Mercantile Bank (MBWM) Rating Increased to Hold at BidaskClub

Mercantile Bank (NASDAQ:MBWM) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, October 30th.

MBWM has been the subject of a number of other reports. Zacks Investment Research downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 21st. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research note on Wednesday, July 18th. Finally, ValuEngine downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $39.00.

MBWM traded down $0.14 on Tuesday, hitting $31.18. 36,911 shares of the company traded hands, compared to its average volume of 28,358. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. The company has a market cap of $519.73 million, a PE ratio of 16.50, a P/E/G ratio of 1.61 and a beta of 0.67. Mercantile Bank has a 12-month low of $29.60 and a 12-month high of $38.47.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $34.55 million during the quarter, compared to the consensus estimate of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. As a group, sell-side analysts expect that Mercantile Bank will post 2.44 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. FMR LLC purchased a new position in Mercantile Bank in the 3rd quarter valued at approximately $103,000. Ramsey Quantitative Systems increased its stake in Mercantile Bank by 62.4% in the 3rd quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 1,658 shares in the last quarter. ClariVest Asset Management LLC purchased a new position in Mercantile Bank in the 2nd quarter valued at approximately $209,000. Voya Investment Management LLC acquired a new stake in Mercantile Bank during the 2nd quarter valued at $263,000. Finally, Paloma Partners Management Co acquired a new stake in Mercantile Bank during the 3rd quarter valued at $268,000. 55.56% 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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