Mercantile Bank Corporation (NASDAQ:MBWM) Given Average Rating of “Hold” by Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have received an average recommendation of “Hold” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $60.40.

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

Institutional Investors Weigh In On Mercantile Bank

Hedge funds have recently bought and sold shares of the business. jvl associates llc grew its stake in Mercantile Bank by 2.6% during the 2nd quarter. jvl associates llc now owns 67,194 shares of the financial services provider’s stock valued at $3,858,000 after acquiring an additional 1,686 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Mercantile Bank by 31.0% in the first quarter. Bank of America Corp DE now owns 36,777 shares of the financial services provider’s stock worth $1,857,000 after purchasing an additional 8,701 shares in the last quarter. Empowered Funds LLC lifted its position 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 in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Mercantile Bank by 39.3% during 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 boosted its holdings in shares of Mercantile Bank by 6.2% during the first quarter. Lazard Asset Management LLC now owns 17,569 shares of the financial services provider’s stock worth $887,000 after purchasing an additional 1,027 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Price Performance

MBWM stock opened at $60.43 on Thursday. 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 one year low of $42.75 and a one year high of $61.83. The firm has a market capitalization of $1.04 billion, a PE ratio of 10.64 and a beta of 0.80. The firm has a 50-day moving average of $55.60 and a two-hundred day moving average of $53.07.

Mercantile Bank (NASDAQ:MBWM) last announced its 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 during the quarter, compared to analysts’ expectations of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.90%. On average, analysts forecast that Mercantile Bank will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 2.6%. Mercantile Bank’s payout ratio is presently 27.46%.

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.