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.
TRADEMARK VIOLATION NOTICE: “Mercantile Bank Corporation (NASDAQ:MBWM) Rating Increased to Buy at Zacks Investment Research” was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece on another domain, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The legal version of this piece can be read at https://www.dispatchtribunal.com/2017/10/29/mercantile-bank-corporation-mbwm-lifted-to-buy-at-zacks-investment-research.html.
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.
Get a free copy of the Zacks research report on Mercantile Bank Corporation (MBWM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.