Mercantile Bank (MBWM) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a hold rating in a report published on Tuesday, May 7th, BidAskClub reports.

Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Mercantile Bank from a buy rating to a hold rating in a research note on Friday, April 19th. Hovde Group restated a hold rating and set a $36.50 price objective on shares of Mercantile Bank in a research note on Monday, January 28th. Finally, ValuEngine upgraded shares of Mercantile Bank from a sell rating to a hold rating in a research note on Wednesday, January 9th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock currently has an average rating of Hold and an average price target of $38.17.

MBWM stock traded down $0.58 during midday trading on Tuesday, hitting $31.20. The company’s stock had a trading volume of 15,833 shares, compared to its average volume of 33,418. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.12. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $38.47. The firm has a market capitalization of $522.91 million, a P/E ratio of 12.33, a PEG ratio of 1.56 and a beta of 0.82.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $37.28 million for the quarter, compared to analyst estimates of $34.67 million. Mercantile Bank had a net margin of 25.74% and a return on equity of 10.88%. As a group, equities research analysts forecast that Mercantile Bank will post 2.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Thursday, June 6th. Mercantile Bank’s payout ratio is 41.11%.

Several hedge funds have recently made changes to their positions in MBWM. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Mercantile Bank by 88.3% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,096 shares of the financial services provider’s stock worth $36,000 after buying an additional 514 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Mercantile Bank by 75.7% during the 1st quarter. Fifth Third Bancorp now owns 2,117 shares of the financial services provider’s stock worth $69,000 after buying an additional 912 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Mercantile Bank by 15.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,589 shares of the financial services provider’s stock worth $73,000 after buying an additional 347 shares during the period. Meeder Asset Management Inc. boosted its holdings in shares of Mercantile Bank by 208.9% during the 1st quarter. Meeder Asset Management Inc. now owns 2,740 shares of the financial services provider’s stock worth $88,000 after buying an additional 1,853 shares during the period. Finally, Ameritas Investment Corp bought a new stake in shares of Mercantile Bank during the 1st quarter worth about $90,000. 54.01% of the stock is owned by institutional investors and hedge funds.

About Mercantile Bank

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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