Mercantile Bank (NASDAQ:MBWM) Price Target Raised to $65.00

Mercantile Bank (NASDAQ:MBWM) had its price target lifted by Keefe, Bruyette & Woods from $64.00 to $65.00 in a report published on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on the company. Piper Sandler set a $65.00 price target on Mercantile Bank in a report on Wednesday, July 22nd. Raymond James Financial started coverage on shares of Mercantile Bank in a research note on Tuesday, September 1st. They set an “outperform” rating and a $65.00 price objective on the stock. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price for the company. in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Mercantile Bank from a “buy (b)” rating to a “buy (a-)” rating in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Mercantile Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.20.

Mercantile Bank Stock Up 1.1%

Shares of MBWM opened at $61.09 on Wednesday. Mercantile Bank has a 52 week low of $42.88 and a 52 week high of $62.95. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 10.89 and a beta of 0.83. The stock’s 50-day moving average price is $59.76 and its 200-day moving average price is $56.70.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 20th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.35 by $0.07. The firm had revenue of $73.20 million for the quarter, compared to analyst estimates of $70.84 million. Mercantile Bank had a return on equity of 13.39% and a net margin of 24.42%. On average, sell-side analysts predict that Mercantile Bank will post 5.73 EPS for the current year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Friday, December 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.6%. Mercantile Bank’s payout ratio is currently 28.17%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norris Perne & French LLP MI purchased a new stake in Mercantile Bank during the 3rd quarter worth approximately $285,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Mercantile Bank during the third quarter valued at approximately $673,000. Sequoia Financial Advisors LLC acquired a new position in shares of Mercantile Bank during the second quarter valued at approximately $443,000. Integrated Wealth Concepts LLC purchased a new position in shares of Mercantile Bank in the second quarter valued at approximately $54,000. Finally, Arizona State Retirement System lifted its position in shares of Mercantile Bank by 6.8% in the second quarter. Arizona State Retirement System now owns 4,528 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 287 shares in the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company that operates through its subsidiary, Mercantile Bank. Headquartered in Grand Rapids, Michigan, the bank serves businesses, individuals and organizations primarily across Michigan.

Mercantile Bank offers commercial and retail banking products, including business loans, commercial real estate and construction financing, lines of credit, residential mortgage lending, consumer loans, deposit accounts and cash-management services. Its treasury-management offerings are designed to support businesses with payment processing, liquidity management and related banking needs.

Founded in 1997, Mercantile Bank has developed a community-banking model focused on relationship-based service and local decision-making.