Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have received an average rating of “Hold” from the six analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $34.00.

Several brokerages have recently commented on MBWM. Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Friday. DA Davidson began coverage on shares of Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 price objective on the stock. Finally, Keefe, Bruyette & Woods set a $35.00 price objective on shares of Mercantile Bank Corporation and gave the stock a “hold” rating in a report on Monday, April 10th.

Mercantile Bank Corporation (NASDAQ:MBWM) opened at 31.66 on Friday. The stock’s 50 day moving average is $32.13 and its 200-day moving average is $32.85. The stock has a market capitalization of $521.76 million, a price-to-earnings ratio of 16.80 and a beta of 0.67. Mercantile Bank Corporation has a 12 month low of $25.01 and a 12 month high of $38.68.

Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, hitting the consensus estimate of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.92%. The firm had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. On average, equities research analysts expect that Mercantile Bank Corporation will post $1.88 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be issued a $0.19 dividend. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 7th. Mercantile Bank Corporation’s dividend payout ratio is currently 38.30%.

TRADEMARK VIOLATION WARNING: This article was first reported by American Banking News and is the property of of American Banking News. If you are viewing this article on another site, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/07/30/mercantile-bank-corporation-nasdaqmbwm-receives-average-rating-of-hold-from-analysts.html.

In related news, Director Thomas R. Sullivan sold 2,797 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $33.24, for a total transaction of $92,972.28. Following the sale, the director now directly owns 19,523 shares of the company’s stock, valued at approximately $648,944.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas R. Sullivan sold 7,113 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $33.75, for a total transaction of $240,063.75. Following the sale, the director now directly owns 19,523 shares in the company, valued at $658,901.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,711 shares of company stock worth $463,144. 3.44% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in MBWM. Dubuque Bank & Trust Co. increased its stake in shares of Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after buying an additional 366 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Mercantile Bank Corporation by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock valued at $645,000 after buying an additional 575 shares during the last quarter. American International Group Inc. increased its stake in shares of Mercantile Bank Corporation by 7.0% in the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Mercantile Bank Corporation by 3.1% in the first quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock valued at $887,000 after buying an additional 771 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Mercantile Bank Corporation by 2.1% in the first quarter. Bank of America Corp DE now owns 45,900 shares of the financial services provider’s stock valued at $1,579,000 after buying an additional 926 shares during the last quarter. 52.76% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Corporation 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.

Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.