Analysts Set Mercantile Bank Corporation (NASDAQ:MBWM) Price Target at $56.75

Mercantile Bank Corporation (NASDAQ:MBWM) has earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $56.75.

A number of research firms have weighed in on MBWM. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Piper Sandler set a $57.00 price target on Mercantile Bank in a research note on Wednesday, January 21st. Hovde Group upped their price target on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Raymond James Financial set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th.

Institutional Investors Weigh In On Mercantile Bank

A number of hedge funds have recently modified their holdings of MBWM. Royal Bank of Canada raised its holdings in Mercantile Bank by 5.6% in the 1st 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 period. AQR Capital Management LLC grew its holdings in Mercantile Bank by 21.2% during the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock valued at $3,998,000 after purchasing an additional 16,092 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 worth $407,000 after buying an additional 382 shares in the last quarter. Empowered Funds LLC increased its position in Mercantile Bank by 4.1% in the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock worth $2,508,000 after buying an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after buying an additional 2,772 shares during the period. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Trading Down 3.1%

NASDAQ:MBWM opened at $50.33 on Monday. The company has a market cap of $869.20 million, a PE ratio of 9.22 and a beta of 0.89. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.64. The company has a 50 day simple moving average of $51.64 and a two-hundred day simple moving average of $48.39. Mercantile Bank has a 12 month low of $37.76 and a 12 month high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.03. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%.The firm had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. Research analysts forecast that Mercantile Bank will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be given a $0.39 dividend. The ex-dividend date is Friday, March 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.1%. Mercantile Bank’s payout ratio is 28.57%.

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.