MERCANTILE BANK CORP (MBWM)
Financials · Regional Banking · NASDAQ
A community-focused commercial and retail banking institution providing diversified financial services to businesses and individuals in Michigan.
What MERCANTILE BANK CORP does
Mercantile Bank Corporation is a bank holding company that provides a full range of commercial and retail banking services primarily through its subsidiary, Mercantile Bank of Michigan. The bank offers lending, deposit, and treasury management products, alongside specialized financial services like payroll processing and mortgage banking.
Themes: community banking, commercial banking, retail banking, wealth management
Fundamentals
- Price$59.61 as of 2026-08-21 close
- Market cap$1.0B as of 2026-08-21
- 1-year return+27.1% 2025-08-21 close $46.91 → 2026-08-21 close $59.61
- P/E11.15 as of 2026-08-24
- Net margin+37.0% as of 2026-08-24
- ROE+13.3% as of 2026-08-24
- Debt / equity0.51 as of 2026-08-24
- Beta0.85 as of 2026-08-24
- Last reported earnings2026-07-21 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +3.9%; at least 5 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.
How MBWM compares in its sector
- price-to-earnings ratiomiddle range 525 covered Financials peers, as of 2026-08-24
- net profit margintop 25% 538 covered Financials peers, as of 2026-08-24
- operating margintop 25% 534 covered Financials peers, as of 2026-08-24
- return on equitymiddle range 575 covered Financials peers, as of 2026-08-24
- indicated dividend yieldmiddle range 453 covered Financials peers, as of 2026-08-24
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Dividend coverage (FY2025)
Exceeded at least one reported measure. In FY2025, MBWM's dividend exceeded at least one reported measure of what it earned or generated (earnings payout 27%, operating-cash-flow payout 133%). A payout above 100% in one year is not necessarily unsustainable, but it is not fully covered by that measure.
- Earnings payout27% dividends / net income
- Operating-cash-flow payout133% dividends / operating cash flow — capital spending was not reported, so this does not subtract it
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
How MERCANTILE BANK CORP looks technically
MERCANTILE BANK CORP (MBWM) is trading 14.1% above its 200-day average, the long-term trend line — a longer-term uptrend. Its 50-day average crossed above its 200-day average about 170 trading days ago — a "golden cross", a bullish long-term signal. A trend is forming but not yet strong — ADX, a 0–100 trend-strength gauge, is 24 (a reading of 25+ marks a strong trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 49, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bearish about 9 trading days ago (its momentum flipped negative). It made a new 20-day high about 13 trading days ago. It is 4.5% below its all-time high. Day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 7% of the past ~6 months), which often precedes a bigger move.
Trend
8
| Distance from the 200-day | it is trading 14.1% above its 200-day average, the long-term trend line — a longer-term uptrend | +14.1% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $58.21 | $58.21 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $52.22 | $52.22 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing high 22 calendar days ago — the swings before that are what the structure reading is measured on | 22 sessions |
| Wave structure | its recent swings can be read as a completed five-part upward sequence — the pattern Elliott-wave chartists call an impulse — which on that reading would now be due a pullback rather than more of the same; the labelling fails if price closes above 62.39. It is the only labelling that fits, and it describes the swings already printed, not what comes next. | possible five-wave upward sequence, complete |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 170 trading days ago — a "golden cross", a bullish long-term signal | 170 sessions |
| Trend strength (14-day ADX) | a trend is forming but not yet strong — ADX, a 0–100 trend-strength gauge, is 24 (a reading of 25+ marks a strong trend) | 24.2 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 49, neither overbought (above 70) nor oversold (below 30) | 49.1 |
|---|---|---|
| Position in its 14-day range | it is trading near the bottom of its 14-day range ($59.01 to $62.35) — its "stochastic" reading is 18 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 18.0 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bearish about 9 trading days ago (its momentum flipped negative) | 9 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $62.39 | $62.39 |
|---|---|---|
| From the 52-week high | it is 4.5% below its 52-week high (its highest price of the past year) | -4.5% |
| Above the 52-week low | it is 39.4% above its 52-week low (its lowest price of the past year) | +39.4% |
| Below the 52-week high | it is 4.5% below its highest point of the past year | 4.5% |
| Since a 20-day breakout | it made a new 20-day high about 13 trading days ago | 13 sessions |
| Since a 55-day breakout | it made a new 55-day high about 13 trading days ago | 13 sessions |
| All-time high | its highest closing price on record is $62.39 (set on 2026-07-30) | $62.39 |
| Given back of the 52-week move | over the past year its closes ranged ($43.14 to $61.98), and it has given back only a small part of its rise from last year’s low — 13% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $49.73 to $50.34. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 12.6% |
| From the all-time high | it is 4.5% below its all-time high | -4.5% |
| Nearest price level | it is trading 6.9% above a support level at $55.48 — a price it turned at twice since 2026-02-06, most recently on 2026-06-12. Since 2024-08-21 it has 9 such levels below the current price and 0 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | -6.9% |
| All-time low | its lowest closing price on record is $2.84 (set on 2009-06-24) | $2.84 |
