Mercantile Bank Corporation (NASDAQ:MBWM - Get Free Report) has been given a consensus recommendation of "Hold" by the seven research firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $60.40.
MBWM has been the subject of several recent analyst reports. Hovde Group cut Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 target price for the company. in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $60.00 to $64.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. Piper Sandler set a $65.00 price objective on Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Mercantile Bank in a research report on Friday, June 12th.
Check Out Our Latest Report on Mercantile Bank
Institutional Trading of Mercantile Bank
Several institutional investors have recently made changes to their positions in the stock. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Mercantile Bank during the second quarter worth $1,305,000. De Lisle Partners LLP acquired a new stake in Mercantile Bank during the second quarter valued at $4,346,000. Discipline Wealth Solutions LLC purchased a new position in Mercantile Bank in the first quarter valued at about $1,001,000. North Star Asset Management Inc. grew its stake in Mercantile Bank by 5.4% in the fourth quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider's stock valued at $18,016,000 after purchasing an additional 19,204 shares in the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. acquired a new position in Mercantile Bank in the 4th quarter worth about $2,452,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Price Performance
Shares of NASDAQ:MBWM opened at $59.61 on Monday. The firm has a 50 day simple moving average of $58.26 and a 200 day simple moving average of $54.26. Mercantile Bank has a 52 week low of $42.75 and a 52 week high of $62.39. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $1.03 billion, a PE ratio of 10.49 and a beta of 0.79.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The firm had revenue of $68.76 million for the quarter, compared to analysts' expectations of $68.81 million. As a group, research analysts expect that Mercantile Bank will post 5.7 earnings per share for the current year.
Mercantile Bank Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be issued a $0.40 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.39. Mercantile Bank's dividend payout ratio is currently 28.17%.
Mercantile Bank Company Profile
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Get Free Report)
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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