Mercantile Bank (NASDAQ:MBWM) Sees Unusually-High Trading Volume - Still a Buy?

Mercantile Bank Corporation (NASDAQ:MBWM - Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 117,150 shares changed hands during trading, an increase of 78% from the previous session's volume of 65,637 shares.The stock last traded at $49.65 and had previously closed at $48.97.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a report on Wednesday, April 23rd.

Mercantile Bank Trading Up 1.6%

The business's 50 day simple moving average is $44.44 and its two-hundred day simple moving average is $44.84. The stock has a market cap of $808.02 million, a P/E ratio of 10.32 and a beta of 0.89. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.83.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. Mercantile Bank had a return on equity of 13.33% and a net margin of 21.35%. The firm had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. As a group, analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Friday, June 6th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a yield of 2.97%. Mercantile Bank's dividend payout ratio (DPR) is presently 30.71%.

Institutional Investors Weigh In On Mercantile Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Well Done LLC lifted its holdings in shares of Mercantile Bank by 4.5% during the first quarter. Well Done LLC now owns 6,391 shares of the financial services provider's stock worth $284,000 after purchasing an additional 277 shares during the period. Quantbot Technologies LP raised its position in Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after purchasing an additional 297 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Mercantile Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,978 shares of the financial services provider's stock worth $399,000 after buying an additional 313 shares during the period. Principal Financial Group Inc. grew its position in shares of Mercantile Bank by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider's stock valued at $420,000 after buying an additional 340 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC increased its stake in shares of Mercantile Bank by 1.6% in the first quarter. Focus Partners Advisor Solutions LLC now owns 22,577 shares of the financial services provider's stock valued at $981,000 after buying an additional 364 shares during the period. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Company Profile

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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