Mercantile Bank Corporation (NASDAQ:MBWM) Receives $56.20 Average PT from Brokerages

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $56.20.

Several analysts recently commented on MBWM shares. Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a report on Wednesday, January 21st. Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Stephens began coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price target on the stock.

Institutional Trading of Mercantile Bank

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Mercantile Bank by 31.0% during the 1st quarter. Bank of America Corp DE now owns 36,777 shares of the financial services provider’s stock valued at $1,857,000 after acquiring an additional 8,701 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Mercantile Bank by 6.9% during the 1st quarter. Empowered Funds LLC now owns 78,969 shares of the financial services provider’s stock valued at $3,988,000 after acquiring an additional 5,091 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Mercantile Bank by 39.3% during the 1st quarter. Quantinno Capital Management LP now owns 26,732 shares of the financial services provider’s stock valued at $1,350,000 after acquiring an additional 7,539 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Mercantile Bank by 6.2% during the 1st quarter. Lazard Asset Management LLC now owns 17,569 shares of the financial services provider’s stock valued at $887,000 after acquiring an additional 1,027 shares during the last quarter. Finally, Modern Wealth Management LLC purchased a new stake in shares of Mercantile Bank during the 1st quarter valued at about $439,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $52.01 on Friday. Mercantile Bank has a one year low of $42.17 and a one year high of $55.77. The company’s 50-day moving average is $51.19 and its 200 day moving average is $50.07. The company has a market capitalization of $898.21 million, a price-to-earnings ratio of 9.34 and a beta of 0.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.33 by $0.13. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. Sell-side analysts expect that Mercantile Bank will post 5.63 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. Mercantile Bank’s dividend payout ratio (DPR) 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.