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

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

Wall Street Analyst Weigh In

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

Mercantile Bank Stock Up 0.7 %

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

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.20. The business had revenue of $58.23 million for the quarter, compared to analyst estimates of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. On average, sell-side analysts forecast that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Voisard Asset Management Group Inc. purchased a new position in shares of Mercantile Bank in the 4th quarter valued at approximately $38,000. Tower Research Capital LLC TRC grew its stake in shares of Mercantile Bank by 104.1% in 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 during the last quarter. EMC Capital Management purchased a new position in shares of Mercantile Bank in the 1st quarter valued at approximately $72,000. CWM LLC grew its stake in shares of Mercantile Bank by 242.6% in 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 during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Mercantile Bank by 29.0% in 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 during the last quarter. Institutional investors and hedge funds 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.