Mercantile Bank (NASDAQ:MBWM) Hits New 1-Year High – Time to Buy?

Mercantile Bank Corporation (NASDAQ:MBWM) reached a new 52-week high during trading on Thursday . The stock traded as high as $59.85 and last traded at $59.8350, with a volume of 36638 shares. The stock had previously closed at $57.79.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Stephens started coverage on shares of Mercantile Bank in a research note on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 target price for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Finally, Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.80.

Mercantile Bank Trading Up 2.8%

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.03 billion, a PE ratio of 10.67 and a beta of 0.80. The business’s 50-day moving average is $54.11 and its two-hundred day moving average is $52.35.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%.The business had revenue of $67.59 million for the quarter, compared to analysts’ expectations of $67.41 million. On average, analysts anticipate that Mercantile Bank Corporation will post 5.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MBWM. Kestra Advisory Services LLC purchased a new position in shares of Mercantile Bank during the fourth quarter worth approximately $26,000. Quadrant Capital Group LLC raised its position in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 347 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake 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. Aquatic Capital Management LLC boosted its stake in Mercantile Bank by 94.9% during the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 1,575 shares during the period. Finally, Quantbot Technologies LP grew its position in Mercantile Bank by 251.9% during the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 3,128 shares during the last quarter. Institutional investors and hedge funds 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.