Brokerages Set Mercantile Bank Corporation (NASDAQ:MBWM) Target Price at $56.20

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $56.20.

Several analysts have weighed in on MBWM shares. Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Raymond James Financial set a $57.00 target price on Mercantile Bank in a report on Wednesday, January 21st. Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a research report on Saturday. Finally, Stephens assumed coverage on Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price target for the company.

Institutional Investors Weigh In On Mercantile Bank

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

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $49.33 on Friday. The firm has a fifty day moving average of $51.92 and a 200-day moving average of $48.49. The stock has a market cap of $852.08 million, a price-to-earnings ratio of 9.03 and a beta of 0.89. Mercantile Bank has a 52-week low of $37.76 and a 52-week high of $55.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.93 and a current ratio of 0.93.

Mercantile Bank (NASDAQ:MBWM) last posted 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. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%.The business had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. On average, equities research analysts forecast that Mercantile Bank will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, March 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is 28.57%.

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.