Analysts Set Mercantile Bank Corporation (NASDAQ:MBWM) PT at $56.20

Mercantile Bank Corporation (NASDAQ:MBWM) has earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $56.20.

Several research analysts have commented on MBWM shares. Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Stephens started coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price for the company.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $55.20 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a fifty-two week low of $42.69 and a fifty-two week high of $55.77. The firm has a 50-day simple moving average of $52.22 and a 200 day simple moving average of $51.00. The company has a market cap of $953.30 million, a PE ratio of 9.91 and a beta of 0.81.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The business had revenue of $67.59 million during the quarter, compared to the consensus estimate of $67.41 million. On average, sell-side analysts anticipate that Mercantile Bank will post 5.63 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th will be issued a $0.39 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.56 annualized dividend and a dividend yield of 2.8%. Mercantile Bank’s dividend payout ratio (DPR) is 28.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MBWM. Royal Bank of Canada boosted its holdings in shares of Mercantile Bank by 5.6% in the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock valued at $2,989,000 after acquiring an additional 3,621 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Mercantile Bank by 21.2% in the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock valued at $3,998,000 after acquiring an additional 16,092 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Mercantile Bank by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock valued at $407,000 after acquiring an additional 382 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Mercantile Bank by 4.1% in the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock valued at $2,508,000 after acquiring an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock valued at $693,000 after acquiring an additional 2,772 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

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.