Mercantile Bank (NASDAQ:MBWM) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Mercantile Bank Corporation (NASDAQ:MBWM) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $47.58 and traded as high as $54.15. Mercantile Bank shares last traded at $53.78, with a volume of 86,577 shares traded.

Analysts Set New Price Targets

Several analysts recently commented on MBWM shares. Piper Sandler set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st. Raymond James Financial set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Finally, Hovde Group raised their price objective on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, December 18th. Four research 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

Mercantile Bank Stock Performance

The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $926.35 million, a PE ratio of 9.88 and a beta of 0.89. The stock’s 50 day moving average price is $50.48 and its two-hundred day moving average price is $47.62.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Mercantile Bank had a return on equity of 14.03% and a net margin of 23.87%.The firm had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. On average, equities analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Friday, March 6th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, March 6th. This represents a $1.56 dividend on an annualized basis and a yield of 2.9%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio (DPR) is 27.84%.

Institutional Investors Weigh In On Mercantile Bank

Hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC acquired a new position in shares of Mercantile Bank in the fourth quarter valued at approximately $26,000. Marshall Wace LLP raised its holdings in Mercantile Bank by 87.2% in the 4th quarter. Marshall Wace LLP now owns 28,415 shares of the financial services provider’s stock valued at $1,367,000 after acquiring an additional 13,233 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Mercantile Bank by 0.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,548 shares of the financial services provider’s stock worth $1,133,000 after purchasing an additional 208 shares during the period. De Lisle Partners LLP lifted its stake in shares of Mercantile Bank by 1.8% during the 4th quarter. De Lisle Partners LLP now owns 75,649 shares of the financial services provider’s stock worth $3,640,000 after purchasing an additional 1,359 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Mercantile Bank by 9.0% during the fourth quarter. Wells Fargo & Company MN now owns 44,288 shares of the financial services provider’s stock worth $2,130,000 after purchasing an additional 3,674 shares during the last quarter. 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.