Shares of Mercantile Bank Corporation (NASDAQ:MBWM – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $56.20.
Several brokerages recently commented on MBWM. Stephens began coverage on shares of 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. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th.
Get Our Latest Stock Analysis on MBWM
Mercantile Bank Price Performance
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, topping 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 company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. On average, equities research analysts expect that Mercantile Bank will post 5.63 earnings per share for the current year.
Mercantile Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, June 5th. Mercantile Bank’s payout ratio is presently 28.01%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in MBWM. Wellington Management Group LLP purchased a new position in Mercantile Bank during the 4th quarter valued at $14,181,000. JPMorgan Chase & Co. increased its position in Mercantile Bank by 73.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider’s stock valued at $7,236,000 after purchasing an additional 65,823 shares during the period. Siena Capital Partners GP LLC increased its position in Mercantile Bank by 319.8% during the 4th quarter. Siena Capital Partners GP LLC now owns 83,966 shares of the financial services provider’s stock valued at $4,039,000 after purchasing an additional 63,966 shares during the period. Hotchkis & Wiley Capital Management LLC increased its position in Mercantile Bank by 36.9% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider’s stock valued at $9,077,000 after purchasing an additional 54,373 shares during the period. Finally, Elizabeth Park Capital Advisors Ltd. purchased a new position in Mercantile Bank during the 4th quarter valued at $2,452,000. 58.63% of the stock is owned by hedge funds and other institutional investors.
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.
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