Merchants Bancorp price target lowered to $45 from $53 at Raymond James

Raymond James lowered the firm’s price target on Merchants Bancorp (MBIN) to $45 from $53 and keeps an Outperform rating on the shares. Merchants Bancorp management indicated that there exists significant untapped gain-on-sale revenues within its bridge finance loan portfolio given higher rates have kept bridge finance loans on its loan portfolio longer than originally anticipated, the analyst tells investors in a research note.