Mercantile Bank Corporation (MBWM) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Mercantile Bank Corporation (NASDAQ:MBWM) from a buy rating to a hold rating in a research note published on Tuesday morning.
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. “
MBWM has been the topic of several other research reports. ValuEngine cut shares of Mercantile Bank Corporation from a buy rating to a hold rating in a report on Friday, July 28th. DA Davidson began coverage on shares of Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a neutral rating and a $35.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $34.00 target price on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $35.25.
Mercantile Bank Corporation (NASDAQ:MBWM) traded up 0.80% during midday trading on Tuesday, hitting $36.39. 4,935 shares of the stock were exchanged. The company’s 50 day moving average is $34.90 and its 200-day moving average is $32.72. The stock has a market cap of $599.82 million, a PE ratio of 19.06 and a beta of 0.72. Mercantile Bank Corporation has a 1-year low of $27.00 and a 1-year high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The firm had revenue of $33.25 million for the quarter, compared to analysts’ expectations of $32.20 million. On average, analysts expect that Mercantile Bank Corporation will post $1.86 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 8th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.11%. The ex-dividend date is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio (DPR) is currently 39.79%.
In related news, Director Thomas R. Sullivan sold 5,800 shares of Mercantile Bank Corporation stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total value of $216,282.00. Following the sale, the director now owns 20,273 shares in the company, valued at $755,980.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas R. Sullivan sold 10,739 shares of Mercantile Bank Corporation stock in a transaction on 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 owns 20,273 shares in the company, valued at approximately $750,911.92. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Dubuque Bank & Trust Co. boosted its holdings 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 holdings 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 holdings 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 bought a new stake in Mercantile Bank Corporation in the third quarter valued at $369,000. Finally, IndexIQ Advisors LLC bought a new stake in Mercantile Bank Corporation in the second quarter valued at $433,000. Institutional investors and hedge funds own 52.69% of the company’s stock.
About Mercantile Bank Corporation
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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