Mercantile Bank Corporation (NASDAQ:MBWM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Mercantile Bank Corporation (NASDAQ:MBWM) from a hold rating to a buy rating in a report released on Friday, October 20th. They currently have $42.00 price objective on the financial services provider’s stock.

According to Zacks, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment. “

MBWM has been the subject of several other reports. ValuEngine downgraded Mercantile Bank Corporation from a buy rating to a hold rating in a report on Friday, July 28th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $34.00 price objective on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. Finally, DA Davidson cut Mercantile Bank Corporation from a buy rating to a neutral rating and set a $35.00 price objective for the company. in a research report on Thursday, September 28th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $35.75.

Shares of Mercantile Bank Corporation (NASDAQ MBWM) opened at 37.19 on Friday. The stock’s 50 day moving average is $34.57 and its 200 day moving average is $32.67. The stock has a market cap of $613.00 million, a P/E ratio of 19.48 and a beta of 0.72. Mercantile Bank Corporation has a 12 month low of $27.00 and a 12 month high of $38.68.

Mercantile Bank Corporation (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Mercantile Bank Corporation had a return on equity of 9.00% and a net margin of 22.18%. The business had revenue of $33.25 million during the quarter, compared to the consensus estimate of $32.20 million. Analysts predict that Mercantile Bank Corporation will post $1.86 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be given a $0.19 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.04%. Mercantile Bank Corporation’s payout ratio is 39.79%.

In other news, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the transaction, the director now owns 20,273 shares in the company, valued at $750,911.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dubuque Bank & Trust Co. increased its stake in Mercantile Bank Corporation by 9.0% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 366 shares during the period. Russell Investments Group Ltd. increased its stake in Mercantile Bank Corporation by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after acquiring an additional 575 shares during the period. American International Group Inc. increased its stake in Mercantile Bank Corporation by 7.0% during the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 640 shares during the period. Teachers Advisors LLC increased its stake in Mercantile Bank Corporation by 3.1% during the 1st quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock worth $887,000 after acquiring an additional 771 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Mercantile Bank Corporation by 4.4% during the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 800 shares during the period. Institutional investors own 52.84% of the company’s stock.

Mercantile Bank Corporation Company Profile

Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.

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