Mercantile Bank Co. (NASDAQ:MBWM) has been given a consensus rating of “Hold” by the seven analysts that are currently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $36.33.
Several research analysts recently weighed in on MBWM shares. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. Zacks Investment Research cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. BidaskClub cut Mercantile Bank from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 27th. Hovde Group reaffirmed a “hold” rating and set a $37.00 target price on shares of Mercantile Bank in a research note on Wednesday, April 18th. Finally, Sandler O’Neill set a $37.00 target price on Mercantile Bank and gave the company a “hold” rating in a research note on Tuesday, March 27th.
In related news, Director Thomas R. Sullivan sold 6,930 shares of the stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $34.28, for a total value of $237,560.40. Following the completion of the transaction, the director now owns 20,143 shares in the company, valued at approximately $690,502.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in MBWM. Millennium Management LLC acquired a new position in shares of Mercantile Bank in the 4th quarter valued at $3,255,000. Dimensional Fund Advisors LP boosted its position in shares of Mercantile Bank by 5.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 992,880 shares of the financial services provider’s stock valued at $33,013,000 after purchasing an additional 46,952 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Mercantile Bank by 151.4% in the 3rd 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. BlackRock Inc. boosted its position in shares of Mercantile Bank by 3.8% in the 4th quarter. BlackRock Inc. now owns 967,524 shares of the financial services provider’s stock valued at $34,220,000 after purchasing an additional 35,130 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Mercantile Bank by 81.0% in the 4th quarter. First Trust Advisors LP now owns 61,614 shares of the financial services provider’s stock valued at $2,179,000 after purchasing an additional 27,581 shares during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.
Mercantile Bank traded down $0.16, hitting $35.89, during trading hours on Friday, Marketbeat.com reports. 29,434 shares of the stock traded hands, compared to its average volume of 37,686. Mercantile Bank has a one year low of $28.92 and a one year high of $38.08. The stock has a market capitalization of $598.44 million, a P/E ratio of 18.99, a P/E/G ratio of 1.83 and a beta of 0.71. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.72.
Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 17th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.10. Mercantile Bank had a return on equity of 9.50% and a net margin of 23.13%. The business had revenue of $34.58 million during the quarter, compared to analysts’ expectations of $33.03 million. sell-side analysts anticipate that Mercantile Bank will post 2.46 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Friday, June 8th will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.45%. Mercantile Bank’s dividend payout ratio (DPR) is 46.56%.
Mercantile Bank Company Profile
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.
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