Merchants Bancorp’s (NASDAQ:MBIN) quiet period is set to expire on Wednesday, December 6th. Merchants Bancorp had issued 6,250,000 shares in its IPO on October 27th. The total size of the offering was $100,000,000 based on an initial share price of $16.00. During Merchants Bancorp’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
MBIN has been the subject of a number of research analyst reports. Stephens initiated coverage on Merchants Bancorp in a report on Tuesday, November 21st. They set an “overweight” rating and a $21.00 price target for the company. SunTrust Banks began coverage on Merchants Bancorp in a research report on Tuesday, November 21st. They set a “buy” rating and a $22.00 price objective on the stock. Sandler O’Neill began coverage on Merchants Bancorp in a research report on Tuesday, November 21st. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Raymond James Financial began coverage on Merchants Bancorp in a research report on Tuesday, November 21st. They set an “outperform” rating and a $20.00 price objective on the stock.
Shares of Merchants Bancorp (NASDAQ MBIN) opened at $19.01 on Tuesday. Merchants Bancorp has a 1 year low of $16.27 and a 1 year high of $20.35.
In other news, CFO John F. Macke acquired 15,625 shares of the stock in a transaction dated Friday, October 27th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have bought 18,687 shares of company stock worth $298,992.
Merchants Bancorp Company Profile
Merchants Bancorp is a diversified bank holding bank. The Bank operate multiple lines of business with a focus on FHA multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking.
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