Mercantile Bank (NASDAQ:MBWM) Cut to Market Perform at Hovde Group

Hovde Group cut shares of Mercantile Bank (NASDAQ:MBWM) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat Ratings reports. They currently have $62.00 target price on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Piper Sandler upped their price target on Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Stephens began coverage on Mercantile Bank in a research note on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price target for the company. Finally, Wall Street Zen raised Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Mercantile Bank has an average rating of “Hold” and an average price target of $60.40.

Mercantile Bank Trading Up 2.3%

Shares of MBWM stock opened at $58.50 on Wednesday. The company has a 50 day moving average of $55.10 and a 200-day moving average of $52.81. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a 12-month low of $42.75 and a 12-month high of $60.40. The firm has a market cap of $1.01 billion, a P/E ratio of 10.30 and a beta of 0.80.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.90%. The company had revenue of $68.76 million for the quarter, compared to analysts’ expectations of $68.81 million. Sell-side analysts anticipate that Mercantile Bank will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be paid a dividend of $0.40 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank’s dividend payout ratio is presently 28.17%.

Institutional Trading of Mercantile Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. jvl associates llc lifted its stake in Mercantile Bank by 2.6% in the 2nd quarter. jvl associates llc now owns 67,194 shares of the financial services provider’s stock worth $3,858,000 after purchasing an additional 1,686 shares in the last quarter. Bank of America Corp DE grew its position in shares of Mercantile Bank by 31.0% during the 1st quarter. Bank of America Corp DE now owns 36,777 shares of the financial services provider’s stock valued at $1,857,000 after purchasing an additional 8,701 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Mercantile Bank by 6.9% in the first quarter. Empowered Funds LLC now owns 78,969 shares of the financial services provider’s stock worth $3,988,000 after purchasing an additional 5,091 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Mercantile Bank by 39.3% in the first quarter. Quantinno Capital Management LP now owns 26,732 shares of the financial services provider’s stock worth $1,350,000 after purchasing an additional 7,539 shares during the period. Finally, Lazard Asset Management LLC raised its position in shares of Mercantile Bank by 6.2% in the first quarter. Lazard Asset Management LLC now owns 17,569 shares of the financial services provider’s stock worth $887,000 after buying an additional 1,027 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

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.