Mercantile Bank Corporation (NASDAQ:MBWM) Receives $56.75 Average Price Target from Brokerages

Mercantile Bank Corporation (NASDAQ:MBWM) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $56.75.

A number of research firms recently issued reports on MBWM. Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Piper Sandler set a $57.00 price objective on Mercantile Bank in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Hovde Group boosted their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. Finally, Raymond James Financial set a $57.00 price objective on Mercantile Bank in a research report on Wednesday, January 21st.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds have recently modified their holdings of MBWM. Kestra Advisory Services LLC acquired a new stake in shares of Mercantile Bank during the 4th quarter valued at about $26,000. State of Alaska Department of Revenue acquired a new stake in Mercantile Bank in the third quarter valued at approximately $29,000. Jones Financial Companies Lllp grew its holdings in Mercantile Bank by 116.0% in the third quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 450 shares during the period. Quadrant Capital Group LLC increased its position in shares of Mercantile Bank by 63.8% in the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after buying an additional 347 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Mercantile Bank by 76.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock worth $92,000 after buying an additional 884 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Stock Up 0.3%

Shares of MBWM stock opened at $52.68 on Monday. Mercantile Bank has a fifty-two week low of $37.76 and a fifty-two week high of $55.77. The firm has a market capitalization of $909.78 million, a PE ratio of 9.65 and a beta of 0.89. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.97 and a current ratio of 0.93. The stock’s 50-day simple moving average is $51.55 and its 200-day simple moving average is $48.32.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. The company had revenue of $62.07 million during the quarter, compared to analyst estimates of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 13.54%. Equities analysts expect that Mercantile Bank will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Friday, March 6th will be given a dividend of $0.39 per share. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, March 6th. Mercantile Bank’s dividend payout ratio (DPR) is 27.84%.

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.