Shares of Mercantile Bank Corporation (NASDAQ:MBWM – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $56.20.
MBWM has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Raymond James Financial set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st. Stephens initiated coverage on shares of Mercantile Bank in a research note on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price objective for the company. Finally, Piper Sandler set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st.
Check Out Our Latest Stock Analysis on Mercantile Bank
Hedge Funds Weigh In On Mercantile Bank
Several hedge funds have recently bought and sold shares of the company. MML Investors Services LLC grew its stake in Mercantile Bank by 4.2% during the fourth quarter. MML Investors Services LLC now owns 4,658 shares of the financial services provider’s stock valued at $224,000 after acquiring an additional 186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Mercantile Bank by 0.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,548 shares of the financial services provider’s stock valued at $1,133,000 after purchasing an additional 208 shares during the last quarter. Natixis Advisors LLC lifted its position in Mercantile Bank by 2.4% during the fourth quarter. Natixis Advisors LLC now owns 10,329 shares of the financial services provider’s stock valued at $497,000 after purchasing an additional 246 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in Mercantile Bank by 1.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 17,954 shares of the financial services provider’s stock valued at $864,000 after purchasing an additional 256 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Mercantile Bank by 3.8% during the fourth quarter. Russell Investments Group Ltd. now owns 8,149 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.
Mercantile Bank Price Performance
MBWM opened at $50.68 on Tuesday. The company has a market capitalization of $875.24 million, a price-to-earnings ratio of 9.10 and a beta of 0.85. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $51.69 and a 200-day moving average price of $49.22. Mercantile Bank has a twelve month low of $41.28 and a twelve month high of $55.77.
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.13. The firm had revenue of $67.59 million during the quarter, compared to the consensus estimate of $67.41 million. Mercantile Bank had a net margin of 24.19% and a return on equity of 14.06%. Equities analysts expect that Mercantile Bank will post 5.64 EPS for the current year.
Mercantile Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.56 annualized dividend and a yield of 3.1%. Mercantile Bank’s payout ratio is currently 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.
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