Mercantile Bank Corporation (NASDAQ:MBWM) has received a consensus recommendation of “Hold” from the six research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $36.33.

Several analysts have recently weighed in on MBWM shares. ValuEngine upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. DA Davidson upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Monday, September 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $34.00 target price on shares of Mercantile Bank in a research report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Friday, October 20th. Finally, BidaskClub downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a report on Tuesday.

Shares of Mercantile Bank (NASDAQ:MBWM) opened at $34.83 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The stock has a market cap of $581.34, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 2.30 and a beta of 0.67. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.68.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Mercantile Bank had a net margin of 22.18% and a return on equity of 8.91%. The company had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. sell-side analysts predict that Mercantile Bank will post 1.91 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank’s dividend payout ratio is presently 39.79%.

In other news, Director Thomas R. Sullivan sold 5,200 shares of Mercantile Bank stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the sale, the director now owns 15,073 shares in the company, valued at approximately $529,815.95. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 10,739 shares of Mercantile Bank stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,739 shares of company stock valued at $796,835. Insiders own 3.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of MBWM. Vanguard Group Inc. grew its holdings in Mercantile Bank by 7.1% during the second quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock valued at $21,449,000 after purchasing an additional 45,330 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Mercantile Bank by 151.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 63,593 shares of the financial services provider’s stock valued at $2,220,000 after purchasing an additional 38,293 shares during the period. Dimensional Fund Advisors LP grew its holdings in Mercantile Bank by 3.7% during the second quarter. Dimensional Fund Advisors LP now owns 898,181 shares of the financial services provider’s stock valued at $28,275,000 after purchasing an additional 31,823 shares during the period. Menta Capital LLC boosted its holdings in shares of Mercantile Bank by 312.2% in the second quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock valued at $1,238,000 after buying an additional 29,797 shares during the period. Finally, State Street Corp boosted its holdings in shares of Mercantile Bank by 6.6% in the second quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock valued at $9,629,000 after buying an additional 19,017 shares during the period. Hedge funds and other institutional investors own 54.15% of the company’s stock.

WARNING: “Mercantile Bank Corporation (MBWM) Receives Average Rating of “Hold” from Brokerages” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The original version of this article can be read at https://www.americanbankingnews.com/2017/12/13/mercantile-bank-corporation-mbwm-receives-average-rating-of-hold-from-brokerages.html.

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