Mercantile Bank Corp. (NASDAQ:MBWM) has been given a consensus rating of “Hold” by the six analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating and four have issued a hold rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $38.17.
A number of equities analysts have commented on MBWM shares. BidaskClub raised shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Thursday, January 17th. Hovde Group reaffirmed a “hold” rating and set a $36.50 price objective on shares of Mercantile Bank in a research report on Monday, January 28th. Zacks Investment Research raised shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 14th. Finally, ValuEngine raised shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th.
Shares of NASDAQ:MBWM traded up $0.05 during midday trading on Friday, hitting $33.97. The stock had a trading volume of 68,907 shares, compared to its average volume of 42,272. Mercantile Bank has a 12 month low of $26.40 and a 12 month high of $38.47. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $554.52 million, a PE ratio of 13.43, a P/E/G ratio of 1.65 and a beta of 0.84.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.09. Mercantile Bank had a net margin of 26.10% and a return on equity of 11.22%. The firm had revenue of $36.19 million during the quarter, compared to analysts’ expectations of $34.60 million. On average, equities analysts predict that Mercantile Bank will post 2.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 20th. Shareholders of record on Friday, March 8th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.06%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, March 7th. Mercantile Bank’s payout ratio is 41.11%.
In other Mercantile Bank news, Director Edward B. Grant sold 2,000 shares of Mercantile Bank stock in a transaction on Friday, January 25th. The shares were sold at an average price of $34.33, for a total transaction of $68,660.00. Following the completion of the transaction, the director now directly owns 19,043 shares of the company’s stock, valued at $653,746.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in MBWM. Northern Trust Corp boosted its position in shares of Mercantile Bank by 1.2% in the second quarter. Northern Trust Corp now owns 196,691 shares of the financial services provider’s stock valued at $7,270,000 after acquiring an additional 2,347 shares during the period. First Trust Advisors LP boosted its position in shares of Mercantile Bank by 11.2% in the third quarter. First Trust Advisors LP now owns 75,239 shares of the financial services provider’s stock valued at $2,511,000 after acquiring an additional 7,558 shares during the period. Wells Fargo & Company MN boosted its position in shares of Mercantile Bank by 18.6% in the third quarter. Wells Fargo & Company MN now owns 82,637 shares of the financial services provider’s stock valued at $2,758,000 after acquiring an additional 12,982 shares during the period. First National Bank of Omaha boosted its position in shares of Mercantile Bank by 12.4% in the third quarter. First National Bank of Omaha now owns 29,575 shares of the financial services provider’s stock valued at $987,000 after acquiring an additional 3,255 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Mercantile Bank by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 112,206 shares of the financial services provider’s stock valued at $3,745,000 after acquiring an additional 1,562 shares during the period. 55.14% of the stock is owned by hedge funds and other institutional investors.
About Mercantile Bank
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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