Mercantile Bank (NASDAQ:MBWM - Get Free Report) had its target price boosted by stock analysts at Keefe, Bruyette & Woods from $53.00 to $56.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 16.72% from the company's current price.
Separately, Piper Sandler lowered their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd.
Get Our Latest Analysis on MBWM
Mercantile Bank Stock Performance
Shares of MBWM stock traded down $0.93 during trading hours on Wednesday, reaching $47.98. The company had a trading volume of 87,464 shares, compared to its average volume of 97,751. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99. The business has a fifty day moving average price of $46.07 and a 200-day moving average price of $45.21. Mercantile Bank has a one year low of $37.76 and a one year high of $52.98. The firm has a market cap of $779.68 million, a PE ratio of 9.52 and a beta of 0.89.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.75% and a net margin of 22.11%. The firm had revenue of $60.90 million for the quarter, compared to analysts' expectations of $60.02 million. Sell-side analysts predict that Mercantile Bank will post 4.83 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Mercantile Bank
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Mercantile Bank in the fourth quarter worth $35,000. Virtus Advisers LLC bought a new position in shares of Mercantile Bank during the 1st quarter valued at about $39,000. Ameritas Advisory Services LLC purchased a new position in shares of Mercantile Bank during the second quarter valued at about $42,000. Farther Finance Advisors LLC bought a new stake in shares of Mercantile Bank in the second quarter worth about $54,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Mercantile Bank in the second quarter worth about $80,000. 58.63% of the stock is owned by institutional investors.
Mercantile Bank Company Profile
(
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Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.
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