On Thursday, Piper Sandler reiterated an Overweight rating and $56.00 price target on Merchants Bancorp (NASDAQ: NASDAQ:MBIN), a prominent financial institution. The company has appointed Sean Sievers as its new Chief Financial Officer, effective September 9.
The announcement was made after today's market close, following a previous disclosure in March regarding the retirement plans of the former CFO, John Macke. Sievers will work alongside Macke until his retirement on September 27. The firm acknowledges that while they have not worked directly with Sievers, his extensive background positions him as a highly qualified individual for the role.
The new CFO's experience spans over 25 years in executive banking and includes tenures at notable institutions such as Rate, formerly known as Guaranteed Rate, and leadership roles at organizations including Countrywide, now part of Bank of America (NYSE:BAC), Freddie Mac, and SunTrust, currently known as Truist Financial Corporation (NYSE:NYSE:TFC).
The firm expressed confidence in Sievers' ability to support Merchants Bancorp's unique business model. His appointment is seen as a strategic move for the company, which continues to navigate the banking and mortgage landscape. Piper Sandler looks forward to collaborating with Sievers and believes his executive banking experience will be beneficial for the company's future.
For a detailed analysis of Merchants Bancorp's second-quarter performance and outlook, interested parties can refer to Piper Sandler's recap note. This document provides insights into the company's financial health and strategic direction moving forward.
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