Mercantile Bank (MBWM) Sets New 12-Month Low at $31.17

Mercantile Bank Corp. (NASDAQ:MBWM)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $31.17 and last traded at $31.60, with a volume of 2621 shares trading hands. The stock had previously closed at $32.19.

MBWM has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a research report on Wednesday, July 18th. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Friday, July 20th. BidaskClub upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Friday, June 22nd. Finally, ValuEngine lowered shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and an average price target of $39.00.

The company has a market cap of $522.56 million, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Mercantile Bank had a net margin of 24.66% and a return on equity of 10.39%. The business had revenue of $34.55 million for the quarter, compared to the consensus estimate of $34.60 million. Analysts anticipate that Mercantile Bank Corp. will post 2.44 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Friday, December 7th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.00 annualized dividend and a dividend yield of 3.21%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.24. Mercantile Bank’s dividend payout ratio is currently 50.79%.

Several institutional investors and hedge funds have recently made changes to their positions in MBWM. BlackRock Inc. raised its stake in shares of Mercantile Bank by 13.1% in the second quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock valued at $39,904,000 after acquiring an additional 125,179 shares during the period. Renaissance Technologies LLC raised its stake in shares of Mercantile Bank by 8.0% in the second quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock valued at $28,109,000 after acquiring an additional 56,600 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Mercantile Bank by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock valued at $38,768,000 after acquiring an additional 56,045 shares during the period. Millennium Management LLC raised its stake in shares of Mercantile Bank by 40.2% in the first quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock valued at $4,291,000 after acquiring an additional 37,032 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Mercantile Bank by 45.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 106,584 shares of the financial services provider’s stock valued at $3,940,000 after acquiring an additional 33,236 shares during the period. 54.66% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Company Profile (NASDAQ:MBWM)

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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