Corebridge Financial Inc. Sells 679 Shares of Merchants Bancorp (NASDAQ:MBIN)

Corebridge Financial Inc. decreased its position in shares of Merchants Bancorp (NASDAQ:MBIN) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,993 shares of the company’s stock after selling 679 shares during the quarter. Corebridge Financial Inc.’s holdings in Merchants Bancorp were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Elser Financial Planning Inc acquired a new stake in shares of Merchants Bancorp during the fourth quarter worth $994,207,000. PL Capital Advisors LLC boosted its position in Merchants Bancorp by 3,547.0% during the fourth quarter. PL Capital Advisors LLC now owns 6,867,082 shares of the company’s stock valued at $250,442,000 after acquiring an additional 6,678,788 shares during the last quarter. Moran Wealth Management LLC acquired a new stake in Merchants Bancorp during the 4th quarter worth about $3,524,000. Royce & Associates LP raised its position in shares of Merchants Bancorp by 15.5% in the 4th quarter. Royce & Associates LP now owns 566,245 shares of the company’s stock worth $20,651,000 after acquiring an additional 76,056 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Merchants Bancorp in the 4th quarter valued at about $2,095,000. Institutional investors and hedge funds own 24.57% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on MBIN. Morgan Stanley lowered their target price on Merchants Bancorp from $47.00 to $45.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Piper Sandler lifted their price objective on shares of Merchants Bancorp from $52.50 to $56.50 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Raymond James dropped their target price on shares of Merchants Bancorp from $53.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd.

Insider Activity

In related news, insider Scott A. Evans sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $43.10, for a total value of $1,077,500.00. Following the transaction, the insider now owns 27,606 shares of the company’s stock, valued at approximately $1,189,818.60. This trade represents a 47.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 39.70% of the company’s stock.

Merchants Bancorp Stock Performance

Shares of Merchants Bancorp stock opened at $32.40 on Friday. The business has a 50-day simple moving average of $38.94 and a 200 day simple moving average of $39.63. Merchants Bancorp has a one year low of $31.30 and a one year high of $53.27. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.15 and a quick ratio of 0.85. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 5.13 and a beta of 1.15.

Merchants Bancorp (NASDAQ:MBIN) last released its quarterly earnings data on Monday, February 3rd. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.27 by $0.58. Merchants Bancorp had a return on equity of 22.86% and a net margin of 22.08%. On average, research analysts anticipate that Merchants Bancorp will post 5.54 earnings per share for the current fiscal year.

Merchants Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Merchants Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 14th. Merchants Bancorp’s dividend payout ratio (DPR) is 6.34%.

About Merchants Bancorp

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.