Mercantile Bank Corporation (NASDAQ:MBWM) Receives Average Rating of “Hold” from Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have earned an average recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $60.40.

MBWM has been the subject of a number of recent research reports. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target for the company. in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th.

Mercantile Bank Price Performance

NASDAQ MBWM opened at $59.61 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $1.03 billion, a PE ratio of 10.49 and a beta of 0.79. Mercantile Bank has a 12-month low of $42.75 and a 12-month high of $62.39. The company has a 50 day moving average price of $58.26 and a two-hundred day moving average price of $54.26.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, topping the consensus estimate of $1.32 by $0.21. The company had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. As a group, equities analysts predict that Mercantile Bank will post 5.7 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

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

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Mercantile Bank during the second quarter valued at approximately $88,105,000. Vanguard Group Inc. lifted its stake in shares of Mercantile Bank by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock worth $51,292,000 after buying an additional 27,403 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Mercantile Bank by 1.2% in the fourth quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock worth $23,868,000 after buying an additional 5,800 shares during the last quarter. North Star Asset Management Inc. bought a new stake in shares of Mercantile Bank during the 2nd quarter worth $21,672,000. Finally, Wellington Management Group LLP bought a new stake in shares of Mercantile Bank during the 4th quarter worth $14,181,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

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.