Mercantile Bank (MBWM) Lifted to “Sell” at BidaskClub

Mercantile Bank (NASDAQ:MBWM) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Tuesday.

Several other analysts also recently weighed in on MBWM. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, October 20th. Sandler O’Neill set a $39.00 target price on Mercantile Bank and gave the company a “hold” rating in a research note on Wednesday, January 3rd. ValuEngine downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, Hovde Group reaffirmed a “hold” rating and set a $38.50 target price on shares of Mercantile Bank in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $37.50.

Shares of Mercantile Bank (MBWM) opened at $33.83 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $586.03, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 1.87 and a beta of 0.66. 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, January 16th. The financial services provider reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The business had revenue of $32.91 million for the quarter, compared to the consensus estimate of $32.93 million. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.78%. equities research analysts expect that Mercantile Bank will post 2.37 earnings per share for the current fiscal year.

In other news, Director Thomas R. Sullivan sold 5,200 shares of Mercantile Bank stock in a transaction on Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the transaction, the director now directly owns 15,073 shares in the company, valued at approximately $529,815.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.20% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of MBWM. Wells Fargo & Company MN increased its position in shares of Mercantile Bank by 6.8% during the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock valued at $1,172,000 after purchasing an additional 2,367 shares during the period. Alliancebernstein L.P. increased its position in shares of Mercantile Bank by 4.4% during the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after purchasing an additional 800 shares during the period. Teachers Advisors LLC increased its position in shares of Mercantile Bank by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock valued at $904,000 after purchasing an additional 2,920 shares during the period. New York State Common Retirement Fund increased its position in shares of Mercantile Bank by 9.3% during the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 1,499 shares during the period. Finally, Northern Trust Corp increased its position in shares of Mercantile Bank by 5.2% during the 2nd quarter. Northern Trust Corp now owns 200,386 shares of the financial services provider’s stock valued at $6,309,000 after purchasing an additional 9,932 shares during the period. Institutional investors own 51.71% of the company’s stock.

TRADEMARK VIOLATION WARNING: This story was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was illegally copied and reposted in violation of U.S. & international copyright & trademark legislation. The correct version of this story can be viewed at https://www.americanbankingnews.com/2018/02/06/mercantile-bank-mbwm-lifted-to-sell-at-bidaskclub.html.

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.

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.

Leave a Reply