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Scott A. Evans, the Lynn Market President at Merchants Bancorp (NASDAQ:MBIN), a $1.93 billion market cap financial institution currently trading near its InvestingPro Fair Value, recently executed a significant stock transaction, according to a filing with the Securities and Exchange Commission. On January 29, Evans sold 25,000 shares of the company’s common stock, generating a total of approximately $1.08 million. The shares were sold at an average price of $43.10, with individual transaction prices ranging from $43.00 to $43.82. The stock, which trades at an attractive P/E ratio of 6.9, has shown strong returns over the past decade according to InvestingPro data.
Following this sale, Evans holds 27,606 shares of Merchants Bancorp. The transaction was executed under a 10b5-1 trading plan established in August 2024, which allows executives to set up a predetermined plan for selling stocks. Additionally, Evans acquired 4,476 shares of common stock at no cost as part of a stock compensation plan, although these shares are restricted and will vest over the coming years. Analysts maintain price targets ranging from $47 to $52.50, suggesting potential upside from current levels.
In other recent news, Merchants Bancorp has been the subject of various financial developments. The company recently completed an offering of 7.625% fixed preferred stock, generating $223 million in net proceeds, which are expected to redeem the company’s $125 million Series B preferred stock and support organic balance sheet growth. In addition, the company priced its public offering of 9.2 million depositary shares at $25 each, representing a 1/40th interest in its Series E preferred stock.
Piper Sandler has revised its operating earnings per share (EPS) estimates for Merchants Bancorp for the fourth quarter of 2024, and full-year 2025 and 2026 to $1.29, $5.00, and $5.25 respectively, reflecting the potential earnings dilution from the preferred stock offering. The firm also increased the price target for Merchants Bancorp to $52.50, maintaining an Overweight rating on the stock.
Morgan Stanley (NYSE:MS) initiated coverage on Merchants Bancorp’s stock with an Equalweight rating, based on the expectation that the discount in Merchants Bancorp’s stock price will decrease over time. This is contingent on the company’s ability to maintain its higher earnings per share level across various macroeconomic conditions.
Merchants Bancorp also announced the appointment of Sean Sievers as the new Chief Financial Officer, following the retirement of former CFO, John Macke. These are the recent developments surrounding Merchants Bancorp.
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