Brokerages Set Mercantile Bank Corporation (NASDAQ:MBWM) Price Target at $56.20

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have received an average rating of “Moderate Buy” from the seven analysts that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $56.20.

A number of analysts recently commented on the stock. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Stephens assumed coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price objective on the stock.

Institutional Trading of Mercantile Bank

Several institutional investors and hedge funds have recently modified their holdings of the business. Kestra Advisory Services LLC acquired a new position in shares of Mercantile Bank in the fourth quarter valued at approximately $26,000. State of Alaska Department of Revenue acquired a new position in shares of Mercantile Bank in the third quarter valued at approximately $29,000. Jones Financial Companies Lllp raised its position in shares of Mercantile Bank by 116.0% in the third quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after buying an additional 450 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Mercantile Bank by 63.8% in the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after buying an additional 347 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after buying an additional 387 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $52.20 on Friday. The stock has a 50 day simple moving average of $51.28 and a 200-day simple moving average of $50.14. The company has a market cap of $901.49 million, a price-to-earnings ratio of 9.37 and a beta of 0.81. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a 12-month low of $42.17 and a 12-month high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. The company had revenue of $67.59 million during the quarter, compared to the consensus estimate of $67.41 million. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%. On average, equities analysts forecast that Mercantile Bank will post 5.63 EPS for the current year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. Mercantile Bank’s dividend payout ratio is 28.01%.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.