Wall Street Zen Upgrades Mercantile Bank (NASDAQ:MBWM) to “Hold”

Mercantile Bank (NASDAQ:MBWM) was upgraded by Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also recently issued reports on MBWM. Keefe, Bruyette & Woods raised their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Stephens began coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 target price for the company. Raymond James Financial set a $57.00 price target on Mercantile Bank in a research note on Wednesday, January 21st. Piper Sandler set a $57.00 price objective on Mercantile Bank in a research note on Wednesday, January 21st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.20.

Mercantile Bank Stock Performance

MBWM stock opened at $49.33 on Friday. The company has a 50 day moving average price of $51.92 and a 200 day moving average price of $48.49. Mercantile Bank has a fifty-two week low of $37.76 and a fifty-two week high of $55.77. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $851.93 million, a PE ratio of 9.03 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $62.25 million. Analysts forecast that Mercantile Bank will post 4.83 EPS for the current year.

Hedge Funds Weigh In On Mercantile Bank

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Mercantile Bank by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock valued at $51,292,000 after buying an additional 27,403 shares in the last quarter. Tributary Capital Management LLC increased its position in shares of Mercantile Bank by 92.6% during the third quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock worth $22,383,000 after acquiring an additional 239,193 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Mercantile Bank by 1.2% during the fourth quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock worth $23,868,000 after acquiring an additional 5,800 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 9.2% during the third quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after acquiring an additional 41,540 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Mercantile Bank by 4.5% during the second quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock worth $18,839,000 after acquiring an additional 17,580 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

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.