Mercantile Bank (NASDAQ:MBWM) Raised to “Hold” at Wall Street Zen

Mercantile Bank (NASDAQ:MBWM) was upgraded by Wall Street Zen to a “hold” rating in a report released on Saturday.

Several other analysts also recently commented on MBWM. Piper Sandler set a $57.00 price objective on Mercantile Bank in a research note on Wednesday, January 21st. Stephens initiated coverage on Mercantile Bank in a research note on Wednesday. They issued an “equal weight” rating and a $54.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on Mercantile Bank in a research note on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.20.

Mercantile Bank Trading Down 0.9%

NASDAQ MBWM opened at $49.33 on Friday. The firm’s fifty day moving average is $51.92 and its two-hundred day moving average is $48.48. Mercantile Bank has a one year low of $37.76 and a one year high of $55.77. 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 firm has a market cap of $851.93 million, a PE ratio of 9.03 and a beta of 0.89.

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

Hedge Funds Weigh In On Mercantile Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new stake in Mercantile Bank during the fourth quarter worth $14,181,000. Tributary Capital Management LLC increased its position in shares of Mercantile Bank by 92.6% in the third quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock valued at $22,383,000 after buying an additional 239,193 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Mercantile Bank by 73.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider’s stock worth $7,236,000 after buying an additional 65,823 shares during the last quarter. Siena Capital Partners GP LLC boosted its position in shares of Mercantile Bank by 319.8% in the 4th quarter. Siena Capital Partners GP LLC now owns 83,966 shares of the financial services provider’s stock worth $4,039,000 after buying an additional 63,966 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Mercantile Bank by 36.9% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider’s stock worth $9,077,000 after buying an additional 54,373 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

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.