Mercantile Bank Corporation (NASDAQ:MBWM) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $56.75.

MBWM has been the topic of a number of research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Hovde Group lifted their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Piper Sandler set a $57.00 price target on Mercantile Bank in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Raymond James Financial set a $57.00 price objective on Mercantile Bank in a report on Wednesday, January 21st.

Institutional Trading of Mercantile Bank

Several hedge funds have recently made changes to their positions in MBWM. State of Alaska Department of Revenue bought a new stake in Mercantile Bank during the third quarter worth approximately $29,000. Jones Financial Companies Lllp increased its position in shares of Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 450 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Mercantile Bank during the 2nd quarter valued at approximately $42,000. Farther Finance Advisors LLC raised its holdings in Mercantile Bank by 76.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after buying an additional 884 shares during the period. Finally, Aquatic Capital Management LLC lifted its position in Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $146,000 after buying an additional 1,575 shares during the last quarter. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Stock Down 0.2%

Shares of MBWM opened at $54.61 on Thursday. The business’s 50 day moving average is $49.94 and its 200 day moving average is $47.45. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74. Mercantile Bank has a 12-month low of $37.76 and a 12-month high of $55.77. The company has a market capitalization of $938.20 million, a PE ratio of 10.00 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. The business had revenue of $62.07 million during the quarter, compared to analyst estimates of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. Research analysts expect that Mercantile Bank will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is 27.84%.

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.