Mercantile Bank (NASDAQ:MBWM) Stock Price Passes Above 200-Day Moving Average of $37.14

Mercantile Bank Co. (NASDAQ:MBWM) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $37.14 and traded as high as $39.78. Mercantile Bank shares last traded at $39.38, with a volume of 74,415 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Janney Montgomery Scott upgraded Mercantile Bank from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $47.00 target price on shares of Mercantile Bank in a research note on Wednesday, April 17th.

Mercantile Bank Price Performance

The firm has a market capitalization of $634.81 million, a P/E ratio of 7.63 and a beta of 0.98. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50 day moving average of $36.71 and a two-hundred day moving average of $37.14.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, June 7th. Mercantile Bank’s dividend payout ratio is currently 27.13%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Voisard Asset Management Group Inc. acquired a new stake in shares of Mercantile Bank in the fourth quarter valued at about $38,000. Tower Research Capital LLC TRC grew its holdings in Mercantile Bank by 104.1% in 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 buying an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Mercantile Bank by 29.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after buying an additional 889 shares during the period. Huntington National Bank lifted its holdings in shares of Mercantile Bank by 55.2% during the third quarter. Huntington National Bank now owns 3,997 shares of the financial services provider’s stock worth $124,000 after buying an additional 1,422 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Mercantile Bank in the third quarter valued at approximately $166,000. Institutional investors own 58.63% of the company’s stock.

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.