Mercantile Bank (MBWM) Rating Increased to Hold at BidaskClub

Mercantile Bank (NASDAQ:MBWM) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

Other analysts have also recently issued reports about the company. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Keefe, Bruyette & Woods upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st. Hovde Group reiterated a “hold” rating and issued a $38.50 price target on shares of Mercantile Bank in a research report on Thursday, January 18th. Sandler O’Neill set a $37.00 price target on Mercantile Bank and gave the company a “hold” rating in a research report on Tuesday, March 27th. Finally, Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $36.80.

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Shares of NASDAQ:MBWM opened at $35.98 on Tuesday. Mercantile Bank has a fifty-two week low of $28.92 and a fifty-two week high of $38.08. The firm has a market capitalization of $593.55, a price-to-earnings ratio of 19.04, a P/E/G ratio of 1.82 and a beta of 0.71. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.10. Mercantile Bank had a return on equity of 9.54% and a net margin of 23.13%. The firm had revenue of $34.58 million for the quarter, compared to analysts’ expectations of $33.03 million. research analysts predict that Mercantile Bank will post 2.46 EPS for the current fiscal year.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $34.28, for a total value of $237,560.40. Following the transaction, the director now owns 20,143 shares of the company’s stock, valued at $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 currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its stake in Mercantile Bank by 32.1% in the fourth quarter. Wells Fargo & Company MN now owns 58,911 shares of the financial services provider’s stock worth $2,084,000 after purchasing an additional 14,313 shares in the last quarter. First Trust Advisors LP boosted its stake in Mercantile Bank by 81.0% in the fourth quarter. First Trust Advisors LP now owns 61,614 shares of the financial services provider’s stock worth $2,179,000 after purchasing an additional 27,581 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Mercantile Bank by 12.1% in the fourth quarter. Victory Capital Management Inc. now owns 51,950 shares of the financial services provider’s stock worth $1,837,000 after purchasing an additional 5,600 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Mercantile Bank by 2.4% in the third quarter. Dimensional Fund Advisors LP now owns 919,589 shares of the financial services provider’s stock worth $32,094,000 after purchasing an additional 21,408 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Mercantile Bank by 7.2% in the fourth quarter. California Public Employees Retirement System now owns 57,055 shares of the financial services provider’s stock worth $2,018,000 after purchasing an additional 3,820 shares in the last quarter. 52.83% of the stock is currently owned by institutional investors.

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About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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