Mercantile Bank Corporation (NASDAQ:MBWM) Stock Has Average Target Price of $62.00

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been given an average rating of “Moderate Buy” by the six ratings firms that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $62.00.

Several equities analysts recently weighed in on MBWM shares. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a research report on Wednesday, July 22nd. Piper Sandler set a $65.00 price target on Mercantile Bank in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Mercantile Bank from a “buy (b)” rating to a “buy (a-)” rating in a research report on Friday, October 9th. Raymond James Financial assumed coverage on Mercantile Bank in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. BlackRock Inc. bought a new position in shares of Mercantile Bank in the second quarter worth approximately $88,105,000. North Star Asset Management Inc. purchased a new stake in shares of Mercantile Bank in the second quarter worth $21,672,000. Bank of New York Mellon Corp purchased a new stake in shares of Mercantile Bank in the second quarter worth $5,633,000. De Lisle Partners LLP purchased a new stake in shares of Mercantile Bank in the second quarter worth $4,346,000. Finally, Empowered Funds LLC raised its position in shares of Mercantile Bank by 6.9% during the 1st quarter. Empowered Funds LLC now owns 78,969 shares of the financial services provider’s stock valued at $3,988,000 after purchasing an additional 5,091 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Stock Up 1.1%

Shares of MBWM stock opened at $58.32 on Tuesday. Mercantile Bank has a 12 month low of $42.75 and a 12 month high of $62.95. The stock has a market cap of $1.01 billion, a P/E ratio of 10.27 and a beta of 0.83. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a 50 day simple moving average of $59.96 and a two-hundred day simple moving average of $56.38.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.21. The business had revenue of $68.76 million for the quarter, compared to analysts’ expectations of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. On average, research analysts expect that Mercantile Bank will post 5.71 earnings per share for the current year.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its subsidiary, Mercantile Bank, the company provides commercial and retail banking services to businesses, professionals and individuals. The bank primarily serves communities across Michigan, with a focus on relationship-based banking and locally oriented financial services.

Mercantile Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts.