Stephens Initiates Coverage on Mercantile Bank (NASDAQ:MBWM)

Stephens started coverage on shares of Mercantile Bank (NASDAQ:MBWM) in a report released on Wednesday, MarketBeat reports. The firm set an “equal weight” rating and a $54.00 price target on the financial services provider’s stock. Stephens’ target price would suggest a potential upside of 8.48% from the stock’s previous close.

A number of other equities analysts also recently weighed in on MBWM. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Raymond James Financial set a $57.00 price objective on Mercantile Bank in a research note on Wednesday, January 21st. Finally, Hovde Group boosted their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.20.

Mercantile Bank Stock Up 1.0%

NASDAQ:MBWM opened at $49.78 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.93. The firm’s 50-day moving average price is $51.94 and its 200-day moving average price is $48.47. The company has a market capitalization of $859.70 million, a PE ratio of 9.12 and a beta of 0.89. Mercantile Bank has a 1-year low of $37.76 and a 1-year high of $55.77.

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

Hedge Funds Weigh In On Mercantile Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC purchased a new position in shares of Mercantile Bank during the 4th quarter worth $26,000. State of Alaska Department of Revenue bought a new position in shares of Mercantile Bank during the third quarter worth $29,000. Jones Financial Companies Lllp grew its position in shares of Mercantile Bank by 116.0% during 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 in the last quarter. Quadrant Capital Group LLC grew its holdings in Mercantile Bank by 63.8% during the 4th 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 grew its holdings in shares of Mercantile Bank by 76.4% in the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 884 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

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.