Mercantile Bank (NASDAQ:MBWM) Price Target Raised to $56.00

Mercantile Bank (NASDAQ:MBWM) had its price target upped by investment analysts at Keefe, Bruyette & Woods from $50.00 to $56.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 10.67% from the stock’s previous close.

Mercantile Bank Trading Down 0.5 %

Shares of MBWM stock opened at $50.60 on Wednesday. The stock has a 50-day simple moving average of $46.00 and a 200 day simple moving average of $43.45. The stock has a market capitalization of $816.68 million, a P/E ratio of 10.21 and a beta of 0.99. Mercantile Bank has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The company had revenue of $93.08 million during the quarter, compared to analyst estimates of $56.83 million. During the same quarter last year, the firm posted $1.30 EPS. On average, sell-side analysts expect that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the transaction, the director now directly owns 25,610 shares in the company, valued at approximately $1,267,951.10. The trade was a 13.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 10,550 shares of company stock worth $531,660 in the last three months. 3.08% of the stock is currently owned by insiders.

Institutional Trading of Mercantile Bank

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Mercantile Bank by 2.8% during the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after buying an additional 21,616 shares during the period. Comerica Bank increased its holdings in shares of Mercantile Bank by 215.2% in the 1st quarter. Comerica Bank now owns 6,294 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 4,297 shares during the period. CWM LLC lifted its position in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,982 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Mercantile Bank during the second quarter worth approximately $374,000. Finally, Gradient Investments LLC purchased a new position in Mercantile Bank during the second quarter valued at approximately $28,000. 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.