Mercantile Bank (NASDAQ:MBWM) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Friday.
Several other brokerages also recently weighed in on MBWM. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Friday, October 20th. DA Davidson downgraded shares of Mercantile Bank from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a report on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $34.00 target price on shares of Mercantile Bank in a report on Tuesday, October 3rd. Finally, Sandler O’Neill set a $39.00 target price on shares of Mercantile Bank and gave the company a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $37.25.
Shares of Mercantile Bank (NASDAQ:MBWM) traded down $0.16 during trading hours on Friday, hitting $35.10. 43,903 shares of the stock traded hands, compared to its average volume of 36,325. The stock has a market capitalization of $577.54, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.97 and a beta of 0.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73. Mercantile Bank has a 1-year low of $28.92 and a 1-year high of $38.08.
In related news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction dated 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 directly owns 20,273 shares in the company, valued at approximately $750,911.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,739 shares of company stock worth $796,835. 3.20% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Mercantile Bank during the third quarter worth about $144,000. Essex Investment Management Co. LLC purchased a new stake in Mercantile Bank during the third quarter worth about $369,000. Parametric Portfolio Associates LLC boosted its holdings in Mercantile Bank by 54.1% during the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock worth $474,000 after buying an additional 5,286 shares in the last quarter. PDT Partners LLC purchased a new stake in Mercantile Bank during the second quarter worth about $482,000. Finally, New York State Common Retirement Fund boosted its holdings in Mercantile Bank by 9.3% during the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after buying an additional 1,499 shares in the last quarter. 54.06% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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