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

Mercantile Bank Corporation (NASDAQ:MBWM) has received an average rating of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $56.20.

A number of equities analysts have weighed in on MBWM shares. Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Stephens started coverage on Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock.

Hedge Funds Weigh In On Mercantile Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Mercantile Bank by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock worth $51,292,000 after purchasing an additional 27,403 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Mercantile Bank by 1.2% in the 4th quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock worth $23,868,000 after purchasing an additional 5,800 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Mercantile Bank by 9.2% in the 3rd quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after purchasing an additional 41,540 shares in the last quarter. North Star Asset Management Inc. boosted its holdings in shares of Mercantile Bank by 5.4% in the 4th quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock worth $18,016,000 after purchasing an additional 19,204 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Mercantile Bank in the 4th quarter worth about $14,181,000. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $53.89 on Wednesday. The firm has a market capitalization of $930.68 million, a P/E ratio of 9.68 and a beta of 0.81. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $51.98 and its two-hundred day simple moving average is $50.83. Mercantile Bank has a twelve month low of $42.69 and a twelve month high of $55.77.

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

Mercantile Bank Dividend Announcement

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

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.