BidaskClub upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a strong sell rating to a sell rating in a report issued on Wednesday morning.
Several other brokerages have also commented on MBWM. Keefe, Bruyette & Woods upgraded Mercantile Bank from a market perform rating to an outperform rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded Mercantile Bank from a hold rating to a buy rating and set a $41.00 target price on the stock in a research report on Tuesday, January 2nd. Sandler O’Neill set a $39.00 target price on Mercantile Bank and gave the company a hold rating in a research report on Wednesday, January 3rd. Hovde Group restated a hold rating and set a $38.50 target price on shares of Mercantile Bank in a research report on Thursday, January 18th. Finally, ValuEngine lowered Mercantile Bank from a buy rating to a hold rating in a research report on Thursday, March 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $37.50.
Shares of Mercantile Bank (MBWM) traded up $0.24 during mid-day trading on Wednesday, hitting $35.62. The stock had a trading volume of 33,451 shares, compared to its average volume of 25,012. The firm has a market capitalization of $591.11, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.88 and a beta of 0.70. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73. Mercantile Bank has a 12 month low of $28.92 and a 12 month high of $38.08.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th will be issued a $0.22 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.88 annualized dividend and a yield of 2.47%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s dividend payout ratio is presently 46.32%.
In other news, Director Thomas R. Sullivan sold 6,930 shares of the stock in a transaction that occurred on Friday, March 2nd. The stock was 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 directly owns 20,143 shares of the company’s stock, valued at $690,502.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.20% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Mercantile Bank in the third quarter worth approximately $144,000. Teacher Retirement System of Texas purchased a new stake in shares of Mercantile Bank in the fourth quarter worth approximately $200,000. MetLife Investment Advisors LLC purchased a new stake in shares of Mercantile Bank in the fourth quarter worth approximately $306,000. Parametric Portfolio Associates LLC raised its stake in shares of Mercantile Bank by 54.1% in the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 5,286 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Mercantile Bank by 9.3% in the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 1,499 shares during the last quarter. 52.79% of the stock is owned by hedge funds and other institutional investors.
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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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