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Mercantile Bank Corp
Mercantile Bank Corp (MBWM) is listed on NASDAQ and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in Grand Rapids, United States and has 812 employees. The company is worth $1.04B and trades at 10.8x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $242.65M in fiscal 2025, up 4.8% from the year before. Net income was $88.75M. The share price is 4.0% below its 52-week high of $62.95. It pays a dividend yielding 2.65%, and has raised its annual dividend for 13 years in a row in our records. 5 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Renaissance Technologies, at $25.64M. In that quarter, 2 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +74.5% over 5Y.
today you would have $2,034.27▲ +103.4%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $48.10 | $44.49 | $40.38 | $33.48 | $35.03 | $27.17 | $36.47 | $28.26 | $35.37 | $37.70 | $24.54 | $21.02 | $21.58 | $16.50 | $9.75 | $8.20 | $3.08 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 15.1% a year plus a 2.6% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 11.1 across this company’s own years on record.
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 6.7% a year against a 8.2% required return, from the stock’s beta.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| CCNECnb Financial Corp | $35.24 | 10.6x | 1.3x | 2.16% | 12.42% | $1.04B |
| IGICInternational General Insurance Holdings Ltd. | $24.61 | 9.9x | 1.5x | 5.69% | 16.26% | $1.05B |
| FSBCFive Star Bancorp | $42.98 | 12.7x | 1.9x | 2.33% | 16.17% | $1.05B |
| CFFNCapitol Federal Financial, Inc. |
| 11.1x |
| 8.8x |
| 9.0x |
| 7.9x |
| 8.7x |
| 9.5x |
| 10.0x |
| 12.1x |
| 11.2x |
| 18.6x |
| 19.2x |
| 15.1x |
| 16.4x |
| 11.1x |
| 12.7x |
| 2.4x |
| — |
| — |
| P/S | 3.2x | 3.4x | 3.1x | 2.9x | 2.8x | 3.1x | 2.6x | 3.9x | 3.3x | 4.6x | 4.9x | 3.4x | 4.0x | 3.5x | 2.6x | 1.4x | 1.1x | — |
| P/B | 1.2x | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.0x | 1.4x | 1.2x | 1.6x | 1.8x | 1.2x | 1.1x | 1.2x | 1.0x | 0.5x | 0.6x | — |
| EPS | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 | $1.90 | $1.96 | $1.62 | $1.28 | $1.95 | $1.30 | $4.07 | -$1.72 | -$6.23 |
| Dividend yield | 3.10% | 3.12% | 3.19% | 3.32% | 3.76% | 3.37% | 4.12% | 2.91% | 5.94% | 2.09% | 3.08% | 2.36% | 11.80% | 2.09% | 0.55% | — | 0.12% | 2.27% |
| Payout | 33.97% | 27.42% | 28.80% | 26.12% | 32.73% | 31.98% | 41.33% | 35.22% | 66.40% | 38.95% | 59.18% | 35.80% | 193.75% | 23.08% | 6.92% | — | — | — |
| Profit margin | 30.21% | 36.58% | 34.39% | 36.43% | 32.08% | 32.74% | 26.36% | 32.65% | 30.21% | 24.29% | 25.15% | 23.05% | 19.74% | 31.35% | 22.92% | 64.06% | -20.30% | -88.45% |
| ROE | 11.11% | 12.24% | 13.62% | 15.75% | 13.83% | 12.93% | 10.00% | 11.87% | 11.20% | 8.55% | 9.36% | 8.09% | 5.28% | 11.11% | 8.55% | 22.72% | -10.57% | -37.18% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+21.2% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $8.33 |
| 12.8x |
| 1.0x |
| 4.08% |
| 8.01% |
| $1.03B |
| HBNCHorizon Bancorp Inc | $19.99 | — | 1.4x | 3.20% | -18.98% | $1.03B |
| BFSTBusiness First Bancshares, Inc. | $31.31 | 11.1x | 1.1x | 1.92% | 10.01% | $1.02B |