Mercantile Bank Corporation (MBWM) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Mercantile Bank Corporation (NASDAQ:MBWM) have earned a consensus recommendation of “Hold” from the six research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $33.67.
A number of brokerages recently commented on MBWM. Zacks Investment Research lowered Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. ValuEngine lowered Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. 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 target for the company. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $34.00 price objective on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd.
A number of hedge funds have recently modified their holdings of MBWM. Nationwide Fund Advisors raised its position in Mercantile Bank Corporation by 12.0% during the first quarter. Nationwide Fund Advisors now owns 13,334 shares of the financial services provider’s stock valued at $459,000 after purchasing an additional 1,430 shares during the period. Russell Investments Group Ltd. raised its holdings 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 worth $645,000 after buying an additional 575 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Mercantile Bank Corporation by 7.8% in the first quarter. Wells Fargo & Company MN now owns 34,855 shares of the financial services provider’s stock worth $1,199,000 after buying an additional 2,534 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Mercantile Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 106,235 shares of the financial services provider’s stock worth $3,654,000 after buying an additional 3,104 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in shares of Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock worth $336,000 after buying an additional 2,866 shares during the period. Institutional investors and hedge funds own 52.86% of the company’s stock.
Mercantile Bank Corporation (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share for the quarter, hitting 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%.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Friday, September 8th were given a dividend of $0.19 per share. The ex-dividend date was Thursday, September 7th. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 2.14%. Mercantile Bank Corporation’s dividend payout ratio is 40.43%.
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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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