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

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

Several other brokerages have also issued reports on MBWM. Keefe, Bruyette & Woods upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st. Hovde Group restated a “hold” rating and set a $37.00 target price on shares of Mercantile Bank in a research report on Wednesday, April 18th. Sandler O’Neill set a $37.00 target price on Mercantile Bank and gave the company a “hold” rating in a research report on Tuesday, March 27th. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research report on Tuesday, January 2nd. Finally, ValuEngine lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Mercantile Bank currently has an average rating of “Hold” and an average target price of $36.80.

MBWM traded up $0.44 on Tuesday, hitting $36.20. The company had a trading volume of 33,886 shares, compared to its average volume of 35,609. The firm has a market cap of $588.73, a P/E ratio of 19.15, a P/E/G ratio of 1.80 and a beta of 0.71. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08. 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 (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.10. The company had revenue of $34.58 million during the quarter, compared to analyst estimates of $33.03 million. Mercantile Bank had a return on equity of 9.54% and a net margin of 23.13%. research analysts forecast that Mercantile Bank will post 2.46 earnings per share for the current fiscal year.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $34.28, for a total transaction of $237,560.40. Following the completion of the transaction, the director now owns 20,143 shares in the company, valued at $690,502.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of Mercantile Bank during the third quarter valued at approximately $144,000. Teacher Retirement System of Texas bought a new stake in shares of Mercantile Bank during the fourth quarter valued at approximately $200,000. MetLife Investment Advisors LLC bought a new stake in shares of Mercantile Bank during the fourth quarter valued at approximately $306,000. Goldman Sachs Group Inc. raised its stake in shares of Mercantile Bank by 14.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,783 shares of the financial services provider’s stock valued at $735,000 after acquiring an additional 2,613 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Mercantile Bank by 9.4% during the third quarter. Russell Investments Group Ltd. now owns 22,489 shares of the financial services provider’s stock valued at $784,000 after acquiring an additional 1,927 shares in the last quarter. 52.83% of the stock is owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: This article was originally published by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this article on another site, it was illegally stolen and republished in violation of U.S. and international trademark & copyright law. The legal version of this article can be viewed at https://www.chaffeybreeze.com/2018/04/25/mercantile-bank-mbwm-lifted-to-hold-at-bidaskclub.html.

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.

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