 after buying an additional 11,334 shares during the last quarter. 24.57% of the stock is currently owned by hedge funds and other institutional investors.

Merchants Bancorp Price Performance

Shares of Merchants Bancorp stock opened at $45.56 on Thursday. The stock’s 50-day simple moving average is $46.22 and its 200-day simple moving average is $40.89. Merchants Bancorp has a 52 week low of $28.75 and a 52 week high of $50.26. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 11.11 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 2.68.

Merchants Bancorp (NASDAQ:MBIN) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Merchants Bancorp had a return on equity of 13.40% and a net margin of 16.64%.The business had revenue of $175.25 million for the quarter, compared to the consensus estimate of $174.30 million. As a group, analysts expect that Merchants Bancorp will post 5.21 earnings per share for the current fiscal year.

Merchants Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, June 15th. Merchants Bancorp’s payout ratio is presently 10.73%.

Analysts Set New Price Targets

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

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.