Brokerages Set Mercantile Bank Corporation (NASDAQ:MBWM) Price Target at $60.40

Mercantile Bank Corporation (NASDAQ:MBWM) has been assigned an average rating of “Hold” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $60.40.

Several research analysts recently commented on MBWM shares. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective for the company. in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Piper Sandler set a $65.00 target price on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th.

Mercantile Bank Price Performance

NASDAQ:MBWM opened at $60.72 on Thursday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a 52 week low of $42.75 and a 52 week high of $62.39. The stock’s 50-day moving average price is $56.07 and its 200-day moving average price is $53.31. The stock has a market capitalization of $1.05 billion, a PE ratio of 10.69 and a beta of 0.79.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.21. The company had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. Mercantile Bank had a return on equity of 13.90% and a net margin of 24.75%. As a group, equities analysts expect that Mercantile Bank will post 5.7 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, September 4th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MBWM. Royal Bank of Canada increased its position in Mercantile Bank by 5.6% during the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock worth $2,989,000 after purchasing an additional 3,621 shares during the last quarter. AQR Capital Management LLC grew its position in Mercantile Bank by 21.2% in the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after acquiring an additional 16,092 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Mercantile Bank by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 382 shares during the period. Empowered Funds LLC lifted its stake in shares of Mercantile Bank by 4.1% in the 1st quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock valued at $2,508,000 after purchasing an additional 2,255 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Mercantile Bank by 21.0% during the 1st quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after purchasing an additional 2,772 shares during the period. Institutional investors and hedge funds 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.