Mercantile Bank (NASDAQ:MBWM) Stock Crosses Above 200-Day Moving Average – Here’s Why

Mercantile Bank Corporation (NASDAQ:MBWM)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.23 and traded as high as $57.71. Mercantile Bank shares last traded at $57.42, with a volume of 93,032 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler upped their target price on Mercantile Bank from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Stephens began coverage on Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price for the company. Wall Street Zen upgraded Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.80.

Mercantile Bank Stock Performance

The firm’s 50 day moving average price is $53.90 and its two-hundred day moving average price is $52.23. The firm has a market cap of $991.64 million, a PE ratio of 10.31 and a beta of 0.80. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93.

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

Mercantile Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a $0.39 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.56 dividend on an annualized basis and a yield of 2.7%. Mercantile Bank’s payout ratio is currently 28.01%.

Hedge Funds Weigh In On Mercantile Bank

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

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.