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

Mercantile Bank Corporation (NASDAQ:MBWM) has received an average rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $56.80.

MBWM has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Piper Sandler upped their price objective on shares of Mercantile Bank from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Finally, Stephens started coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price objective on the stock.

Institutional Investors Weigh In On Mercantile Bank

Several institutional investors have recently bought and sold shares of MBWM. MML Investors Services LLC increased its stake in Mercantile Bank by 4.2% during the 4th quarter. MML Investors Services LLC now owns 4,658 shares of the financial services provider’s stock worth $224,000 after buying an additional 186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Mercantile Bank by 0.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,548 shares of the financial services provider’s stock worth $1,133,000 after acquiring an additional 208 shares during the last quarter. Natixis Advisors LLC boosted its stake in shares of Mercantile Bank by 2.4% in the fourth quarter. Natixis Advisors LLC now owns 10,329 shares of the financial services provider’s stock worth $497,000 after acquiring an additional 246 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Mercantile Bank by 1.4% in the fourth quarter. Wedge Capital Management L L P NC now owns 17,954 shares of the financial services provider’s stock worth $864,000 after acquiring an additional 256 shares during the last quarter. Finally, DGS Capital Management LLC increased its position in shares of Mercantile Bank by 6.8% during the first quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 299 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $57.81 on Friday. 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 stock has a 50-day moving average of $53.18 and a 200 day moving average of $51.90. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a twelve month low of $42.75 and a twelve month high of $59.71.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.33 by $0.13. The company had revenue of $67.59 million for the quarter, compared to analyst estimates of $67.41 million. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%. Sell-side analysts anticipate that Mercantile Bank will post 5.63 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, June 5th. Mercantile Bank’s dividend payout ratio 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.