Mercantile Bank Corporation (NASDAQ:MBWM) Receives $56.20 Consensus Target Price from Brokerages

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, 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 analyst 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. Stephens initiated coverage on shares of Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price for the company. Raymond James Financial set a $57.00 target price on shares of Mercantile Bank in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Finally, Piper Sandler set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st.

Institutional Trading of Mercantile Bank

Several institutional investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC purchased a new stake in Mercantile Bank during the 4th quarter worth $26,000. State of Alaska Department of Revenue purchased a new stake in Mercantile Bank during the 3rd quarter worth $29,000. Jones Financial Companies Lllp boosted its position in Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 450 shares during the period. Quadrant Capital Group LLC boosted its position in Mercantile Bank by 63.8% during the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 347 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Mercantile Bank by 29.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 387 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Trading Up 2.7%

Shares of Mercantile Bank stock opened at $51.20 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.93. Mercantile Bank has a 1 year low of $42.17 and a 1 year high of $55.77. The company has a market capitalization of $884.22 million, a P/E ratio of 9.19 and a beta of 0.81. The business has a 50 day moving average price of $51.14 and a 200 day moving average price of $49.96.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS 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 analysts’ expectations of $67.41 million. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. Sell-side analysts anticipate that Mercantile Bank will post 5.63 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders 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 dividend yield of 3.0%. Mercantile Bank’s payout ratio is currently 28.01%.

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.