Merchants Bancorp price target raised to $52.50 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on Merchants Bancorp (MBIN) to $52.50 from $48 and keeps an Overweight rating on the shares. The firm notes last week, Merchants Bancorp completed a 7.625% fixed preferred stock offering that raised $223M in net proceeds. Piper expects proceeds will be utilized to redeem Merchants Bancorp’s $125M Series B preferred that reset to 3-month SOFR +483 bps on October 1 and help support the company’s likely above average organic balance sheet growth outlook.