Piper Sandler Reiterates Overweight Rating on Merchants Bancorp Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock (MBINM)

Market Context

Merchants Bancorp Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock operates in the Financial Services sector. The stock currently trades at $25.35 with a market capitalization of $1.1B.

Analyst coverage from Piper Sandler provides professional research and price targets that many institutional investors reference when making allocation decisions. The consensus of analyst opinions — along with the range of price targets — helps frame market expectations for Merchants Bancorp Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock.

Analyst ratings and price targets are one input among many for investment decisions. Historical studies show that consensus analyst recommendations have mixed predictive power on their own, but significant changes in consensus — such as multiple upgrades or downgrades in a short period — can be more meaningful signals.

Recent Analyst Activity for Merchants Bancorp Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock

Among the 10 most recent ratings: 4 Buy, 6 Hold, 0 Sell.

Date	Firm	Rating	Price Target
Oct 05, 2026	Piper Sandler	Overweight	N/A
Sep 08, 2026	Morgan Stanley	Equal-Weight	N/A
Jul 29, 2026	Piper Sandler	Overweight	N/A
Jul 01, 2026	Raymond James	Market Perform	N/A
Jun 29, 2026	Morgan Stanley	Equal-Weight	N/A

Related Tools: Analyst Ratings Dashboard | View MBINM Stock Page