| Above the all-time low | it is 1998.9% above its all-time low | +1,999% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 7% of the past ~6 months), which often precedes a bigger move | 7th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $1.42 between its high and its low — about 2.4% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $1.42 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $58.93 and $62.33 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $58.93 – $60.63 – $62.33 |
| Typical daily range (% of price) | its price moves about 2.4% in a typical session — calmer than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 2.4% |
| Stretch from the 200-day average | it is trading 5.2 daily ranges above its 200-day average price (14.1% above it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 5.2 daily ranges above its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.74× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Candlestick patterns
1
| Since a bearish engulfing | 3 sessions ago it opened above the previous session's close and finished below that session's open — a "bearish engulfing" pair, where one down day more than undid the up day before it | 3 sessions ago |
|---|
Price gaps
2
| Gap at the open | it opened on 2026-08-21 0.6% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.6% |
|---|---|---|
| Gap filled | a 3.2% gap up opened on 2026-07-31 has been "filled" 15 sessions ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 15 sessions ago |
Price streaks
1
| Closing streak | it closed lower in its latest session, after a session that did not close lower — a single down day rather than a run | 1 session down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 2.4 percentage points (the stock lost 0.1% while the market gained 2.3%) | -2.5% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock beat the market by 10.3 percentage points (the stock gained 13.3% while the market gained 3.1%) | +10.3% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 0.9 percentage points (the stock gained 10.1% while the market gained 11.1%) | -0.9% |
| vs market, 12 months | over the past 12 months this stock beat the market by 6.6 percentage points (the stock gained 27.1% while the market gained 20.5%) | +6.6% |
Signal agreement
2
| Bullish technical signals | 4 of the 9 technical signals we can compute for it are currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day, trading above its 200-day average, near the bottom of its 14-day range (oversold), trading above the Ichimoku cloud — these describe past price behaviour, not a forecast | 4 of 9 |
|---|---|---|
| Bearish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bearish state: MACD momentum is negative, lagging the market over 6 months — these describe past price behaviour, not a forecast | 2 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 5.2% above the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-16 and projected forward over today's price, the side traders read as an established uptrend, with the band below acting as the level that would have to give way. The band itself is moderate, spanning 3.2% of the share price. | +5.2% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 10% above the average price paid so far this year, so the typical buyer over that stretch is showing a gain. That average is $53.99 — a volume-weighted average of daily closes over 157 sessions, not a true tick-by-tick VWAP. | +10.4% |
|---|---|---|
| Vs the average paid since it last reported | the price is 1% below the average price paid since it last reported on 2026-07-21 (its 8-K), so the typical buyer over that stretch is under water. That average is $60.17 — a volume-weighted average of daily closes over 24 sessions, not a true tick-by-tick VWAP. | -0.9% |
Price levels it has turned at before
MBWM last closed at $59.61 on 2026-08-21. Since 2024-08-21 it has turned at 9 prices below its last close and 0 above; the 3 nearest below are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $55.48 | Support | 6.9% below the last close | turned there twice · 2026-02-06 to 2026-06-12 |
| $54.60 | Support | 8.4% below the last close | turned there four times · 2026-01-22 to 2026-04-21 |
| $52.46 | Support | 12.0% below the last close | turned there four times · 2024-11-25 to 2026-06-22 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now complete.
This labelling fails — stops being a possible reading at all — if it closes above $62.39.
It is the only labelling that fits these swings, though its proportions are not the textbook ones. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
This labelling was already in place when we began recording count changes on 2026-08-13, so how long it has stood is not something we can say yet.
Read from daily closes as of 2026-08-21.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading above the 200-day moving average · in a Bollinger Band volatility squeeze · Near the all-time high · At the bottom of its 14-day range (stochastic below 20) · Trading above the Ichimoku cloud · Completed Elliott five-wave sequences | Learn: moving average · golden cross · adx · rsi · macd · breakout · all time high · bollinger bands
Based on daily closing prices as of 2026-08-21. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Mean price target$63.17 range $60.00 – $65.00; median $63.50
Analyst estimates, as of 2026-08-22. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for MBWM
- Consensus EPS estimate$1.36 next reporting period, as of 2026-08-22
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Credit risk associated with loan portfolio performance and economic conditions.","Interest rate risk impacting net interest income and securities valuation.","Risk related to ongoing data processing and core system conversion costs."]
What changed in the latest 10-Q
AI-assisted comparison of MBWM's 10-Q filed 2026-05-01 against the prior one filed 2025-10-31.
