Mercantile Bank Corporation (NASDAQ:MBWM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $56.80.

A number of research firms have commented on MBWM. 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. Stephens started coverage on Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target for the company. Weiss Ratings reaffirmed 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 report on Saturday, March 28th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Mercantile Bank by 37.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after buying an additional 58,743 shares during the last quarter. Daytona Street Capital LLC purchased a new stake in Mercantile Bank in the 4th quarter valued at about $589,000. American Century Companies Inc. lifted its position in Mercantile Bank by 9.2% in the third quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock valued at $22,247,000 after buying an additional 41,540 shares during the last quarter. Discipline Wealth Solutions LLC acquired a new position in Mercantile Bank in the first quarter valued at about $1,001,000. Finally, North Star Asset Management Inc. boosted its stake in Mercantile Bank by 5.4% during the fourth quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock worth $18,016,000 after buying an additional 19,204 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $57.81 on Friday. The firm has a 50-day simple moving average of $53.18 and a 200-day simple moving average of $51.90. The stock has a market capitalization of $998.38 million, a price-to-earnings ratio of 10.38 and a beta of 0.80. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a 52 week low of $42.75 and a 52 week high of $59.71.

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

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.7%. Mercantile Bank’s dividend payout ratio (DPR) is 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.