Mercantile Bank Corporation (NASDAQ:MBWM)‘s stock had its “hold” rating reiterated by analysts at Keefe, Bruyette & Woods in a research note issued to investors on Tuesday. They presently have a $34.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential downside of 3.76% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on MBWM. DA Davidson cut shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Thursday, September 28th. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $34.75.

Mercantile Bank Corporation (MBWM) traded down 0.42% on Tuesday, reaching $35.33. 20,363 shares of the company traded hands. Mercantile Bank Corporation has a 1-year low of $26.48 and a 1-year high of $38.68. The stock has a market capitalization of $582.31 million, a price-to-earnings ratio of 18.74 and a beta of 0.71. The stock has a 50 day moving average of $31.76 and a 200-day moving average of $32.38.

Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.85%. The firm had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. On average, equities analysts anticipate that Mercantile Bank Corporation will post $1.89 EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its stake in Mercantile Bank Corporation by 6.6% during the 2nd quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock worth $9,629,000 after acquiring an additional 19,017 shares in the last quarter. Cornerstone Capital Management Holdings LLC. grew its position in Mercantile Bank Corporation by 7.7% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 52,953 shares of the financial services provider’s stock valued at $1,666,000 after acquiring an additional 3,800 shares in the last quarter. Royal Bank of Canada grew its position in Mercantile Bank Corporation by 2.4% in the 2nd quarter. Royal Bank of Canada now owns 232,567 shares of the financial services provider’s stock valued at $7,321,000 after acquiring an additional 5,561 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Mercantile Bank Corporation by 33.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 18,588 shares of the financial services provider’s stock valued at $585,000 after acquiring an additional 4,629 shares in the last quarter. Finally, PDT Partners LLC acquired a new position in Mercantile Bank Corporation in the 2nd quarter valued at about $482,000. 52.86% of the stock is currently owned by hedge funds and other institutional investors.

About Mercantile Bank Corporation

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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