Mercantile Bank (NASDAQ:MBWM) Price Target Raised to $56.00 at Keefe, Bruyette & Woods

Mercantile Bank (NASDAQ:MBWM) had its target price increased by analysts at Keefe, Bruyette & Woods from $50.00 to $56.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 11.62% from the company’s current price.

Mercantile Bank Stock Performance

Shares of MBWM stock traded up $0.18 during trading hours on Wednesday, hitting $50.17. The stock had a trading volume of 15,557 shares, compared to its average volume of 68,107. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The stock’s 50 day moving average is $45.84 and its 200 day moving average is $43.40. Mercantile Bank has a twelve month low of $33.46 and a twelve month high of $52.98. The firm has a market capitalization of $809.74 million, a PE ratio of 10.07 and a beta of 0.99.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The firm had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. During the same quarter in the prior year, the business posted $1.30 earnings per share. As a group, research analysts forecast that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total value of $300,150.00. Following the sale, the director now owns 19,810 shares of the company’s stock, valued at approximately $1,025,167.50. The trade was a 22.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 10,550 shares of company stock worth $531,660. 3.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MBWM. AQR Capital Management LLC boosted its stake in shares of Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after acquiring an additional 90,802 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 18.2% in the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock worth $12,530,000 after buying an additional 47,528 shares in the last quarter. LSV Asset Management raised its holdings in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock worth $10,553,000 after buying an additional 34,725 shares in the last quarter. Vanguard Group Inc. grew its position in Mercantile Bank by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after acquiring an additional 21,616 shares during the last quarter. Finally, Inspire Investing LLC grew its position in Mercantile Bank by 218.8% during the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after acquiring an additional 20,465 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.