Zacks Investment Research lowered shares of Mercantile Bank (NASDAQ:MBWM) from a buy rating to a hold rating in a report released on Wednesday.
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. BidaskClub downgraded shares of Mercantile Bank from a hold rating to a sell rating in a report on Tuesday, December 12th. Sandler O’Neill set a $39.00 target price on shares of Mercantile Bank and gave the stock a hold rating in a research note on Wednesday, January 3rd. ValuEngine upgraded shares of Mercantile Bank from a hold rating to a buy rating in a research note on Saturday, February 3rd. Finally, Hovde Group reiterated a hold rating and issued a $38.50 target price on shares of Mercantile Bank in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $37.50.
Mercantile Bank (NASDAQ MBWM) opened at $34.73 on Wednesday. The company has a market cap of $575.91, a P/E ratio of 18.28, a P/E/G ratio of 1.83 and a beta of 0.66. Mercantile Bank has a fifty-two week low of $28.92 and a fifty-two week high of $38.08. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The business had revenue of $32.91 million during the quarter, compared to the consensus estimate of $32.93 million. Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%. analysts predict that Mercantile Bank will post 2.37 earnings per share for the current year.
The company also recently announced 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 annualized dividend and a yield of 2.53%. Mercantile Bank’s dividend payout ratio is currently 40.00%.
In other Mercantile Bank news, Director Thomas R. Sullivan sold 5,200 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $35.15, for a total value of $182,780.00. Following the sale, the director now directly owns 15,073 shares in the company, valued at approximately $529,815.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in Mercantile Bank in the 3rd quarter worth approximately $144,000. Teacher Retirement System of Texas purchased a new stake in shares of Mercantile Bank during the 4th quarter valued at $200,000. MetLife Investment Advisors LLC purchased a new stake in shares of Mercantile Bank during the 4th quarter valued at $306,000. Essex Investment Management Co. LLC purchased a new stake in shares of Mercantile Bank during the 3rd quarter valued at $369,000. Finally, Parametric Portfolio Associates LLC raised its position in shares of Mercantile Bank by 54.1% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.
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About Mercantile Bank
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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