Mercantile Bank (NASDAQ:MBWM) Hits New 52-Week High – Here’s What Happened

Mercantile Bank Corporation (NASDAQ:MBWM)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $59.85 and last traded at $59.8350, with a volume of 36638 shares traded. The stock had previously closed at $57.79.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MBWM shares. Stephens assumed coverage on Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price objective on the stock. Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Piper Sandler boosted their target price 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. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Mercantile Bank currently has a consensus rating of “Moderate Buy” and an average target price of $56.80.

Mercantile Bank Trading Down 1.6%

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $54.36 and its two-hundred day moving average is $52.46. The stock has a market cap of $998.21 million, a price-to-earnings ratio of 10.38 and a beta of 0.80.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results 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 during 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%. Equities analysts anticipate that Mercantile Bank Corporation will post 5.63 EPS for the current year.

Institutional Investors Weigh In On Mercantile Bank

Several large investors have recently added to or reduced their stakes in the stock. MML Investors Services LLC grew its position in Mercantile Bank by 4.2% in the fourth 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Mercantile Bank by 0.9% during the 4th 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 valued at $1,133,000 after acquiring an additional 208 shares during the last quarter. Natixis Advisors LLC lifted its position in shares of Mercantile Bank by 2.4% during the 4th quarter. Natixis Advisors LLC now owns 10,329 shares of the financial services provider’s stock valued at $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% during the 4th 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 in the last quarter. Finally, DGS Capital Management LLC boosted its stake in shares of Mercantile Bank by 6.8% during the 1st quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider’s stock worth $236,000 after acquiring an additional 299 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

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.