Mercantile Bank (NASDAQ:MBWM) Reaches New 52-Week High – What’s Next?

Mercantile Bank Corporation (NASDAQ:MBWM)’s share price hit a new 52-week high during 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MBWM. Wall Street Zen raised Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Stephens began coverage on Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Finally, 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 report on Friday, June 26th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.80.

Mercantile Bank Price Performance

The firm has a market cap of $1.02 billion, a P/E ratio of 10.57 and a beta of 0.80. The firm’s fifty day simple moving average is $52.91 and its 200 day simple moving average is $51.80. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93.

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 company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. As a group, analysts forecast that Mercantile Bank Corporation will post 5.63 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, June 5th. Mercantile Bank’s dividend payout ratio is currently 28.01%.

Institutional Investors Weigh In On Mercantile Bank

Several large investors have recently bought and sold shares of the business. Kestra Advisory Services LLC bought a new stake in shares of Mercantile Bank in the 4th quarter worth about $26,000. Quadrant Capital Group LLC lifted its holdings in shares of 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 acquiring an additional 347 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 387 shares in the last quarter. Aquatic Capital Management LLC increased its stake in Mercantile Bank by 94.9% during the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 1,575 shares during the last quarter. Finally, Quantbot Technologies LP increased its stake in Mercantile Bank by 251.9% during the second quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 3,128 shares during the last quarter. 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.