Merchants Bancorp (NASDAQ:MBIN) Reaches New 52-Week High on Better-Than-Expected Earnings

Merchants Bancorp (NASDAQ:MBIN)’s share price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $56.39 and last traded at $55.63, with a volume of 38070 shares trading hands. The stock had previously closed at $48.77.

The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.26. The firm had revenue of $182.22 million during the quarter, compared to analyst estimates of $179.00 million. Merchants Bancorp had a net margin of 16.64% and a return on equity of 13.40%.

Merchants Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Monday, June 15th. Merchants Bancorp’s dividend payout ratio is presently 10.73%.

Wall Street Analyst Weigh In

MBIN has been the topic of several recent analyst reports. Weiss Ratings raised shares of Merchants Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Piper Sandler reaffirmed an “overweight” rating and set a $64.00 price target on shares of Merchants Bancorp in a research report on Wednesday. Zacks Research lowered Merchants Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 30th. Raymond James Financial lowered Merchants Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Finally, Morgan Stanley reissued a “positive” rating and issued a $49.00 price objective (up from $46.00) on shares of Merchants Bancorp in a research report on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Merchants Bancorp during the 4th quarter valued at approximately $34,000. Tower Research Capital LLC TRC increased its stake in shares of Merchants Bancorp by 110.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,201 shares of the company’s stock worth $73,000 after purchasing an additional 1,153 shares during the last quarter. Gamco Investors INC. ET AL bought a new stake in shares of Merchants Bancorp in the 1st quarter worth approximately $215,000. Fifth Third Bancorp bought a new stake in shares of Merchants Bancorp in the 1st quarter worth approximately $270,000. Finally, Oregon Public Employees Retirement Fund purchased a new position in Merchants Bancorp in the first quarter valued at approximately $287,000. 24.57% of the stock is currently owned by hedge funds and other institutional investors.

Merchants Bancorp Trading Up 13.4%

The firm has a 50 day moving average of $48.34 and a 200 day moving average of $45.01. The firm has a market cap of $2.54 billion, a PE ratio of 13.52 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 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.