Mercantile Bank (NASDAQ:MBWM) Now Covered by Analysts at Stephens

Stephens started coverage on shares of Mercantile Bank (NASDAQ:MBWM) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm issued an equal weight rating and a $54.00 price target on the financial services provider’s stock.

Other equities research analysts have also issued reports about the company. Piper Sandler set a $57.00 price target on Mercantile Bank in a research report on Wednesday, January 21st. Hovde Group upped their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Mercantile Bank presently has a consensus rating of “Moderate Buy” and an average target price of $56.20.

Mercantile Bank Price Performance

MBWM stock opened at $49.31 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.93 and a current ratio of 0.93. The business has a 50-day simple moving average of $51.95 and a two-hundred day simple moving average of $48.46. The company has a market capitalization of $851.58 million, a P/E ratio of 9.03 and a beta of 0.89. Mercantile Bank has a 52-week low of $37.76 and a 52-week high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, topping the consensus estimate of $1.37 by $0.03. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%.The firm had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. Research analysts expect that Mercantile Bank will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, March 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is currently 28.57%.

Institutional Investors Weigh In On Mercantile Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC purchased a new stake in Mercantile Bank during the fourth quarter valued at about $26,000. State of Alaska Department of Revenue bought a new stake in shares of Mercantile Bank in the third quarter valued at approximately $29,000. Jones Financial Companies Lllp raised its position in shares of Mercantile Bank by 116.0% in the third 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 during the period. Quadrant Capital Group LLC lifted its stake in shares of 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 buying an additional 347 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of Mercantile Bank by 76.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after buying an additional 884 shares in the last quarter. 58.63% of the stock is currently owned by 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.