Mercantile Bank (NASDAQ:MBWM) Hits New 52-Week High – Time to Buy?

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $57.50 and last traded at $56.89, with a volume of 7478 shares changing hands. The stock had previously closed at $57.17.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MBWM shares. Stephens began coverage on Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Wall Street Zen raised Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Finally, Piper Sandler raised their price target on Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.80.

Mercantile Bank Trading Down 0.3%

The firm has a market capitalization of $984.22 million, a PE ratio of 10.29 and a beta of 0.81. The firm has a 50 day simple moving average of $52.72 and a 200 day simple moving average of $51.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly 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 analysts’ expectations of $67.41 million. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%. Equities analysts expect that Mercantile Bank Corporation will post 5.63 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

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

Institutional Trading of Mercantile Bank

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

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.