Mercantile Bank Corp. (MBWM) Receives $37.50 Average Target Price from Analysts

Mercantile Bank Corp. (NASDAQ:MBWM) has been given an average rating of “Hold” by the seven analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $37.50.

Several analysts recently commented on MBWM shares. BidaskClub lowered Mercantile Bank from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a report on Wednesday, July 18th. Finally, Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Friday, July 20th.

Mercantile Bank stock opened at $34.91 on Friday. The stock has a market cap of $577.21 million, a P/E ratio of 18.47, a P/E/G ratio of 1.77 and a beta of 0.64. Mercantile Bank has a 52 week low of $30.83 and a 52 week high of $38.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 17th. The financial services provider reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $33.78 million for the quarter, compared to analyst estimates of $33.87 million. Mercantile Bank had a return on equity of 9.96% and a net margin of 23.91%. research analysts anticipate that Mercantile Bank will post 2.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Friday, September 7th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.96 dividend on an annualized basis and a yield of 2.75%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.22. Mercantile Bank’s dividend payout ratio is currently 50.79%.

A number of hedge funds have recently modified their holdings of the business. Swiss National Bank boosted its position in Mercantile Bank by 7.5% during the first quarter. Swiss National Bank now owns 28,700 shares of the financial services provider’s stock worth $954,000 after purchasing an additional 2,000 shares in the last quarter. John W. Rosenthal Capital Management Inc. boosted its position in Mercantile Bank by 2.6% during the second quarter. John W. Rosenthal Capital Management Inc. now owns 80,000 shares of the financial services provider’s stock worth $2,957,000 after purchasing an additional 2,000 shares in the last quarter. Well Done LLC boosted its position in Mercantile Bank by 35.5% during the second quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 2,000 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Mercantile Bank by 3.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 73,348 shares of the financial services provider’s stock worth $2,439,000 after purchasing an additional 2,223 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Mercantile Bank by 3.9% during the first quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock worth $2,036,000 after purchasing an additional 2,326 shares in the last quarter. Institutional investors own 54.67% of the company’s stock.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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