Mercantile Bank Corporation (NASDAQ:MBWM) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Mercantile Bank Corporation (NASDAQ:MBWM) has received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $62.00.

MBWM has been the subject of a number of analyst reports. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective for the company. in a research report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research report on Wednesday, September 9th. Piper Sandler set a $65.00 price target on Mercantile Bank in a research note on Wednesday, July 22nd. Raymond James Financial assumed coverage on Mercantile Bank in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. De Lisle Partners LLP acquired a new position in Mercantile Bank during the second quarter worth $4,346,000. Focus Partners Advisor Solutions LLC purchased a new position in Mercantile Bank during the second quarter valued at $1,305,000. BlackRock Inc. acquired a new stake in shares of Mercantile Bank in the second quarter valued at about $88,105,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Mercantile Bank in the second quarter valued at about $2,779,000. Finally, Man Group plc purchased a new stake in shares of Mercantile Bank during the second quarter worth about $1,144,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $59.52 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 10.48 and a beta of 0.80. The firm’s 50 day simple moving average is $60.25 and its 200-day simple moving average is $55.45. Mercantile Bank has a 12 month low of $42.75 and a 12 month high of $62.95.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.21. The firm 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 13.66%. Analysts expect that Mercantile Bank will post 5.69 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, September 4th. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.17%.

About Mercantile Bank

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its principal subsidiary, Mercantile Bank, the company provides banking and financial services to businesses, individuals and organizations.

The bank’s offerings include commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage loans and consumer credit. It also provides deposit accounts, treasury and cash-management services, online and mobile banking, and other financial services designed to support business and personal banking needs.

Founded in 1997, Mercantile Bank has developed a community-oriented banking model focused primarily on commercial relationships and local markets.