Mercantile Bank (NASDAQ:MBWM) Hits New 12-Month High – Here’s Why

Mercantile Bank Corporation (NASDAQ:MBWM) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $55.81 and last traded at $55.7460, with a volume of 36008 shares trading hands. The stock had previously closed at $54.91.

Analysts Set New Price Targets

Several research firms have weighed in on MBWM. Stephens began coverage on Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target for the company. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Finally, Piper Sandler raised their target price on shares of Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Mercantile Bank presently has a consensus rating of “Moderate Buy” and an average price target of $56.80.

Mercantile Bank Stock Up 0.6%

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $977.48 million, a P/E ratio of 10.16 and a beta of 0.81. The business has a 50-day moving average price of $52.54 and a 200 day moving average price of $51.53.

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

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, June 5th. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.01%.

Institutional Trading of Mercantile Bank

Hedge funds have recently made changes to their positions in the business. Siena Capital Partners GP LLC bought a new position in Mercantile Bank during the third quarter valued at $900,000. Daytona Street Capital LLC purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at $589,000. JPMorgan Chase & Co. lifted its holdings in shares of Mercantile Bank by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after acquiring an additional 58,743 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Mercantile Bank by 9.2% in the 3rd quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after acquiring an additional 41,540 shares during the last quarter. Finally, North Star Asset Management Inc. boosted its stake in shares of Mercantile Bank by 5.4% during the 4th quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock worth $18,016,000 after purchasing an additional 19,204 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

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.