Mercantile Bank (NASDAQ:MBWM) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Mercantile Bank Corporation (NASDAQ:MBWM)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.23 and traded as high as $57.71. Mercantile Bank shares last traded at $57.42, with a volume of 93,032 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on MBWM shares. Piper Sandler raised their price target on Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Stephens initiated coverage on Mercantile Bank in a research report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.80.

Mercantile Bank Price Performance

The stock has a market capitalization of $998.03 million, a price-to-earnings ratio of 10.38 and a beta of 0.80. 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 company’s 50 day moving average is $54.00 and its 200 day moving average is $52.29.

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

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.7%. Mercantile Bank’s dividend payout ratio is 28.01%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MBWM. Vanguard Group Inc. boosted its holdings in shares of Mercantile Bank by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock valued at $51,292,000 after acquiring an additional 27,403 shares during the period. Renaissance Technologies LLC grew its position in shares of Mercantile Bank by 1.2% during the fourth quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock worth $23,868,000 after acquiring an additional 5,800 shares during the last quarter. North Star Asset Management Inc. increased its holdings in shares of Mercantile Bank by 5.4% in the 4th quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock valued at $18,016,000 after acquiring an additional 19,204 shares during the period. Wellington Management Group LLP acquired a new position in shares of Mercantile Bank in the 4th quarter valued at $14,181,000. Finally, JPMorgan Chase & Co. raised its position in Mercantile Bank by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock valued at $9,659,000 after purchasing an additional 58,743 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Company Profile

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.