Mercantile Bank (MBWM) Downgraded by ValuEngine

Mercantile Bank (NASDAQ:MBWM) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other analysts have also recently issued research reports about the company. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Friday, October 20th. Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the stock a “hold” rating in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank in a research report on Tuesday, October 3rd. DA Davidson cut Mercantile Bank from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Thursday, September 28th. Finally, BidaskClub cut Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $37.25.

Shares of Mercantile Bank (MBWM) traded up $0.60 during trading hours on Thursday, hitting $36.64. The company’s stock had a trading volume of 60,344 shares, compared to its average volume of 39,105. Mercantile Bank has a 12 month low of $28.92 and a 12 month high of $38.08. The firm has a market capitalization of $584.14, a PE ratio of 19.18, a P/E/G ratio of 1.98 and a beta of 0.68. The company has a quick ratio of 1.03, a current 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, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Mercantile Bank had a return on equity of 8.91% and a net margin of 22.18%. The company had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million. equities analysts forecast that Mercantile Bank will post 1.91 earnings per share for the current fiscal year.

In related news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $37.04, for a total value of $397,772.56. Following the transaction, the director now directly owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The disclosure for this sale can be found here. Insiders sold 21,739 shares of company stock valued at $796,835 in the last ninety days. Insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MBWM. Vanguard Group Inc. lifted its position in shares of Mercantile Bank by 7.1% during the 2nd quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock worth $21,449,000 after purchasing an additional 45,330 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Mercantile Bank by 151.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 63,593 shares of the financial services provider’s stock worth $2,220,000 after purchasing an additional 38,293 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mercantile Bank by 3.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 898,181 shares of the financial services provider’s stock worth $28,275,000 after purchasing an additional 31,823 shares during the last quarter. Menta Capital LLC lifted its position in shares of Mercantile Bank by 312.2% during the 2nd quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock worth $1,238,000 after purchasing an additional 29,797 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Mercantile Bank by 6.6% during the 2nd quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock worth $9,629,000 after purchasing an additional 19,017 shares during the last quarter. 54.06% of the stock is owned by institutional investors and hedge funds.

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About Mercantile Bank

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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