Mercantile Bank (NASDAQ:MBWM) Upgraded at BidaskClub

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Mercantile Bank (NASDAQ:MBWM) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Friday, BidAskClub reports.

MBWM has been the topic of several other reports. ValuEngine upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Zacks Investment Research lowered shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th.

MBWM stock opened at $36.30 on Friday. The company’s 50 day simple moving average is $35.45 and its 200-day simple moving average is $33.04. The firm has a market capitalization of $574.05 million, a PE ratio of 14.35 and a beta of 0.84. Mercantile Bank has a 12 month low of $26.40 and a 12 month high of $36.69. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.08 and a quick ratio of 1.08.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.63 by $0.14. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $36.69 million. Mercantile Bank had a net margin of 26.36% and a return on equity of 11.39%. As a group, sell-side analysts anticipate that Mercantile Bank will post 2.69 earnings per share for the current year.

In related news, COO Robert T. Worthington sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $35.10, for a total transaction of $87,750.00. Following the transaction, the chief operating officer now owns 9,768 shares of the company’s stock, valued at $342,856.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Price sold 2,947 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $35.48, for a total transaction of $104,559.56. Following the transaction, the director now directly owns 54,206 shares in the company, valued at approximately $1,923,228.88. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. purchased a new position in Mercantile Bank during the second quarter worth approximately $101,000. Meeder Asset Management Inc. raised its stake in Mercantile Bank by 49.2% during the second quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 1,349 shares during the period. Aperio Group LLC purchased a new position in Mercantile Bank during the second quarter worth approximately $146,000. Bailard Inc. purchased a new position in Mercantile Bank during the third quarter worth approximately $200,000. Finally, Prudential Financial Inc. purchased a new position in Mercantile Bank during the second quarter worth approximately $234,000. 54.96% of the stock is currently owned by institutional investors and hedge funds.

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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