Mercantile Bank Corporation (NASDAQ:MBWM) Stock Has Consensus Price Target of $62.20 According to Analysts

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 firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and three have assigned 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 $62.20.

A number of brokerages have weighed in on MBWM. Piper Sandler set a $65.00 price target on Mercantile Bank in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 21st. Weiss Ratings lowered Mercantile Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, October 23rd. Raymond James Financial started coverage on shares of Mercantile Bank in a report on Tuesday, September 1st. They set an “outperform” rating and a $65.00 price objective for the company. Finally, Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective for the company. in a report on Wednesday, July 22nd.

Hedge Funds Weigh In On Mercantile Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in MBWM. Burnham & Co LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at about $29,000. Heritage Family Offices LLP purchased a new stake in Mercantile Bank in the 3rd quarter worth approximately $51,000. Integrated Wealth Concepts LLC bought a new position in Mercantile Bank in the 2nd quarter worth about $54,000. PNC Financial Services Group Inc. grew its holdings in shares of Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after purchasing an additional 387 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Mercantile Bank during the second quarter valued at about $178,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $60.57 on Friday. Mercantile Bank has a fifty-two week low of $43.00 and a fifty-two week high of $63.40. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 10.80 and a beta of 0.82. The business has a fifty day moving average of $59.82 and a 200-day moving average of $55.67.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.07. The business had revenue of $73.20 million for the quarter, compared to analyst estimates of $70.84 million. Mercantile Bank had a return on equity of 13.37% and a net margin of 24.42%. As a group, analysts predict that Mercantile Bank will post 5.75 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Friday, December 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. Mercantile Bank’s payout ratio is 28.52%.

About Mercantile Bank

Mercantile Bank Corporation is a bank holding company that operates through its subsidiary, Mercantile Bank. Headquartered in Grand Rapids, Michigan, the bank serves businesses, individuals and organizations primarily across Michigan.

Mercantile Bank offers commercial and retail banking products, including business loans, commercial real estate and construction financing, lines of credit, residential mortgage lending, consumer loans, deposit accounts and cash-management services. Its treasury-management offerings are designed to support businesses with payment processing, liquidity management and related banking needs.

Founded in 1997, Mercantile Bank has developed a community-banking model focused on relationship-based service and local decision-making.