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MBWM

Mercantile Bank Corporation

MBWM

NASDAQ·Financial Services·Banks - Regional·Mkt cap $1.0B

$57.81

▼ -1.85%

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Our plain-language verdict, the thesis, risk factors, and what is changing about the business.

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52-Week Range

$42.75 - $59.71

P/E

10.38

Fwd P/E

10.60

Beta

0.83

Div Yield

2.66%

Avg Vol

130.9K

Shares Out

17.3M

Mkt Cap

$1.0B

Price action

Price chart

Up 16.1% over the trailing year

1W
1M
3M
6M
YTD
1Y
5Y
MAX

Total returns

Price performance

Total return across standard periods - splits & dividends adjusted by FMP. Periods longer than 1Y show annualized in the tooltip.

Why we rate it this way

The thesis at a glance

Bull and bear case · plain-English context across the five lenses we evaluate.

▲

Bull Case

5 reasons

  • Regional market expertise and deep community relationships in Michigan and surrounding areas
  • Personalized service model targeting underserved small- to medium-sized businesses overlooked by national banks
  • Diversified revenue streams including banking, lending, and insurance reducing reliance on single business line
  • Established branch network with 44 banking offices and 41 ATM/video banking machines providing customer convenience
  • Strong credit quality focus through relationship-based lending approach
▼

Bear Case

2 risks

  • Average volatility.
  • Growth premium of 0.9x vs Commercial Banking peers. Reasonable for this growth rate.

Growth

Revenue decline expected

Expansion of commercial lending to growing small and medium-sized business segment

Value

Growth premium of 0.9x vs Commercial Banking peers. Reasonable for this growth rate.

Momentum

Strong

+12.2% over 3m

Quality

Excellent

High-growth business (51% revenue growth, 66% gross margin). Profitable with strong growth momentum.

Dividend

Solid

2.66% yield

Earnings track record

Recent earnings results

AI-summarized recap of last quarter, plus the surprise on every print.

Next: Jul 21, 2026

“
Q2 26 RECAP

APR 21, 2026

Reported EPS of $1.32 vs $1.33 consensus (-0.8% surprise). Revenue of $67.6M vs $67.4M expected (+0.3%).

EPS miss
Rev beat +0.3%

EPS surprise · last 4Q

0 of 1 beats

Q2 26

-0.8%

Next: Jul 21, 2026

Revenue trend · last 8Q

—

—

—

-2%

+7%

+8%

+6%

+69%

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

$56.8M

$58.0M

$58.5M

$57.3M

$60.9M

$96.0M

$93.3M

$96.5M

Margins · last 8Q

Gross

71.3%

Operating

28.3%

Profit

23.5%

View full earnings history →

Wall Street consensus

3 analysts · 67% Buy

Live ratings and price targets aggregated across covering analysts.

Buy

2

67%

Hold

1

33%

Sell

0%

Median Price Target

—

Latest: Piper Sandler · Jun 26, 2026

View full analyst page →

vs Industry

How MBWM stacks vs Banks - Regional

Stock metrics vs industry averages. Green = better than industry.

Industry comparison data unavailable for this stock.