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Equities researchers at Sandler O’Neill initiated coverage on shares of Mercantile Bank Corp. (NASDAQ:MBWM) in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.

Separately, analysts at Keefe, Bruyette & Woods upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating in a research note on Friday, August 8th. They now have a $23.00 price target on the stock.

Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 19.51 on Friday. Mercantile Bank Corp. has a 1-year low of $18.26 and a 1-year high of $24.34. The stock has a 50-day moving average of $20.54 and a 200-day moving average of $20.55. The company has a market cap of $328.8 million and a P/E ratio of 13.74.

Mercantile Bank Corp. (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.07. On average, analysts predict that Mercantile Bank Corp. will post $1.45 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 24th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Wednesday, September 10th.

Mercantile Bank Corporation is a bank holding company. The Company owns Mercantile Bank of Michigan (NASDAQ:MBWM).

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