Mercantile Bank (MBWM) Downgraded by BidaskClub

BidaskClub lowered shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a research note released on Tuesday morning.

A number of other equities analysts also recently commented on the stock. Zacks Investment Research raised shares of Mercantile Bank from a hold rating to a buy rating and set a $40.00 target price on the stock in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $34.00 target price on shares of Mercantile Bank in a research note on Tuesday, October 3rd. DA Davidson downgraded shares of Mercantile Bank from a buy rating to a neutral rating and set a $35.00 target price on the stock. in a research note on Thursday, September 28th. Finally, ValuEngine raised shares of Mercantile Bank from a hold rating to a buy rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $36.33.

Mercantile Bank (MBWM) opened at $36.62 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $575.56, a PE ratio of 18.27, a PEG ratio of 2.28 and a beta of 0.67. Mercantile Bank has a 52 week low of $28.92 and a 52 week high of $38.68.

Mercantile Bank (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. Mercantile Bank had a net margin of 22.18% and a return on equity of 8.91%. The company had revenue of $33.25 million for the quarter, compared to the consensus estimate of $32.20 million. research analysts anticipate that Mercantile Bank will post 1.91 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank’s dividend payout ratio is presently 39.79%.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 10,739 shares of Mercantile Bank stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $37.04, for a total transaction of $397,772.56. Following the completion of the sale, the director now directly owns 20,273 shares in the company, valued at $750,911.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 5,800 shares of Mercantile Bank stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,739 shares of company stock valued at $796,835. Company insiders own 3.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Teachers Advisors LLC grew its holdings in shares of Mercantile Bank by 3.1% in the first quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock valued at $887,000 after purchasing an additional 771 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Mercantile Bank by 4.4% in the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after purchasing an additional 800 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Mercantile Bank by 2.1% in the first quarter. Bank of America Corp DE now owns 45,900 shares of the financial services provider’s stock valued at $1,579,000 after purchasing an additional 926 shares in the last quarter. Seizert Capital Partners LLC grew its holdings in shares of Mercantile Bank by 2.0% in the second quarter. Seizert Capital Partners LLC now owns 58,783 shares of the financial services provider’s stock valued at $1,850,000 after purchasing an additional 1,152 shares in the last quarter. Finally, Strs Ohio grew its holdings in shares of Mercantile Bank by 6.3% in the second quarter. Strs Ohio now owns 22,000 shares of the financial services provider’s stock valued at $692,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 54.15% of the company’s stock.

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Mercantile Bank 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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