Mercantile Bank (NASDAQ:MBWM) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

Mercantile Bank Corporation (NASDAQ:MBWM) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $49.84 and traded as high as $51.49. Mercantile Bank shares last traded at $50.60, with a volume of 98,913 shares traded.

Wall Street Analyst Weigh In

MBWM has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Stephens initiated coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target on the stock. Finally, Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.20.

Mercantile Bank Stock Down 2.4%

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’s 50-day moving average is $51.16 and its 200-day moving average is $49.88. The company has a market cap of $861.25 million, a price-to-earnings ratio of 8.95 and a beta of 0.81.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. On average, analysts anticipate that Mercantile Bank Corporation will post 5.63 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, June 5th. Mercantile Bank’s payout ratio is presently 28.01%.

Institutional Trading of Mercantile Bank

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC bought a new stake in Mercantile Bank during the 4th quarter valued at $26,000. State of Alaska Department of Revenue bought a new stake in Mercantile Bank during the 3rd quarter valued at $29,000. Jones Financial Companies Lllp increased its stake 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 purchasing an additional 450 shares in the last quarter. Quadrant Capital Group LLC increased its stake 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 purchasing an additional 347 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake 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 purchasing an additional 387 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

About Mercantile Bank

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.