Mercantile Bank Corporation (NASDAQ:MBWM) Given Consensus Rating of “Hold” by Analysts

Mercantile Bank Corporation (NASDAQ:MBWM) has earned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $60.40.

A number of equities research analysts have commented on MBWM shares. Piper Sandler set a $65.00 target price on Mercantile Bank in a research report on Wednesday, July 22nd. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective for the company. in a research report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd.

Hedge Funds Weigh In On Mercantile Bank

Large investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC acquired a new stake in Mercantile Bank in the 4th quarter valued at approximately $26,000. Burnham & Co LLC acquired a new position in Mercantile Bank during the second quarter worth $29,000. Quadrant Capital Group LLC lifted its stake in Mercantile Bank by 63.8% during the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 347 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Mercantile Bank by 29.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock worth $85,000 after buying an additional 387 shares during the period. Finally, Aquatic Capital Management LLC boosted its position in shares of 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 buying an additional 1,575 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

Mercantile Bank stock opened at $60.21 on Monday. The firm has a 50 day simple moving average of $58.89 and a 200-day simple moving average of $54.45. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 10.60 and a beta of 0.79. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. Mercantile Bank has a 1-year low of $42.75 and a 1-year high of $62.39.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The firm had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. On average, analysts expect that Mercantile Bank will post 5.7 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a $0.40 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. Mercantile Bank’s payout ratio is presently 27.46%.

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.