Mercantile Bank (NASDAQ:MBWM) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Mercantile Bank (NASDAQ:MBWM) had its price target upped by research analysts at Keefe, Bruyette & Woods from $56.00 to $57.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 21.90% from the stock’s previous close.

Mercantile Bank Stock Performance

MBWM opened at $46.76 on Wednesday. The company has a market cap of $754.71 million, a PE ratio of 9.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a 50-day moving average of $47.02 and a 200-day moving average of $45.36. Mercantile Bank has a 52-week low of $33.46 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. As a group, equities research analysts forecast that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Mercantile Bank

In other news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following the transaction, the director now owns 19,810 shares in the company, valued at approximately $1,025,167.50. The trade was a 22.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 10,300 shares of company stock valued at $521,218 in the last 90 days. 3.08% of the stock is currently owned by insiders.

Institutional Trading of Mercantile Bank

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Mercantile Bank by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock worth $16,484,000 after acquiring an additional 14,202 shares during the period. Tributary Capital Management LLC boosted its holdings in Mercantile Bank by 16.2% during the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock valued at $12,790,000 after purchasing an additional 40,055 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Mercantile Bank by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 196,324 shares of the financial services provider’s stock valued at $8,583,000 after purchasing an additional 8,413 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Mercantile Bank by 108.7% during the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after purchasing an additional 90,802 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Mercantile Bank by 35.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock worth $3,601,000 after buying an additional 21,411 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

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.