Mercantile Bank (NASDAQ:MBWM – Free Report) had its price target boosted by Keefe, Bruyette & Woods from $60.00 to $64.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.
A number of other brokerages have also recently issued reports on MBWM. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research report on Wednesday. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Stephens assumed coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 target price for the company. Finally, Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.40.
Read Our Latest Report on Mercantile Bank
Mercantile Bank Price Performance
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.90% and a net margin of 24.75%.The business had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.81 million. Research analysts predict that Mercantile Bank will post 5.7 earnings per share for the current fiscal year.
Mercantile Bank Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a $0.40 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, September 4th. Mercantile Bank’s payout ratio is currently 28.17%.
Hedge Funds Weigh In On Mercantile Bank
A number of hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new position in Mercantile Bank in the 4th quarter valued at approximately $26,000. Quadrant Capital Group LLC raised its stake in shares of Mercantile Bank by 63.8% in the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 347 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Mercantile Bank by 29.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after purchasing an additional 387 shares in the last quarter. Aquatic Capital Management LLC lifted its holdings in shares of Mercantile Bank by 94.9% during the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of Mercantile Bank by 251.9% during the second quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock valued at $203,000 after buying an additional 3,128 shares during the last quarter. 58.63% of the stock is currently 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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