Mercantile Bank (NASDAQ:MBWM) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Mercantile Bank (NASDAQ:MBWM)‘s stock had its “outperform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $47.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 39.84% from the company’s previous close.

Several other equities research analysts have also issued reports on MBWM. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating in a report on Monday, March 4th.

Mercantile Bank Price Performance

MBWM stock traded down $0.53 during mid-day trading on Wednesday, hitting $33.61. 69,664 shares of the stock were exchanged, compared to its average volume of 76,960. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.04 and a quick ratio of 1.04. The business has a fifty day moving average price of $36.98 and a 200 day moving average price of $36.60. Mercantile Bank has a 12 month low of $23.89 and a 12 month high of $42.82. The stock has a market capitalization of $541.79 million, a price-to-earnings ratio of 6.58 and a beta of 0.97.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.03. Mercantile Bank had a return on equity of 16.85% and a net margin of 27.09%. The firm had revenue of $56.95 million during the quarter, compared to analyst estimates of $56.00 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. On average, sell-side analysts anticipate that Mercantile Bank will post 4.55 EPS for the current year.

Institutional Trading of Mercantile Bank

Several large investors have recently bought and sold shares of MBWM. American Century Companies Inc. boosted its position in Mercantile Bank by 29.0% during the 1st quarter. American Century Companies Inc. now owns 73,259 shares of the financial services provider’s stock valued at $2,595,000 after acquiring an additional 16,465 shares in the last quarter. US Bancorp DE boosted its position in shares of Mercantile Bank by 18.5% in the 1st quarter. US Bancorp DE now owns 6,180 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 966 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Mercantile Bank by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 8,397 shares of the financial services provider’s stock worth $297,000 after purchasing an additional 3,047 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Mercantile Bank by 61.6% in the 1st quarter. Panagora Asset Management Inc. now owns 10,452 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 3,985 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Mercantile Bank by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock worth $40,873,000 after purchasing an additional 5,838 shares in the last quarter. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.