Mercantile Bank Corporation (NASDAQ:MBWM) Receives $60.40 Consensus PT from Analysts

Mercantile Bank Corporation (NASDAQ:MBWM) has earned a consensus rating of “Hold” from the seven ratings firms that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $60.40.

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

Institutional Trading of Mercantile Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in MBWM. California State Teachers Retirement System lifted its stake in Mercantile Bank by 6,994.3% in the second quarter. California State Teachers Retirement System now owns 1,091,382 shares of the financial services provider’s stock valued at $62,667,000 after acquiring an additional 1,075,998 shares during the last quarter. Old Mission Investment Co LLC acquired a new position in shares of Mercantile Bank during the 2nd quarter worth about $229,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Mercantile Bank in the 2nd quarter valued at about $580,000. North Star Asset Management Inc. bought a new stake in shares of Mercantile Bank in the 2nd quarter valued at about $21,672,000. Finally, Empowered Funds LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at about $1,778,000. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Price Performance

Shares of MBWM opened at $60.21 on Monday. The stock has a market capitalization of $1.04 billion, a P/E ratio of 10.60 and a beta of 0.79. Mercantile Bank has a twelve month low of $42.75 and a twelve month high of $62.39. The company has a 50 day moving average of $58.89 and a 200-day moving average of $54.45. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The company had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. As a group, equities research analysts forecast that Mercantile Bank will post 5.7 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. 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%.

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.