Mercantile Bank Co. (MBWM) Receives $36.33 Consensus Price Target from Brokerages

Mercantile Bank Co. (NASDAQ:MBWM) has been given a consensus rating of “Hold” by the seven ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $36.33.

MBWM has been the topic of several research analyst reports. Hovde Group reaffirmed a “hold” rating and issued a $38.50 price target on shares of Mercantile Bank in a report on Thursday, January 18th. BidaskClub lowered shares of Mercantile Bank from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 31st. ValuEngine upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Saturday, February 3rd. Zacks Investment Research lowered shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. Finally, Keefe, Bruyette & Woods upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st.

Shares of MBWM stock opened at $35.18 on Friday. The firm has a market cap of $590.72 million, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 1.81 and a beta of 0.71. Mercantile Bank has a 1 year low of $35.19 and a 1 year high of $35.42. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.72.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $34.58 million for the quarter, compared to analysts’ expectations of $33.03 million. Mercantile Bank had a net margin of 23.13% and a return on equity of 9.50%. sell-side analysts expect that Mercantile Bank will post 2.46 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Friday, June 8th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, June 7th. This represents a $0.88 annualized dividend and a yield of 2.50%. Mercantile Bank’s payout ratio is 46.56%.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the completion of the sale, the director now directly owns 20,143 shares in the company, valued at $690,502.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of MBWM. Millennium Management LLC purchased a new stake in shares of Mercantile Bank during the fourth quarter worth about $3,255,000. Dimensional Fund Advisors LP boosted its holdings in shares of Mercantile Bank by 5.0% during the first quarter. Dimensional Fund Advisors LP now owns 992,880 shares of the financial services provider’s stock worth $33,013,000 after purchasing an additional 46,952 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Mercantile Bank by 151.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 63,593 shares of the financial services provider’s stock worth $2,220,000 after purchasing an additional 38,293 shares during the period. BlackRock Inc. boosted its holdings in shares of Mercantile Bank by 3.8% during the fourth quarter. BlackRock Inc. now owns 967,524 shares of the financial services provider’s stock worth $34,220,000 after purchasing an additional 35,130 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Mercantile Bank by 81.0% during the fourth quarter. First Trust Advisors LP now owns 61,614 shares of the financial services provider’s stock worth $2,179,000 after purchasing an additional 27,581 shares during the period. Institutional investors own 53.48% 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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