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.
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.
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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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