Mercantile Bank (NASDAQ:MBWM) Hits New 1-Year High at $43.20

Mercantile Bank Co. (NASDAQ:MBWM) hit a new 52-week high on Friday . The stock traded as high as $43.20 and last traded at $43.20, with a volume of 224 shares traded. The stock had previously closed at $42.44.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MBWM shares. Piper Sandler raised Mercantile Bank to a “hold” rating in a research report on Tuesday, June 11th. Janney Montgomery Scott downgraded Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $47.00 price target on shares of Mercantile Bank in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Mercantile Bank presently has an average rating of “Hold” and an average price target of $47.00.

Mercantile Bank Price Performance

The company has a 50 day simple moving average of $38.40 and a 200-day simple moving average of $38.04. The stock has a market cap of $688.81 million, a price-to-earnings ratio of 8.22 and a beta of 0.98. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.20. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. As a group, research analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Institutional Trading of Mercantile Bank

Large investors have recently added to or reduced their stakes in the business. Voisard Asset Management Group Inc. acquired a new stake in Mercantile Bank in the 4th quarter valued at approximately $38,000. Tower Research Capital LLC TRC boosted its stake in Mercantile Bank by 104.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 904 shares in the last quarter. EMC Capital Management bought a new position in Mercantile Bank during the 1st quarter valued at $72,000. CWM LLC boosted its stake in Mercantile Bank by 242.6% during the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in Mercantile Bank by 29.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 889 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

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.