Shares of Merchants Bancorp (MBIN) plummeted 6.17% on Monday, October 29, after the company reported disappointing third-quarter earnings results.
The Midwest-based bank holding company reported adjusted earnings per share of $1.17 for the quarter ended September 30, 2024, missing analysts' average estimate of $1.42. The company's revenue also declined 4.6% year-over-year to $142.67 million, falling short of Wall Street's expectations of $159.70 million.
Merchants Bancorp's weaker-than-expected financial performance in the third quarter can be attributed to several factors, including the challenging economic environment and increased competition in the banking sector. The company's net income for the quarter stood at $53.52 million, reflecting the impact of the lower earnings and revenue figures.
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