Mercantile Bank Corp. (MBWM) Receives Consensus Recommendation of “Hold” from Brokerages

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 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 12 month price objective among brokerages that have issued a report on the stock in the last year is $38.33.

Several brokerages recently weighed in on MBWM. BidaskClub lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research raised Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, November 21st. Finally, ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th.

In other Mercantile Bank news, SVP Lonna Wiersma sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $31.37, for a total value of $31,370.00. Following the transaction, the senior vice president now directly owns 5,000 shares of the company’s stock, valued at $156,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.20% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Mercantile Bank by 5.3% in the third quarter. BlackRock Inc. now owns 1,136,353 shares of the financial services provider’s stock valued at $37,920,000 after purchasing an additional 56,701 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Mercantile Bank by 3.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,081,660 shares of the financial services provider’s stock worth $36,095,000 after acquiring an additional 32,735 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Mercantile Bank by 3.9% during the third quarter. Renaissance Technologies LLC now owns 790,115 shares of the financial services provider’s stock worth $26,366,000 after acquiring an additional 29,600 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Mercantile Bank by 0.8% during the third quarter. Vanguard Group Inc. now owns 718,648 shares of the financial services provider’s stock worth $23,982,000 after acquiring an additional 5,818 shares during the last quarter. Finally, Tributary Capital Management LLC increased its position in shares of Mercantile Bank by 10.5% during the third quarter. Tributary Capital Management LLC now owns 341,530 shares of the financial services provider’s stock worth $11,397,000 after acquiring an additional 32,529 shares during the last quarter. 55.34% of the stock is currently owned by institutional investors.

Shares of MBWM traded up $0.10 during trading hours on Wednesday, hitting $32.04. The stock had a trading volume of 44,868 shares, compared to its average volume of 35,095. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $530.02 million, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 1.64 and a beta of 0.66. Mercantile Bank has a 12-month low of $29.60 and a 12-month high of $38.47.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, hitting the consensus estimate of $0.61. The business had revenue of $34.55 million for the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. Sell-side analysts predict that Mercantile Bank will post 2.44 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, December 7th will be given a $0.25 dividend. The ex-dividend date is Thursday, December 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.12%. Mercantile Bank’s dividend payout ratio (DPR) 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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