Mercantile Bank (NASDAQ:MBWM) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Mercantile Bank Corporation (NASDAQ:MBWM) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $51.19 and traded as high as $54.80. Mercantile Bank shares last traded at $53.26, with a volume of 205,526 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Stephens assumed 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 for the company. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.20.

Mercantile Bank Stock Down 2.0%

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 $919.80 million, a P/E ratio of 9.56 and a beta of 0.81. The firm’s fifty day moving average is $52.36 and its 200-day moving average is $51.19.

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

Mercantile Bank Announces Dividend

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

Institutional Trading of Mercantile Bank

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in Mercantile Bank by 5.6% in the 1st quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock valued at $2,989,000 after buying an additional 3,621 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Mercantile Bank by 21.2% during the 1st quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after buying an additional 16,092 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Mercantile Bank by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock valued at $407,000 after acquiring an additional 382 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Mercantile Bank by 4.1% in the 1st quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock valued at $2,508,000 after acquiring an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock valued at $693,000 after acquiring an additional 2,772 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

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.