Mercantile Bank (MBWM) Stock Rating Upgraded by BidaskClub

Mercantile Bank (NASDAQ:MBWM) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Friday.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st. Hovde Group reissued a “hold” rating and issued a $38.50 price objective on shares of Mercantile Bank in a research report on Thursday, January 18th. Sandler O’Neill set a $37.00 price objective on shares of Mercantile Bank and gave the company a “hold” rating in a research report on Tuesday, March 27th. Zacks Investment Research cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. Finally, ValuEngine raised shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Saturday, February 3rd. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Mercantile Bank presently has an average rating of “Hold” and an average price target of $36.80.

Shares of Mercantile Bank opened at $36.05 on Friday, MarketBeat reports. The stock has a market cap of $585.58 million, a P/E ratio of 19.07, a PEG ratio of 1.79 and a beta of 0.71. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.03 and a current ratio of 1.03. Mercantile Bank has a 12 month low of $35.28 and a 12 month high of $35.38.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, April 17th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.10. The company had revenue of $34.58 million during the quarter, compared to analysts’ expectations of $33.03 million. Mercantile Bank had a net margin of 23.13% and a return on equity of 9.50%. equities analysts forecast that Mercantile Bank will post 2.46 EPS for the current year.

In other news, Director Thomas R. Sullivan sold 6,930 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $34.28, for a total value of $237,560.40. Following the completion of the sale, the director now owns 20,143 shares of the company’s stock, valued at approximately $690,502.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Mercantile Bank in the 1st quarter worth approximately $102,000. US Bancorp DE lifted its position in shares of Mercantile Bank by 119.1% in the 1st quarter. US Bancorp DE now owns 4,333 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 2,355 shares during the period. Well Done LLC purchased a new stake in shares of Mercantile Bank in the 1st quarter worth approximately $187,000. Teacher Retirement System of Texas purchased a new stake in shares of Mercantile Bank in the 4th quarter worth approximately $200,000. Finally, Trexquant Investment LP purchased a new stake in shares of Mercantile Bank in the 1st quarter worth approximately $204,000. 53.48% of the stock is owned by hedge funds and other institutional investors.

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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