Mercantile Bank Corporation (NASDAQ:MBWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $40.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.65% from the stock’s current price.
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. “
Other equities analysts also recently issued research reports about the stock. DA Davidson assumed coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 target price for the company. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $34.00 target price on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $35.25.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $33.25 million during the quarter, compared to the consensus estimate of $32.20 million. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%.
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In other Mercantile Bank Corporation news, Director Thomas R. Sullivan sold 10,739 shares of the company’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $37.04, for a total value of $397,772.56. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at $750,911.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas R. Sullivan sold 5,800 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares of the company’s stock, valued at approximately $755,980.17. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. Dubuque Bank & Trust Co. boosted its stake in Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 366 shares in the last quarter. American International Group Inc. boosted its stake in Mercantile Bank Corporation by 7.0% in the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 640 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 2,866 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in Mercantile Bank Corporation in the third quarter valued at $369,000. Finally, IndexIQ Advisors LLC acquired a new position in Mercantile Bank Corporation in the second quarter valued at $433,000. Institutional investors own 52.69% of the company’s stock.
Mercantile Bank Corporation Company Profile
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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