Mercantile Bank (NASDAQ:MBWM) PT Raised to $53.00 at Piper Sandler

Mercantile Bank (NASDAQ:MBWM) had its price target increased by research analysts at Piper Sandler from $42.00 to $53.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 10.74% from the company’s current price.

MBWM has been the topic of a number of other reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a research note on Wednesday, April 17th. Janney Montgomery Scott downgraded shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.00.

Mercantile Bank Stock Performance

Shares of MBWM opened at $47.86 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $771.50 million, a price-to-earnings ratio of 9.28 and a beta of 0.98. The company’s 50 day simple moving average is $39.14 and its 200 day simple moving average is $38.23. Mercantile Bank has a 1 year low of $30.12 and a 1 year high of $50.42.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting the consensus estimate of $1.17. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.80%. The firm had revenue of $88.56 million during the quarter, compared to analyst estimates of $56.23 million. During the same quarter in the prior year, the business posted $1.27 earnings per share. On average, sell-side analysts predict that Mercantile Bank will post 4.81 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Gradient Investments LLC acquired a new stake in shares of Mercantile Bank during the second quarter worth approximately $28,000. Voisard Asset Management Group Inc. acquired a new position in Mercantile Bank during the 4th quarter valued at $38,000. Tower Research Capital LLC TRC raised its stake in Mercantile Bank by 104.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 904 shares during the last quarter. EMC Capital Management acquired a new position in Mercantile Bank during the 1st quarter valued at $72,000. Finally, CWM LLC raised its stake in Mercantile Bank by 242.6% during the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares during the last quarter. 58.63% of the stock is currently 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.