Mercantile Bank Corporation (MBWM) Given Consensus Recommendation of “Hold” by Analysts
Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have received an average rating of “Hold” from the six analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $34.00.
MBWM has been the subject of several research reports. ValuEngine raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. DA Davidson initiated coverage on Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 price objective for the company. Finally, Zacks Investment Research lowered Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st.
Mercantile Bank Corporation (NASDAQ:MBWM) opened at 30.13 on Thursday. Mercantile Bank Corporation has a 12 month low of $25.98 and a 12 month high of $38.68. The stock has a market cap of $496.60 million, a price-to-earnings ratio of 15.98 and a beta of 0.67. The stock’s 50 day moving average price is $31.56 and its 200-day moving average price is $32.53.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $31.24 million during the quarter, compared to analyst estimates of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. Equities research analysts predict that Mercantile Bank Corporation will post $1.88 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio (DPR) is 38.30%.
In related news, Director Thomas R. Sullivan sold 2,797 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total transaction of $92,972.28. Following the completion of the sale, the director now directly owns 19,523 shares in the company, valued at $648,944.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 3,801 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $34.23, for a total value of $130,108.23. Following the sale, the director now owns 19,523 shares of the company’s stock, valued at $668,272.29. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,711 shares of company stock valued at $463,144. 3.44% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Nationwide Fund Advisors raised its stake in shares of Mercantile Bank Corporation by 12.0% in the first quarter. Nationwide Fund Advisors now owns 13,334 shares of the financial services provider’s stock valued at $459,000 after buying an additional 1,430 shares in the last quarter. Independent Portfolio Consultants Inc. bought a new position in Mercantile Bank Corporation during the first quarter valued at $562,000. Dubuque Bank & Trust Co. bought a new position in Mercantile Bank Corporation during the first quarter valued at $140,000. Russell Investments Group Ltd. raised its position in 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 period. Finally, Greenleaf Trust bought a new position in Mercantile Bank Corporation during the first quarter valued at $379,000. Institutional investors and hedge funds own 52.81% of the company’s stock.
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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.
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