Here’s Why Morgan Stanley Raised Merchants Bancorp (MBIN) Stock Target

Merchants Bancorp (NASDAQ:MBIN) is one of the top bank stocks to buy now according to analysts. Merchants Bancorp shares have gained more than 43% year-to-date, and analysts see more than 10% upside potential in the stock at the current price. Wall Street has a consensus Buy rating on Merchants Bancorp stock.

READ NEXT: Top 10 Stocks to Buy According to Whale Rock Capital Management and 10 Best Stocks to Buy According to David Greenspan’s Slate Path Capital.

On June 29, Morgan Stanley raised the price target on Merchants Bancorp (NASDAQ:MBIN) shares to $49 from $46 while reiterating a Buy rating on the stock. The brokerage observed that the US banks group has rallied since the beginning of Q2, and it remains constructive on bank stocks going into the earnings season. Morgan Stanley noted that revenue momentum continues to build in the group.

Merchants Bancorp’s strong start to the year was marked by a 16% jump in net income, a 34% rise in EPS, an 8% increase in total assets, and a 4% rise in deposits on a year-over-year basis. The bank repurchased $3 million of its shares during the quarter. It plans to repurchase up to $100 million of its shares over the next year.

Indiana-based Merchants Bancorp (NASDAQ:MBIN) provides banking, lending, and other financial services to retail and commercial customers. Its services include agricultural lending, healthcare facility financing, and multifamily housing financing. The bank has more than $20 billion in assets.

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READ NEXT: Top 10 Stocks to Buy According to Whale Rock Capital Management and 10 Best Stocks to Buy According to David Greenspan’s Slate Path Capital.

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