Weiss Ratings Reaffirms Buy (B-) Rating for Mercantile Bank (NASDAQ:MBWM)

Key Points

• Weiss Ratings has reaffirmed its "buy (B-)" rating for Mercantile Bank (NASDAQ:MBWM) in a recent research report, indicating strong performance expectations.
• Several analysts have revised their price targets, with Piper Sandler raising it from $47.50 to $56.00, while Zacks Research downgraded the stock from "strong-buy" to "hold."
• Mercantile Bank reported a quarterly EPS of $1.39, exceeding estimates and reflecting a return on equity of 13.52% along with revenue surpassing analyst expectations.

Mercantile Bank (NASDAQ:MBWM - Get Free Report)'s stock had its "buy (b-)" rating reaffirmed by equities researchers at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

Other analysts have also issued reports about the company. Piper Sandler lifted their price target on Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Zacks Research lowered Mercantile Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 22nd. Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price target on the stock in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods lifted their price target on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $55.25.

Mercantile Bank Price Performance

MBWM traded up $1.19 during trading on Tuesday, hitting $46.27. The company's stock had a trading volume of 22,142 shares, compared to its average volume of 67,167. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank has a twelve month low of $37.76 and a twelve month high of $52.98. The business's fifty day simple moving average is $46.84 and its 200 day simple moving average is $45.33. The firm has a market capitalization of $751.81 million, a price-to-earnings ratio of 9.19 and a beta of 0.87.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%.The company had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. On average, equities research analysts forecast that Mercantile Bank will post 4.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Mercantile Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MBWM. GAMMA Investing LLC raised its position in Mercantile Bank by 12,808.0% in the first quarter. GAMMA Investing LLC now owns 22,589 shares of the financial services provider's stock valued at $981,000 after purchasing an additional 22,414 shares during the period. Well Done LLC raised its position in Mercantile Bank by 4.5% in the first quarter. Well Done LLC now owns 6,391 shares of the financial services provider's stock valued at $284,000 after purchasing an additional 277 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Mercantile Bank in the first quarter valued at $288,000. Principal Financial Group Inc. raised its position 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 purchasing an additional 340 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Mercantile Bank by 0.8% in the first quarter. Envestnet Asset Management Inc. now owns 57,603 shares of the financial services provider's stock valued at $2,502,000 after purchasing an additional 446 shares during the period. Hedge funds and other institutional investors own 58.63% of the company's stock.

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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