Mercantile Bank (NASDAQ:MBWM) Share Price Crosses Above 200 Day Moving Average - Here's Why

Mercantile Bank Corporation (NASDAQ:MBWM - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $44.88 and traded as high as $50.36. Mercantile Bank shares last traded at $48.96, with a volume of 225,882 shares traded.

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their price objective 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 1.0%

The stock has a market cap of $802.74 million, a price-to-earnings ratio of 10.26 and a beta of 0.89. The business's fifty day simple moving average is $44.88 and its 200 day simple moving average is $44.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.99 and a quick ratio of 0.99.

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

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Friday, June 6th. Mercantile Bank's dividend payout ratio (DPR) is 30.71%.

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. Well Done LLC boosted 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 valued at $284,000 after acquiring an additional 277 shares during the period. Quantbot Technologies LP raised its stake in shares of Mercantile Bank by 14.6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 297 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Mercantile Bank by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,978 shares of the financial services provider's stock valued at $399,000 after purchasing an additional 313 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Mercantile Bank by 3.6% during the first quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider's stock valued at $420,000 after purchasing an additional 340 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC raised its stake in shares of Mercantile Bank by 1.6% during 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 purchasing an additional 364 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

About Mercantile Bank

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.