Mercantile Bank Co. (NASDAQ:MBWM) Hits New 52-Week High
Mercantile Bank Co. (NASDAQ:MBWM) reached a new 52-week high on Friday, trading as high as $43.20. The stock has been on the rise, with analysts giving mixed ratings on its performance. Piper Sandler upgraded Mercantile Bank to a “hold” rating, while Janney Montgomery Scott downgraded it to “neutral.” Keefe, Bruyette & Woods maintained an “outperform” rating with a price target of $47.00.
The stock has a fifty-day simple moving average of $38.48 and a two-hundred day simple moving average of $38.03. With a market capitalization of $685.10 million, Mercantile Bank has a price-to-earnings ratio of 8.24 and a beta of 0.98. The company recently reported earnings per share of $1.34 for the quarter, beating analysts’ estimates.
Institutional investors and hedge funds have also shown interest in Mercantile Bank, with Assenagon Asset Management S.A. and Vanguard Group Inc. increasing their holdings in the stock. American Century Companies Inc. and LSV Asset Management have also boosted their positions.
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan, providing commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. With a strong financial performance and positive analyst ratings, Mercantile Bank continues to attract investor interest.
