Mercantile Bank (NASDAQ:MBWM) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Wednesday, March 7th.
A number of other research firms also recently commented on MBWM. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st. Sandler O’Neill set a $39.00 price objective on shares of Mercantile Bank and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Hovde Group reaffirmed a “hold” rating and issued a $38.50 price objective on shares of Mercantile Bank in a research report on Thursday, January 18th. Finally, ValuEngine upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research note on Saturday, February 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $37.50.
Mercantile Bank (NASDAQ:MBWM) opened at $35.76 on Wednesday. The company has a market cap of $593.10, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 1.89 and a beta of 0.70. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08.
Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The firm 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 8.72% and a net margin of 21.64%. equities research analysts forecast that Mercantile Bank will post 2.37 EPS for the current fiscal year.
In other news, Director Thomas R. Sullivan sold 6,930 shares of Mercantile Bank stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the completion of the transaction, the director now directly owns 20,143 shares of the company’s stock, valued at approximately $690,502.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.20% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in MBWM. SG Americas Securities LLC purchased a new stake in shares of Mercantile Bank during the third quarter worth $144,000. Teacher Retirement System of Texas purchased a new stake in shares of Mercantile Bank during the fourth quarter worth $200,000. MetLife Investment Advisors LLC purchased a new stake in shares of Mercantile Bank during the fourth quarter worth $306,000. Parametric Portfolio Associates LLC boosted 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 acquiring an additional 5,286 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Mercantile Bank by 9.3% during the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after acquiring an additional 1,499 shares during the last quarter. 52.79% of the stock is owned by institutional investors and hedge funds.
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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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