Mercantile Bank Corporation (NASDAQ:MBWM – Get Free Report)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $60.45 and last traded at $60.2860, with a volume of 59385 shares changing hands. The stock had previously closed at $58.62.
Wall Street Analyst Weigh In
MBWM has been the topic of a number of research reports. 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 note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price objective on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $65.00 price objective on Mercantile Bank in a report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.40.
Get Our Latest Research Report on MBWM
Mercantile Bank Trading Up 3.2%
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.90%. The firm had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. As a group, analysts forecast that Mercantile Bank Corporation will post 5.7 EPS for the current fiscal year.
Mercantile Bank Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, September 4th. Mercantile Bank’s payout ratio is presently 28.17%.
Institutional Trading of Mercantile Bank
A number of large investors have recently modified their holdings of MBWM. Royal Bank of Canada raised its stake in shares of Mercantile Bank by 5.6% in the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock valued at $2,989,000 after acquiring an additional 3,621 shares in the last quarter. AQR Capital Management LLC boosted its holdings 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 purchasing an additional 16,092 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mercantile Bank by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 382 shares in the last quarter. Empowered Funds LLC grew its stake in Mercantile Bank by 4.1% during the 1st quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock worth $2,508,000 after purchasing an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Mercantile Bank by 21.0% during the 1st quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after purchasing an additional 2,772 shares during the period. 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.
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