Hovde Group began coverage on shares of Mercantile Bank Corp. (NASDAQ:MBWM) in a report issued on Monday morning. The brokerage issued a market perform rating and a $32.00 target price on the financial services provider’s stock.
Several other analysts have also recently weighed in on MBWM. Zacks Investment Research raised shares of Mercantile Bank Corp. from a hold rating to a buy rating and set a $31.00 price objective on the stock in a research note on Thursday, October 20th. Raymond James Financial Inc. raised shares of Mercantile Bank Corp. from a market perform rating to an outperform rating and set a $23.00 price objective on the stock in a research note on Thursday, August 25th.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 34.22 on Monday. The firm has a 50 day moving average price of $28.93 and a 200 day moving average price of $26.21. Mercantile Bank Corp. has a 1-year low of $20.84 and a 1-year high of $34.79. The firm has a market cap of $557.85 million, a P/E ratio of 18.51 and a beta of 0.88.
Mercantile Bank Corp. (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 18th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Mercantile Bank Corp. had a net margin of 22.00% and a return on equity of 8.87%. Analysts anticipate that Mercantile Bank Corp. will post $1.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Friday, December 9th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.68 annualized dividend and a dividend yield of 1.99%. Mercantile Bank Corp.’s dividend payout ratio is 36.56%.
Hedge funds have recently modified their holdings of the stock. Huntington National Bank boosted its stake in shares of Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares during the period. BlackRock Inc. boosted its stake in shares of Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,068 shares during the period. Acrospire Investment Management LLC boosted its stake in shares of Mercantile Bank Corp. by 318.3% in the second quarter. Acrospire Investment Management LLC now owns 6,433 shares of the financial services provider’s stock worth $153,000 after buying an additional 4,895 shares during the period. Gradient Investments LLC purchased a new stake in shares of Mercantile Bank Corp. during the second quarter worth approximately $182,000. Finally, FormulaFolio Investments LLC purchased a new stake in shares of Mercantile Bank Corp. during the third quarter worth approximately $205,000. 47.11% of the stock is currently owned by institutional investors and hedge funds.
About Mercantile Bank Corp.
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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