Mercantile Bank Corporation (NASDAQ:MBWM) Receives $56.80 Average Price Target from Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $56.80.

A number of equities research analysts recently commented on MBWM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Piper Sandler raised their target price on Mercantile Bank from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Wall Street Zen raised Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Finally, Stephens initiated coverage on Mercantile Bank in a research note on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price target for the company.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $56.60 on Friday. The company has a market capitalization of $977.48 million, a PE ratio of 10.16 and a beta of 0.80. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93. Mercantile Bank has a 52-week low of $42.75 and a 52-week high of $59.71. The company has a 50-day simple moving average of $53.65 and a 200 day simple moving average of $52.12.

Mercantile Bank (NASDAQ:MBWM) last released 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. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The firm had revenue of $67.59 million for the quarter, compared to analysts’ expectations of $67.41 million. On average, research analysts predict that Mercantile Bank will post 5.63 EPS for the current 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 issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.56 annualized dividend and a yield of 2.8%. Mercantile Bank’s dividend payout ratio is 28.01%.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC bought a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $26,000. Quadrant Capital Group LLC boosted its holdings in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after buying an additional 347 shares during the period. PNC Financial Services Group Inc. grew its stake in Mercantile Bank by 29.9% in the 1st 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 in the last quarter. Aquatic Capital Management LLC grew its stake in Mercantile Bank by 94.9% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after buying an additional 1,575 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Mercantile Bank by 251.9% during the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 3,128 shares during the period. Institutional investors own 58.63% of the company’s stock.

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.