Management's Discussion & Analysis (MD&A)
- Added:
- Added new section 'Reconciliation of U.S. GAAP to Non-GAAP Financial Measures' (filed 2026-05-01) describing adjusted net income, adjusted noninterest expense, and adjusted diluted earnings per share excluding acquisition and core system conversion costs totaling $2.5 million
- Added reference to Eastern Michigan Bank as part of consolidated subsidiaries in Introduction section (filed 2026-05-01)
- Added language about 'successfully integrate the business of Eastern Michigan Financial Corporation' and 'successfully consolidate Eastern Michigan Bank into Mercantile Bank' and 'successfully convert our core processing system' to Future Factors (filed 2026-05-01)
- Removed:
- Removed reference to 'our ability to successfully combine with Eastern Michigan Financial Corporation' from Future Factors (older filing 2025-10-31 language replaced with more specific integration and consolidation language in 2026-05-01)
- Removed reference to Form 10-K for year ended December 31, 2024 from Critical Accounting Policies section; updated to December 31, 2025 (filed 2026-05-01)
- Removed comparison period references to 'three and nine months ended September 30, 2025 and 2024' in Introduction; replaced with 'three months ended March 31, 2026 and 2025' (filed 2026-05-01)
- Removed comparison date 'September 30, 2025 and December 31, 2024' in Introduction; replaced with 'March 31, 2026 and December 31, 2025' (filed 2026-05-01)
- Removed 'Mercantile Bank ("our bank") and its subsidiaries' descriptor; replaced with 'Mercantile Bank, Eastern Michigan Bank (collectively "our banks")' (filed 2026-05-01)
- Reworded:
- Changed 'our company' to 'the Company' in Forward Looking Statements opening paragraph (filed 2026-05-01)
- Changed 'Future Factors' definition from 'difficult to predict with regard to timing, extent, likelihood and degree of occurrence' to 'difficult to predict with regard to timing, extent, likelihood and degree of occurrence ("Future Factors")' - added parenthetical notation (filed 2026-05-01)
- Restructured Introduction section to list 'Mercantile Bank, Eastern Michigan Bank (collectively "our banks"), Mercantile Community Partners, LLC ("MCP"), and Mercantile Insurance Center, Inc.' instead of previous descriptor format (filed 2026-05-01)
- Changed 'Form 10-K for the fiscal year ended' reference from 2024 to 2025 in Critical Accounting Policies section (filed 2026-05-01)
- Notes:
- The newer filing's Allowance for Credit Losses section appears truncated in the source text and does not include the complete discussion present in the older filing
- The newer filing contains additional sections (Mortgage Servicing Rights, Goodwill) that are not fully shown in the provided text excerpt, preventing complete comparison of those sections
Risk Factors
The two filings could not be meaningfully compared for this section.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales are on record for MBWM — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.
View full insider trading history → View SEC Form 3/4/5 filingsOnly open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding MBWM as of 2026-03-31 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 2,405,408
- Reported value $121,473,109
reported quarterly holdings change (2025-12-31 → 2026-03-31): 0 new, 2 increased, 3 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Short interest (FINRA)
MBWM had 396,650 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
MBWM had 2.29% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 2.54 days to cover at the same settlement.
- Reported short interest (shares) 396,650
- Short interest (% of shares outstanding) 2.29%
- Prior settlement (shares) 425,898
- Reported change -6.87%
- Days to cover (reported) 2.54
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Fifth Third Bancorp (FITB)
- Huntington Bancshares (HBAN)
- Comerica (CMA)
- Chemical Financial (TFC)
- Independent Bank Corporation (IBCP)
- Old National Bancorp (ONB)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does MERCANTILE BANK CORP (MBWM) do?
Mercantile Bank Corporation is a bank holding company that provides a full range of commercial and retail banking services primarily through its subsidiary, Mercantile Bank of Michigan. The bank offers lending, deposit, and treasury management products, alongside specialized financial services like payroll processing and mortgage banking.
What sector is MERCANTILE BANK CORP (MBWM) in?
MERCANTILE BANK CORP (MBWM) is classified in the Financials sector. Its industry is Regional Banking. It trades on NASDAQ.
Does MBWM pay a dividend?
Yes — MERCANTILE BANK CORP (MBWM) pays a dividend, with an indicated yield of about 3.89% and at least 5 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-08-24). Informational only — not financial advice.
Who are MERCANTILE BANK CORP's (MBWM) competitors?
Notable peers of MERCANTILE BANK CORP (MBWM) include Fifth Third Bancorp, Huntington Bancshares, Comerica, Chemical Financial and Independent Bank Corporation. This peer set is informational only — not financial advice.
Is MERCANTILE BANK CORP (MBWM) overbought or oversold right now?
MERCANTILE BANK CORP (MBWM) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 49, in the neutral middle (as of 2026-08-21). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on MBWM come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.