Raymond James Financial Upgrades Mercantile Bank (NASDAQ:MBWM) to “Moderate Buy”

Mercantile Bank (NASDAQ:MBWM) was upgraded by stock analysts at Raymond James Financial from an “outperform” rating to a “moderate buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports.

MBWM has been the topic of several other reports. Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Finally, Piper Sandler set a $65.00 target price on shares of Mercantile Bank in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Mercantile Bank presently has a consensus rating of “Hold” and an average price target of $62.00.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $61.00 on Tuesday. The stock has a fifty day simple moving average of $59.20 and a two-hundred day simple moving average of $54.58. Mercantile Bank has a 1-year low of $42.75 and a 1-year high of $62.39. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 10.74 and a beta of 0.80. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. The firm had revenue of $68.76 million for the quarter, compared to analysts’ expectations of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. Analysts anticipate that Mercantile Bank will post 5.7 earnings per share for the current year.

Institutional Trading of Mercantile Bank

A number of hedge funds have recently bought and sold shares of the company. Burnham & Co LLC purchased a new stake in shares of Mercantile Bank in the 2nd quarter valued at $29,000. Kestra Advisory Services LLC purchased a new stake in Mercantile Bank during the fourth quarter valued at about $26,000. Quadrant Capital Group LLC boosted its position in Mercantile Bank by 63.8% during 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 during the period. PNC Financial Services Group Inc. grew its stake in shares of Mercantile Bank by 29.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after buying an additional 387 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Mercantile Bank in the second quarter worth about $178,000. 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.