Mercantile Bank (NASDAQ:MBWM - Get Free Report) was upgraded by analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $55.00 target price on the financial services provider's stock. Raymond James Financial's price target indicates a potential upside of 15.21% from the company's current price.
A number of other brokerages have also commented on MBWM. Piper Sandler lifted their price target on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd.
Check Out Our Latest Research Report on Mercantile Bank
Mercantile Bank Trading Up 0.1%
Shares of NASDAQ:MBWM traded up $0.03 during mid-day trading on Thursday, reaching $47.74. 67,222 shares of the company's stock were exchanged, compared to its average volume of 70,558. The firm has a market capitalization of $775.78 million, a price-to-earnings ratio of 9.47 and a beta of 0.89. The business's fifty day moving average price is $46.14 and its 200-day moving average price is $45.30. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99. Mercantile Bank has a twelve month low of $37.76 and a twelve month high of $52.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.75%. On average, research analysts predict that Mercantile Bank will post 4.83 EPS for the current fiscal year.
Institutional Trading of Mercantile Bank
Several large investors have recently made changes to their positions in MBWM. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Mercantile Bank in the 4th quarter valued at about $35,000. Virtus Advisers LLC bought a new stake in shares of Mercantile Bank during the first quarter worth about $39,000. Ameritas Advisory Services LLC bought a new stake in shares of Mercantile Bank during the second quarter worth about $42,000. Farther Finance Advisors LLC bought a new stake in shares of Mercantile Bank during the second quarter worth about $54,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new stake in Mercantile Bank in the 2nd quarter worth about $80,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Company Profile
(
Get Free Report)
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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