Mercantile Bank’s (MBWM) “Buy (B-)” Rating Reiterated at Weiss Ratings

Weiss Ratings restated their buy (b-) rating on shares of Mercantile Bank (NASDAQ:MBWM) in a research note released on Tuesday morning,Weiss Ratings reports.

MBWM has been the subject of a number of other reports. Keefe, Bruyette & Woods increased their price target on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 23rd. Raymond James Financial upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $55.00 price target for the company in a report on Thursday, July 24th. Piper Sandler increased their price target on Mercantile Bank from $47.50 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, July 23rd. Finally, Zacks Research cut Mercantile Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 22nd. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Mercantile Bank currently has a consensus rating of “Moderate Buy” and an average target price of $55.25.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $43.14 on Tuesday. The stock has a market cap of $701.03 million, a PE ratio of 8.56 and a beta of 0.87. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank has a twelve month low of $37.76 and a twelve month high of $52.98. The stock has a fifty day simple moving average of $46.86 and a 200-day simple moving average of $45.33.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $60.90 million during the quarter, compared to analysts’ expectations of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. Equities analysts anticipate that Mercantile Bank will post 4.83 earnings per share for the current year.

Hedge Funds Weigh In On Mercantile Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of MBWM. Virtus Advisers LLC purchased a new position in Mercantile Bank during the 1st quarter valued at about $39,000. Ameritas Advisory Services LLC purchased a new position in shares of Mercantile Bank in the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC purchased a new position in shares of Mercantile Bank in the 2nd quarter valued at about $54,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Mercantile Bank in the 2nd quarter valued at about $80,000. Finally, EMC Capital Management boosted its stake in shares of Mercantile Bank by 76.3% in the 2nd quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock valued at $154,000 after buying an additional 1,432 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 operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.