Mercantile Bank Corporation (NASDAQ:MBWM) Stock Has Consensus Target Price of $62.00 According to Analysts

Mercantile Bank Corporation (NASDAQ:MBWM) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $62.00.

Several analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating 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 research report on Friday, October 9th. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Raymond James Financial assumed coverage on Mercantile Bank in a report on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research report on Wednesday, July 22nd.

Institutional Trading of Mercantile Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Mercantile Bank in the 2nd quarter valued at about $88,105,000. North Star Asset Management Inc. acquired a new position in shares of Mercantile Bank during the 2nd quarter worth about $21,672,000. Bank of New York Mellon Corp acquired a new position in shares of Mercantile Bank during the 2nd quarter worth about $5,633,000. De Lisle Partners LLP acquired a new position in shares of Mercantile Bank during the 2nd quarter worth about $4,346,000. Finally, Empowered Funds LLC raised its holdings in shares of Mercantile Bank by 6.9% in the 1st quarter. Empowered Funds LLC now owns 78,969 shares of the financial services provider’s stock valued at $3,988,000 after purchasing an additional 5,091 shares during the period. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Trading Up 0.5%

NASDAQ MBWM opened at $58.61 on Tuesday. The firm has a market cap of $1.01 billion, a P/E ratio of 10.32 and a beta of 0.83. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50-day moving average is $59.92 and its 200-day moving average is $56.40. Mercantile Bank has a one year low of $42.88 and a one year high of $62.95.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates 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. Sell-side analysts anticipate that Mercantile Bank will post 5.71 earnings per share for the current fiscal 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.