Mercantile Bank (NASDAQ:MBWM) Stock Passes Above 200-Day Moving Average – Here’s Why

Mercantile Bank Corporation (NASDAQ:MBWM) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $51.19 and traded as high as $54.80. Mercantile Bank shares last traded at $53.26, with a volume of 205,526 shares traded.

Wall Street Analyst Weigh In

MBWM has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Stephens began coverage on Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock. Finally, Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.20.

Mercantile Bank Stock Performance

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $52.39 and a 200-day moving average of $51.25. The stock has a market cap of $928.26 million, a PE ratio of 9.65 and a beta of 0.81.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. The firm had revenue of $67.59 million for the quarter, compared to analysts’ expectations of $67.41 million. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%. On average, analysts anticipate that Mercantile Bank Corporation will post 5.63 EPS for the current year.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, June 5th. Mercantile Bank’s dividend payout ratio (DPR) is currently 28.01%.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors have recently modified their holdings of the company. Kestra Advisory Services LLC acquired a new stake in Mercantile Bank during the fourth quarter worth approximately $26,000. Jones Financial Companies Lllp lifted its stake 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 purchasing an additional 450 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Mercantile Bank by 63.8% during the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 347 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings 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 worth $85,000 after purchasing an additional 387 shares during the last quarter. Finally, Aquatic Capital Management LLC grew its position in shares of Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 1,575 shares during the period. Institutional investors and hedge funds 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.