Mercantile Bank Corporation (NASDAQ:MBWM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Mercantile Bank Corporation (NASDAQ:MBWM) has earned a consensus rating of “Moderate Buy” from the seven brokerages that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $56.20.

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Stephens assumed coverage on Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 target price for the company.

Mercantile Bank Price Performance

MBWM opened at $53.89 on Wednesday. The stock has a 50-day moving average price of $51.98 and a 200-day moving average price of $50.83. Mercantile Bank has a 12-month low of $42.69 and a 12-month high of $55.77. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $930.68 million, a P/E ratio of 9.68 and a beta of 0.81.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%.The firm had revenue of $67.59 million during the quarter, compared to analysts’ expectations of $67.41 million. Equities analysts predict that Mercantile Bank will post 5.63 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, June 5th. This represents a $1.56 annualized dividend and a yield of 2.9%. Mercantile Bank’s dividend payout ratio is currently 28.01%.

Institutional Investors Weigh In On Mercantile Bank

Institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC purchased a new stake in Mercantile Bank during the 4th quarter valued at about $26,000. Jones Financial Companies Lllp boosted its holdings in Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 450 shares during the period. Quadrant Capital Group LLC boosted its holdings in Mercantile Bank by 63.8% during the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 347 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Mercantile Bank by 29.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after acquiring an additional 387 shares during the period. Finally, Aquatic Capital Management LLC boosted its holdings in Mercantile Bank by 94.9% during the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 1,575 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Company Profile

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.