Mercantile Bank (NASDAQ:MBWM) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Mercantile Bank Corporation (NASDAQ:MBWM)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $46.70 and traded as high as $48.20. Mercantile Bank shares last traded at $48.10, with a volume of 100,693 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MBWM shares. Raymond James Financial reiterated an “outperform” rating and set a $52.00 target price (down previously from $55.00) on shares of Mercantile Bank in a report on Wednesday, October 22nd. Zacks Research cut Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Hovde Group upped their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Mercantile Bank Price Performance

The firm has a market capitalization of $781.63 million, a price-to-earnings ratio of 9.11 and a beta of 0.89. The company’s 50 day moving average is $46.66 and its 200 day moving average is $46.71. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 13.78%. The firm had revenue of $62.39 million during the quarter, compared to the consensus estimate of $61.33 million. On average, equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Friday, December 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, December 5th. Mercantile Bank’s payout ratio is 28.79%.

Insider Buying and Selling

In related news, Director Nelson F. Sanchez acquired 1,000 shares of the stock in a transaction on Friday, October 31st. The shares were purchased at an average price of $43.50 per share, for a total transaction of $43,500.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at approximately $152,337. The trade was a 39.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Mercantile Bank

Several large investors have recently modified their holdings of MBWM. State of Alaska Department of Revenue bought a new position in shares of Mercantile Bank in the third quarter worth $29,000. Jones Financial Companies Lllp grew its stake in Mercantile Bank by 116.0% during the third 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 in the last quarter. Ameritas Advisory Services LLC bought a new position in Mercantile Bank in the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC bought a new position in Mercantile Bank in the 2nd quarter valued at about $54,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Mercantile Bank in the 2nd quarter valued at approximately $80,000. 58.63% of the stock is owned by institutional investors and hedge funds.

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.