CARMEL, Ind. - Merchants Bancorp (NASDAQ:MBIN), an Indiana-based bank holding company, has initiated a public offering of 2.4 million shares of its common stock, as per the announcement made today. The underwriters of this offering will also have a 30-day option to purchase additional shares.
Morgan Stanley (NYSE:MS), Piper Sandler, and Raymond James are managing the offering, with Morgan Stanley acting as the lead bookrunning manager. The proceeds from the sale are intended for general corporate purposes, which include supporting the growth of the balance sheet of Merchants Bank of Indiana.
The offering is pursuant to a registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (SEC) on August 17, 2022. A preliminary prospectus supplement related to the offering has been filed with the SEC, providing prospective investors with more information about the company and the offering.
Merchants Bancorp, recognized by S&P Global Market Intelligence as a top-performing U.S. public bank, has diversified operations that include multi-family mortgage banking, mortgage warehouse financing, and traditional community banking. As of March 31, 2024, the company reported $17.8 billion in assets and $14.0 billion in deposits.
The press release includes forward-looking statements regarding the offering, and the company cautions that these are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
This news article is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
InvestingPro Insights
As Merchants Bancorp (NASDAQ:MBIN) announces its public offering of common stock, key financial metrics and InvestingPro Tips provide a deeper look into the company's performance and potential. With a market capitalization of $2.06 billion and a strong revenue growth of 32.05% over the last twelve months as of Q1 2024, MBIN demonstrates a robust financial position. The company's P/E ratio stands at an attractive 7.44, indicating that it may be trading at a low price relative to its near-term earnings growth.
InvestingPro Tips suggest that MBIN has been consistent in rewarding its shareholders, having raised its dividend for 7 consecutive years, and with a dividend yield of 0.76% as of the latest data. Additionally, the company's stock has experienced substantial appreciation, with a 112.22% return over the last year and currently trading near its 52-week high. Analysts have also revised their earnings upwards for the upcoming period, reflecting optimism about MBIN's profitability.
Investors interested in a more comprehensive analysis can find additional InvestingPro Tips for Merchants Bancorp at https://www.investing.com/pro/MBIN. Utilize coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and discover even more insights among the total of 14 InvestingPro Tips available for MBIN.
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