Mercantile Bank (NASDAQ:MBWM) has been given a $39.00 target price by research analysts at Sandler O’Neill in a research report issued to clients and investors on Wednesday. The brokerage presently has a “hold” rating on the financial services provider’s stock. Sandler O’Neill’s target price points to a potential upside of 11.36% from the company’s current price.

Other analysts have also issued reports about the stock. DA Davidson upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Monday, September 11th. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $34.00 price target on shares of Mercantile Bank in a report on Tuesday, October 3rd. Finally, BidaskClub downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $37.25.

Shares of Mercantile Bank (MBWM) traded down $0.27 during midday trading on Wednesday, reaching $35.02. 34,905 shares of the company traded hands, compared to its average volume of 35,200. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $583.32, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 1.99 and a beta of 0.68. Mercantile Bank has a 12 month low of $28.92 and a 12 month high of $38.08.

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

In other news, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $37.04, for a total value of $397,772.56. Following the transaction, the director now owns 20,273 shares of the company’s stock, valued at $750,911.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now directly owns 20,273 shares in the company, valued at approximately $755,980.17. The disclosure for this sale can be found here. Insiders sold 21,739 shares of company stock worth $796,835 in the last three months. Insiders own 3.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Mercantile Bank by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock worth $3,498,000 after purchasing an additional 4,882 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in Mercantile Bank by 54.1% in the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 5,286 shares during the last quarter. Victory Capital Management Inc. increased its position in Mercantile Bank by 11.9% in the second quarter. Victory Capital Management Inc. now owns 46,190 shares of the financial services provider’s stock worth $1,454,000 after purchasing an additional 4,920 shares during the last quarter. Teachers Advisors LLC increased its position in Mercantile Bank by 11.3% in the second quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock worth $904,000 after purchasing an additional 2,920 shares during the last quarter. Finally, LSV Asset Management increased its position in Mercantile Bank by 2.1% in the second quarter. LSV Asset Management now owns 256,808 shares of the financial services provider’s stock worth $8,084,000 after purchasing an additional 5,400 shares during the last quarter. 54.06% of the stock is currently owned by hedge funds and other institutional investors.

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About Mercantile Bank

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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