Mercantile Bank (NASDAQ:MBWM) Upgraded by Raymond James Financial to "Moderate Buy" Rating

Key Points

• Raymond James upgraded Mercantile Bank from “outperform” to “moderate buy.” However, the broader analyst consensus remains “Hold,” with three Buy ratings and four Hold ratings and an average price target of $62.
• Mercantile Bank reported quarterly EPS of $1.53, beating analyst expectations of $1.32, while revenue of $68.76 million was roughly in line with estimates. The company posted a 24.75% net margin and 13.66% return on equity.
• Shares opened at $61, near the 12-month high of $62.39, with a market capitalization of approximately $1.05 billion. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) was upgraded by Raymond James Financial from an "outperform" rating to a "moderate buy" rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports.

Several other equities research analysts also recently commented on MBWM. Piper Sandler set a $65.00 target price on shares of Mercantile Bank in a research report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Mercantile Bank in a research note on Friday, June 12th. Hovde Group lowered Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 price objective for the company. in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $62.00.

Mercantile Bank Price Performance

Shares of MBWM opened at $61.00 on Tuesday. The business's fifty day moving average is $59.20 and its 200 day moving average is $54.58. Mercantile Bank has a 12-month low of $42.75 and a 12-month high of $62.39. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The stock has a market cap of $1.05 billion, a P/E ratio of 10.74 and a beta of 0.80.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced 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. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The business had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.81 million. Sell-side analysts anticipate that Mercantile Bank will post 5.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC bought a new position in shares of Mercantile Bank in the fourth quarter valued at approximately $26,000. Burnham & Co LLC purchased a new position in Mercantile Bank in the second quarter worth $29,000. Quadrant Capital Group LLC grew its stake in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 347 shares during the period. PNC Financial Services Group Inc. grew its stake in Mercantile Bank by 29.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock valued at $85,000 after purchasing an additional 387 shares during the period. Finally, Aquatic Capital Management LLC increased its position in shares of Mercantile Bank by 94.9% during the 3rd 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 last quarter. Institutional investors own 58.63% of the company's stock.

About Mercantile Bank

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.

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