Mercantile Bank Corporation (NASDAQ:MBWM) Stock Has Average Price Target of $62.20

Mercantile Bank Corporation (NASDAQ:MBWM) has earned an average rating of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $62.20.

A number of equities research analysts have recently weighed in on the company. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price for the company. in a research note on Wednesday, July 22nd. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Raymond James Financial initiated coverage on shares of Mercantile Bank in a research report on Tuesday, September 1st. They set an “outperform” rating and a $65.00 price target for the company. Weiss Ratings upgraded Mercantile Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, November 4th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $64.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st.

Institutional Trading of Mercantile Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ieq Capital LLC raised its position in Mercantile Bank by 3.3% during the 3rd quarter. Ieq Capital LLC now owns 18,294 shares of the financial services provider’s stock worth $1,067,000 after buying an additional 590 shares during the last quarter. Focus Advisor Solutions LLC grew its holdings in shares of Mercantile Bank by 4.3% during the 3rd quarter. Focus Advisor Solutions LLC now owns 23,711 shares of the financial services provider’s stock worth $1,383,000 after purchasing an additional 980 shares during the period. Global Retirement Partners LLC boosted its holdings in Mercantile Bank by 1,481.8% during the 3rd quarter. Global Retirement Partners LLC now owns 522 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 489 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Mercantile Bank by 4.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,986 shares of the financial services provider’s stock valued at $524,000 after buying an additional 355 shares during the period. Finally, Ethic Inc. purchased a new stake in shares of Mercantile Bank during the third quarter worth approximately $271,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Price Performance

NASDAQ MBWM opened at $61.22 on Friday. Mercantile Bank has a 52 week low of $43.00 and a 52 week high of $63.40. The firm’s 50-day simple moving average is $59.93 and its two-hundred day simple moving average is $55.80. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.06 billion, a PE ratio of 10.91 and a beta of 0.82.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.35 by $0.07. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $70.84 million. Mercantile Bank had a net margin of 24.42% and a return on equity of 13.37%. Research analysts predict that Mercantile Bank will post 5.75 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Friday, December 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.60 dividend on an annualized basis and a yield of 2.6%. Mercantile Bank’s dividend payout ratio is presently 28.52%.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a Michigan-based bank holding company headquartered in Grand Rapids. Through its subsidiary, Mercantile Bank, it provides commercial and personal banking services to individuals, businesses and organizations across Michigan. The bank offers deposit accounts and lending products, including commercial, real estate, mortgage and consumer loans. Its services also include online and mobile banking and other banking solutions for businesses and individuals. Mercantile Bank traces its history to 1997, when it began operations in West Michigan.