Mercantile Bank (MBWM) Upgraded by BidaskClub to “Sell”

BidaskClub upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a strong sell rating to a sell rating in a report published on Saturday morning.

A number of other research analysts also recently issued reports on the company. Sandler O’Neill set a $39.00 price objective on Mercantile Bank and gave the company a hold rating in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a hold rating and issued a $34.00 price objective on shares of Mercantile Bank in a research note on Tuesday, October 3rd. ValuEngine downgraded Mercantile Bank from a buy rating to a hold rating in a research note on Thursday. Zacks Investment Research raised Mercantile Bank from a hold rating to a buy rating and set a $41.00 price objective on the stock in a research note on Tuesday, January 2nd. Finally, DA Davidson downgraded Mercantile Bank from a buy rating to a neutral rating and set a $35.00 price objective on the stock. in a research note on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $37.25.

Mercantile Bank (NASDAQ:MBWM) traded up $0.81 during midday trading on Friday, hitting $37.45. The company’s stock had a trading volume of 32,979 shares, compared to its average volume of 35,422. Mercantile Bank has a 1 year low of $28.92 and a 1 year high of $38.08. The company has a market cap of $617.63, a price-to-earnings ratio of 19.61, a PEG ratio of 2.02 and a beta of 0.68. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, beating 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 firm had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. analysts forecast that Mercantile Bank will post 1.91 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Thursday, December 7th. Mercantile Bank’s dividend payout ratio is 39.79%.

In related news, Director Thomas R. Sullivan sold 5,200 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the transaction, the director now directly owns 15,073 shares of the company’s stock, valued at approximately $529,815.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 5,800 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total value of $216,282.00. Following the transaction, the director now directly owns 20,273 shares in the company, valued at $755,980.17. The disclosure for this sale can be found here. Insiders sold a total of 21,739 shares of company stock worth $796,835 over the last three months. 3.20% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of MBWM. Russell Investments Group Ltd. raised its stake in Mercantile Bank by 9.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 20,562 shares of the financial services provider’s stock worth $647,000 after buying an additional 1,803 shares during the period. Bank of New York Mellon Corp raised its stake in Mercantile Bank by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock worth $3,498,000 after buying an additional 4,882 shares during the period. LSV Asset Management raised its stake in Mercantile Bank by 2.1% during the 2nd quarter. LSV Asset Management now owns 256,808 shares of the financial services provider’s stock worth $8,084,000 after buying an additional 5,400 shares during the period. Wells Fargo & Company MN raised its stake in Mercantile Bank by 6.8% during the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock worth $1,172,000 after buying an additional 2,367 shares during the period. Finally, Alliancebernstein L.P. raised its stake in Mercantile Bank by 4.4% during the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after buying an additional 800 shares during the period. 54.06% of the stock is currently owned by institutional investors and hedge funds.

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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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