Mercantile Bank Corporation (NASDAQ:MBWM) Receives $55.38 Consensus PT from Analysts

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $55.3750.

A number of brokerages have recently weighed in on MBWM. Raymond James Financial lifted their price target on shares of Mercantile Bank from $52.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Zacks Research lowered Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Piper Sandler reiterated a “neutral” rating and set a $55.50 price objective on shares of Mercantile Bank in a report on Thursday, January 8th. Finally, Hovde Group increased their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th.

Mercantile Bank Price Performance

Shares of MBWM opened at $48.66 on Friday. The stock has a market cap of $790.73 million, a P/E ratio of 9.22 and a beta of 0.89. Mercantile Bank has a 1 year low of $37.76 and a 1 year high of $51.89. The stock’s 50-day moving average price is $47.37 and its two-hundred day moving average price is $46.98. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 13.78%. The business had revenue of $62.39 million for the quarter, compared to the consensus estimate of $61.33 million. On average, equities analysts predict that Mercantile Bank will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. Mercantile Bank’s dividend payout ratio is currently 28.79%.

Insider Activity at Mercantile Bank

In related news, Director Nelson F. Sanchez acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average cost of $43.50 per share, with a total value of $43,500.00. Following the transaction, the director owned 3,502 shares of the company’s stock, valued at $152,337. The trade was a 39.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Mercantile Bank

A number of institutional investors have recently modified their holdings of MBWM. Tributary Capital Management LLC boosted its position in shares of Mercantile Bank by 92.6% during the third quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock worth $22,383,000 after buying an additional 239,193 shares during the period. American Century Companies Inc. boosted its position in Mercantile Bank by 9.2% during the 3rd quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after acquiring an additional 41,540 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Mercantile Bank by 4.5% during the 2nd quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock worth $18,839,000 after acquiring an additional 17,580 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Mercantile Bank by 37.7% in the third quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock valued at $9,659,000 after purchasing an additional 58,743 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in shares of Mercantile Bank by 36.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider’s stock worth $9,077,000 after purchasing an additional 54,373 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.