Mercantile Bank Corporation (NASDAQ:MBWM) Stock Has Average Price Target of $62.00

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $62.00.

A number of brokerages have recently weighed in on MBWM. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Weiss Ratings raised shares of Mercantile Bank from a “buy (b)” rating to a “buy (a-)” rating in a report on Friday, October 9th. Keefe, Bruyette & Woods raised their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a report on Wednesday, July 22nd. Finally, Raymond James Financial assumed coverage on shares of Mercantile Bank in a research report on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price target on the stock.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its stake in shares of Mercantile Bank by 6.8% during the second quarter. Arizona State Retirement System now owns 4,528 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 287 shares during the period. DGS Capital Management LLC increased its holdings in Mercantile Bank by 6.8% in the first quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 299 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings 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 valued at $85,000 after purchasing an additional 387 shares during the last quarter. Inspire Investing LLC increased its holdings in Mercantile Bank by 4.6% in the first quarter. Inspire Investing LLC now owns 10,160 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 445 shares during the last quarter. Finally, Burnham & Co LLC acquired a new position in Mercantile Bank in the second quarter valued at about $29,000. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Down 0.3%

MBWM opened at $58.42 on Tuesday. The business has a 50 day moving average price of $59.88 and a 200 day moving average price of $56.50. Mercantile Bank has a twelve month low of $42.88 and a twelve month high of $62.95. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $1.01 billion, a P/E ratio of 10.29 and a beta of 0.83.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. The firm had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $68.81 million. Research analysts forecast that Mercantile Bank will post 5.71 EPS for the current year.

About Mercantile Bank

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its subsidiary, Mercantile Bank, the company provides commercial and retail banking services to businesses, professionals and individuals. The bank primarily serves communities across Michigan, with a focus on relationship-based banking and locally oriented financial services.

Mercantile Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts.