Mercantile Bank Corporation (NASDAQ:MBWM) Given Average Recommendation of “Moderate Buy” by Analysts

Mercantile Bank Corporation (NASDAQ:MBWM) has been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $56.80.

Several equities research analysts have recently weighed in on MBWM shares. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Stephens started 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. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Finally, Piper Sandler lifted their target price on shares of Mercantile Bank from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC acquired a new stake in shares of Mercantile Bank during the 4th quarter worth approximately $26,000. Quadrant Capital Group LLC increased its stake in Mercantile Bank by 63.8% in the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 347 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Mercantile Bank by 29.9% during 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 during the period. Aquatic Capital Management LLC boosted its position in shares of Mercantile Bank by 94.9% during the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Quantbot Technologies LP grew its stake in shares of Mercantile Bank by 251.9% in the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock valued at $203,000 after buying an additional 3,128 shares during the period. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Trading Up 0.7%

Shares of MBWM stock traded up $0.42 during mid-day trading on Friday, reaching $57.02. 93,915 shares of the stock traded hands, compared to its average volume of 135,787. The stock’s fifty day simple moving average is $53.78 and its two-hundred day simple moving average is $52.15. Mercantile Bank has a 1-year low of $42.75 and a 1-year high of $59.71. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. The company has a market cap of $984.74 million, a price-to-earnings ratio of 10.24 and a beta of 0.80.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. The firm had revenue of $67.59 million for the quarter, compared to analyst estimates of $67.41 million. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. On average, research analysts anticipate that Mercantile Bank will post 5.63 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a dividend of $0.39 per share. The ex-dividend date was Friday, June 5th. This represents a $1.56 annualized dividend and a dividend yield of 2.7%. Mercantile Bank’s dividend payout ratio is presently 28.01%.

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.