Mercantile Bank Corporation (NASDAQ:MBWM – Get Free Report)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $62.95 and last traded at $60.55, with a volume of 202294 shares. The stock had previously closed at $61.77.
Wall Street Analyst Weigh In
Several equities analysts have commented on the company. Raymond James Financial began coverage on Mercantile Bank in a report on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price target for the company. Keefe, Bruyette & Woods lifted their price target on shares of Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a report on Wednesday, September 9th. Finally, Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target for the company. in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $62.00.
Check Out Our Latest Research Report on MBWM
Mercantile Bank Stock Down 0.6%
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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The company had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $68.81 million. Research analysts predict that Mercantile Bank Corporation will post 5.69 EPS for the current year.
Mercantile Bank Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. Mercantile Bank’s payout ratio is currently 28.17%.
Hedge Funds Weigh In On Mercantile Bank
Institutional investors and hedge funds have recently bought and sold shares of the company. De Lisle Partners LLP purchased a new position in Mercantile Bank during the second quarter valued at approximately $4,346,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Mercantile Bank during the 2nd quarter valued at $1,305,000. BlackRock Inc. bought a new position in Mercantile Bank in the 2nd quarter worth $88,105,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Mercantile Bank in the 2nd quarter worth $2,779,000. Finally, Bank of New York Mellon Corp bought a new stake in Mercantile Bank during the second quarter valued at about $5,633,000. 58.63% of the stock is owned by institutional investors.
About Mercantile Bank
Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its principal subsidiary, Mercantile Bank, the company provides banking and financial services to businesses, individuals and organizations.
The bank’s offerings include commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage loans and consumer credit. It also provides deposit accounts, treasury and cash-management services, online and mobile banking, and other financial services designed to support business and personal banking needs.
Founded in 1997, Mercantile Bank has developed a community-oriented banking model focused primarily on commercial relationships and local markets.
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