Shares of Mercantile Bank Corp. (NASDAQ:MBWM) have been given a consensus rating of “Hold” by the six analysts that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $38.33.
A number of equities research analysts have recently commented on MBWM shares. Keefe, Bruyette & Woods increased their target price 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. BidaskClub cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research report on Friday, July 20th. Finally, ValuEngine cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ramsey Quantitative Systems raised its position in shares of Mercantile Bank by 62.4% in the third quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock valued at $144,000 after buying an additional 1,658 shares during the last quarter. John W. Rosenthal Capital Management Inc. raised its position in shares of Mercantile Bank by 2.6% in the second quarter. John W. Rosenthal Capital Management Inc. now owns 80,000 shares of the financial services provider’s stock valued at $2,957,000 after buying an additional 2,000 shares during the last quarter. Well Done LLC raised its position in shares of Mercantile Bank by 35.5% in the second quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock valued at $282,000 after buying an additional 2,000 shares during the last quarter. Wells Fargo & Company MN increased its position in Mercantile Bank by 3.9% during the first quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock worth $2,036,000 after purchasing an additional 2,326 shares during the last quarter. Finally, Northern Trust Corp increased its position in Mercantile Bank by 1.2% during the second quarter. Northern Trust Corp now owns 196,691 shares of the financial services provider’s stock worth $7,270,000 after purchasing an additional 2,347 shares during the last quarter. Institutional investors and hedge funds own 55.13% of the company’s stock.
MBWM opened at $32.21 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74. The firm has a market cap of $535.69 million, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.65 and a beta of 0.67. Mercantile Bank has a 52-week low of $29.60 and a 52-week high of $38.47.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The business had revenue of $34.55 million for the quarter, compared to the consensus estimate of $34.60 million. Mercantile Bank had a net margin of 24.66% and a return on equity of 10.39%. On average, research analysts anticipate that Mercantile Bank will post 2.44 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Friday, December 7th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.10%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, December 6th. Mercantile Bank’s dividend payout ratio is 50.79%.
Mercantile Bank Company Profile
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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