Mercantile Bank Corporation (NASDAQ:MBWM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Two 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 brokers that have covered the stock in the last year is $56.75.

Several research analysts have weighed in on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Hovde Group lifted their price objective on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. Piper Sandler set a $57.00 target price on Mercantile Bank in a research note on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st.

Institutional Investors Weigh In On Mercantile Bank

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Mercantile Bank by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock worth $51,292,000 after acquiring an additional 27,403 shares in the last quarter. Tributary Capital Management LLC boosted its stake in shares of Mercantile Bank by 92.6% during the 3rd quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock worth $22,383,000 after buying an additional 239,193 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Mercantile Bank by 1.2% in the 4th quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock valued at $23,868,000 after acquiring an additional 5,800 shares in the last quarter. American Century Companies Inc. raised its holdings in Mercantile Bank by 9.2% during the third quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after acquiring an additional 41,540 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Mercantile Bank by 4.5% during the second quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock valued at $18,839,000 after purchasing an additional 17,580 shares during the last quarter. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM opened at $51.66 on Monday. The stock has a market cap of $887.52 million, a P/E ratio of 9.46 and a beta of 0.89. Mercantile Bank has a 1 year low of $37.76 and a 1 year high of $55.77. The stock’s 50-day moving average price is $51.34 and its two-hundred day moving average price is $48.21. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. The firm had revenue of $62.07 million during the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. On average, equities analysts predict that Mercantile Bank will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, March 6th. Mercantile Bank’s dividend payout ratio is presently 27.84%.

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.