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

Mercantile Bank Corporation (NASDAQ:MBWM) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $50.50 and traded as high as $53.32. Mercantile Bank shares last traded at $52.03, with a volume of 170,935 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MBWM shares. Wall Street Zen raised Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Stephens started coverage on Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.20.

Mercantile Bank Stock Down 1.8%

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 firm has a market cap of $898.56 million, a PE ratio of 9.34 and a beta of 0.81. The stock has a fifty day simple moving average of $51.60 and a two-hundred day simple moving average of $50.50.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. The business had revenue of $67.59 million during 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, sell-side analysts expect that Mercantile Bank Corporation will post 5.63 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. Mercantile Bank’s payout ratio is presently 28.01%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its position in Mercantile Bank by 31.0% in the 1st quarter. Bank of America Corp DE now owns 36,777 shares of the financial services provider’s stock worth $1,857,000 after buying an additional 8,701 shares during the last quarter. Empowered Funds LLC lifted its position in Mercantile Bank by 6.9% in the first quarter. Empowered Funds LLC now owns 78,969 shares of the financial services provider’s stock valued at $3,988,000 after purchasing an additional 5,091 shares during the last quarter. Quantinno Capital Management LP lifted its position in Mercantile Bank by 39.3% in the first quarter. Quantinno Capital Management LP now owns 26,732 shares of the financial services provider’s stock valued at $1,350,000 after purchasing an additional 7,539 shares during the last quarter. Lazard Asset Management LLC lifted its position in Mercantile Bank by 6.2% in the first quarter. Lazard Asset Management LLC now owns 17,569 shares of the financial services provider’s stock valued at $887,000 after purchasing an additional 1,027 shares during the last quarter. Finally, Modern Wealth Management LLC bought a new stake in Mercantile Bank in the first quarter valued at approximately $439,000. Hedge funds and other institutional investors 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.