The Manufacturers Life Insurance Company Acquires 1,230 Shares of Merchants Bancorp (NASDAQ:MBIN)

The Manufacturers Life Insurance Company boosted its holdings in shares of Merchants Bancorp (NASDAQ:MBIN) by 10.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,046 shares of the company’s stock after purchasing an additional 1,230 shares during the period. The Manufacturers Life Insurance Company’s holdings in Merchants Bancorp were worth $529,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. nVerses Capital LLC lifted its stake in Merchants Bancorp by 650.0% during the second quarter. nVerses Capital LLC now owns 1,500 shares of the company’s stock worth $61,000 after purchasing an additional 1,300 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Merchants Bancorp by 79.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,755 shares of the company’s stock worth $193,000 after buying an additional 2,101 shares in the last quarter. Wellington Wealth Strategies LLC. acquired a new position in shares of Merchants Bancorp during the first quarter worth $202,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Merchants Bancorp during the first quarter worth $202,000. Finally, Sandia Investment Management LP acquired a new position in shares of Merchants Bancorp during the second quarter worth $203,000. 24.57% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MBIN. Raymond James downgraded shares of Merchants Bancorp from a “strong-buy” rating to an “outperform” rating and upped their price target for the stock from $55.00 to $58.00 in a report on Tuesday, July 30th. Morgan Stanley started coverage on Merchants Bancorp in a report on Monday, September 9th. They issued an “equal weight” rating and a $54.00 price objective for the company.

Merchants Bancorp Stock Performance

NASDAQ MBIN opened at $45.87 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $43.99 and a 200 day simple moving average of $42.81. Merchants Bancorp has a twelve month low of $25.78 and a twelve month high of $53.27. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 7.20 and a beta of 1.09.

Merchants Bancorp (NASDAQ:MBIN) last issued its quarterly earnings results on Monday, July 29th. The company reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.08). Merchants Bancorp had a return on equity of 25.54% and a net margin of 23.14%. The business had revenue of $359.62 million for the quarter, compared to analyst estimates of $160.70 million. During the same quarter in the previous year, the business posted $1.31 earnings per share. Sell-side analysts expect that Merchants Bancorp will post 6.08 EPS for the current year.

Merchants Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, September 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.78%. Merchants Bancorp’s payout ratio is currently 5.65%.

Insiders Place Their Bets

In other news, CEO Michael F. Petrie sold 22,050 shares of the stock in a transaction dated 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 $90,251,310.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Michael F. Petrie sold 22,050 shares of the stock in a transaction dated 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 $90,251,310.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Randall D. Rogers sold 75,000 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $44.00, for a total transaction of $3,300,000.00. Following the transaction, the insider now directly owns 748,000 shares in the company, valued at $32,912,000. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company 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.