Mercantile Bank (NASDAQ:MBWM) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Mercantile Bank Corporation (NASDAQ:MBWM - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $44.88 and traded as high as $46.64. Mercantile Bank shares last traded at $46.34, with a volume of 89,808 shares changing hands.

Wall Street Analysts Forecast Growth

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

Mercantile Bank Stock Up 0.8%

The company has a market cap of $752.56 million, a P/E ratio of 9.61 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a fifty day moving average price of $44.04 and a two-hundred day moving average price of $44.88.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million for the quarter, compared to analysts' expectations of $57.57 million. Mercantile Bank had a return on equity of 13.33% and a net margin of 21.35%. On average, research analysts expect 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. Investors of record on Friday, June 6th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Friday, June 6th. Mercantile Bank's payout ratio is currently 30.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new position in shares of Mercantile Bank during the 4th quarter worth approximately $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Mercantile Bank during the fourth quarter valued at approximately $35,000. Virtus Advisers LLC bought a new stake in Mercantile Bank during the first quarter worth $39,000. Point72 Asset Management L.P. purchased a new position in Mercantile Bank in the fourth quarter worth $102,000. Finally, Quantbot Technologies LP boosted its position in Mercantile Bank by 14.6% in the fourth 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. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

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.

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