Mercantile Bank Corp. (NASDAQ:MBWM) has been given an average recommendation of “Hold” by the seven analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $37.50.
A number of equities research analysts recently weighed in on the company. BidaskClub cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, November 1st. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Hovde Group reiterated a “hold” rating and issued a $38.50 price target on shares of Mercantile Bank in a research note on Thursday, January 18th. Finally, Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the company a “hold” rating in a research note on Wednesday, January 3rd.
Shares of Mercantile Bank (MBWM) opened at $34.89 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $587.36, a price-to-earnings ratio of 18.36, a P/E/G ratio of 1.87 and a beta of 0.68. Mercantile Bank has a 12 month low of $28.92 and a 12 month high of $38.08.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.02). The company had revenue of $32.91 million for the quarter, compared to analysts’ expectations of $32.93 million. Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%. analysts anticipate that Mercantile Bank will post 2.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th will be paid a $0.22 dividend. The ex-dividend date is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 2.52%. Mercantile Bank’s dividend payout ratio (DPR) is 40.00%.
In other Mercantile Bank news, Director Thomas R. Sullivan sold 5,200 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $35.15, for a total value of $182,780.00. Following the completion of the sale, the director now directly owns 15,073 shares in the company, valued at $529,815.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.20% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in Mercantile Bank by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock valued at $3,498,000 after buying an additional 4,882 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Mercantile Bank by 54.1% in the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after buying an additional 5,286 shares during the last quarter. Teachers Advisors LLC raised its stake in Mercantile Bank by 11.3% in the second quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock valued at $904,000 after buying an additional 2,920 shares during the last quarter. North Star Asset Management Inc. increased its holdings in shares of Mercantile Bank by 1.4% in the third quarter. North Star Asset Management Inc. now owns 320,769 shares of the financial services provider’s stock valued at $11,035,000 after purchasing an additional 4,353 shares during the period. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Mercantile Bank in the third quarter valued at about $369,000. Institutional investors own 51.79% of the company’s stock.
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Mercantile Bank 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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