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

Mercantile Bank Corporation (NASDAQ:MBWM) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $56.20.

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday. Stephens assumed coverage on Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price target for the company. Finally, Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a report on Saturday, March 28th.

Institutional Investors Weigh In On Mercantile Bank

Several large investors have recently bought and sold shares of MBWM. Royal Bank of Canada increased its holdings in Mercantile Bank by 5.6% in the 1st quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock worth $2,989,000 after buying an additional 3,621 shares in the last quarter. AQR Capital Management LLC increased its holdings in Mercantile Bank by 21.2% in the 1st quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after buying an additional 16,092 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Mercantile Bank by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after buying an additional 382 shares in the last quarter. Empowered Funds LLC increased its holdings in Mercantile Bank by 4.1% in the 1st quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock worth $2,508,000 after buying an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Mercantile Bank by 21.0% in the 1st quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after buying an additional 2,772 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $54.36 on Wednesday. Mercantile Bank has a 1-year low of $42.69 and a 1-year high of $55.77. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.93. The business has a fifty day moving average price of $52.32 and a 200-day moving average price of $51.14. The company has a market capitalization of $938.80 million, a PE ratio of 9.76 and a beta of 0.81.

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

Mercantile Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, June 5th. Mercantile Bank’s dividend payout ratio (DPR) is presently 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.