Mercantile Bank (NASDAQ:MBWM) Upgraded by Wall Street Zen to “Hold” Rating

Mercantile Bank (NASDAQ:MBWM) was upgraded by research analysts at Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Saturday.

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

Mercantile Bank Stock Down 0.9%

Shares of NASDAQ MBWM opened at $49.33 on Friday. The stock has a market cap of $851.93 million, a P/E ratio of 9.03 and a beta of 0.89. The business’s fifty day simple moving average is $51.92 and its 200-day simple moving average is $48.48. Mercantile Bank has a 12-month low of $37.76 and a 12-month high of $55.77. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.64.

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

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC increased its position in Mercantile Bank by 173.0% during the fourth quarter. Hsbc Holdings PLC now owns 17,959 shares of the financial services provider’s stock worth $861,000 after buying an additional 11,381 shares during the period. DGS Capital Management LLC acquired a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $211,000. EP Wealth Advisors LLC acquired a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $267,000. Mackenzie Financial Corp purchased a new position in shares of Mercantile Bank during the fourth quarter worth approximately $307,000. Finally, Empowered Funds LLC grew its position in shares of Mercantile Bank by 12.2% during the fourth quarter. Empowered Funds LLC now owns 73,878 shares of the financial services provider’s stock worth $3,554,000 after acquiring an additional 8,014 shares during the last quarter. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

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.