Mercantile Bank (NASDAQ:MBWM) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Mercantile Bank Corporation (NASDAQ:MBWM - Get Free Report) shares passed 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 reduced their price objective on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd.

Mercantile Bank Stock Up 3.0%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99. The stock's fifty day simple moving average is $44.29 and its two-hundred day simple moving average is $44.81. The stock has a market capitalization of $776.43 million, a P/E ratio of 9.92 and a beta of 0.89.

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

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.10%. Mercantile Bank's payout ratio is 30.71%.

Hedge Funds Weigh In On Mercantile Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Well Done LLC raised its holdings in Mercantile Bank by 4.5% during the 1st 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 last quarter. Quantbot Technologies LP increased its position 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 worth $104,000 after buying an additional 297 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 worth $399,000 after buying an additional 313 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Mercantile Bank by 3.6% in the first 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 period. Finally, Focus Partners Advisor Solutions LLC lifted its holdings in 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 and hedge funds.

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.