DA Davidson Initiates Coverage on Mercantile Bank (MBWM)
Analysts at DA Davidson assumed coverage on shares of Mercantile Bank (OTC:MBWM) in a research report issued to clients and investors on Friday, Analyst Ratings Network reports. The firm set a “neutral” rating on the stock.
Other equities research analysts have also recently issued reports about the stock. Analysts at Keefe, Bruyette & Woods raised their price target on shares of Mercantile Bank (OTC:MBWM) from $20.00 to $22.00 in a research note to investors on Friday, August 16th. They now have a “market perform” rating on the stock.
Mercantile Bank (OTC:MBWM) remained flat at $21.50 during during mid-day trading trading on Friday. 20,490 shares of the company’s stock traded hands. Mercantile Bank has a 52 week low of $13.41 and a 52 week high of $22.41. The stock has a 50-day moving average of $20.22 and a 200-day moving average of $18.26. The company has a market cap of $187.2 million and a price-to-earnings ratio of 13.26.
Mercantile Bank (OTC:MBWM) last posted its quarterly earnings results on Tuesday, July 16th. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.35 by $0.11. During the same quarter in the prior year, the company posted $0.36 earnings per share. On average, analysts predict that Mercantile Bank will post $1.63 earnings per share for the current fiscal year.
Mercantile Bank Corporation is a bank holding company. The Company owns Mercantile Bank of Michigan (OTC:MBWM).
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