Mercantile Bank (MBWM) Downgraded by BidaskClub

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.

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

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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