Hovde Group Begins Coverage on Mercantile Bank Corp. (MBWM)
Investment analysts at Hovde Group began coverage on shares of Mercantile Bank Corp. (NASDAQ:MBWM) in a report released on Monday. The brokerage set a “market perform” rating on the financial services provider’s stock.
MBWM has been the topic of a number of other reports. Raymond James Financial Inc. upgraded Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Thursday, August 25th. Zacks Investment Research upgraded Mercantile Bank Corp. from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Thursday, October 20th.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 32.88 on Monday. Mercantile Bank Corp. has a 52 week low of $20.84 and a 52 week high of $33.22. The firm’s 50-day moving average price is $28.19 and its 200 day moving average price is $25.91. The company has a market capitalization of $536.01 million, a PE ratio of 17.78 and a beta of 0.88.
Mercantile Bank Corp. (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 18th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Mercantile Bank Corp. had a return on equity of 8.87% and a net margin of 22.00%. Equities analysts predict that Mercantile Bank Corp. will post $1.92 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Friday, December 9th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Wednesday, December 7th. Mercantile Bank Corp.’s dividend payout ratio is presently 36.56%.
In related news, Director Thomas R. Sullivan sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $26.87, for a total value of $134,350.00. Following the transaction, the director now directly owns 24,523 shares of the company’s stock, valued at approximately $658,933.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.44% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank raised its position in shares of Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares in the last quarter. BlackRock Inc. raised its position in Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,068 shares during the period. Acrospire Investment Management LLC raised its position in Mercantile Bank Corp. by 318.3% in the second quarter. Acrospire Investment Management LLC now owns 6,433 shares of the financial services provider’s stock worth $153,000 after buying an additional 4,895 shares during the period. Gradient Investments LLC acquired a new position in Mercantile Bank Corp. during the second quarter worth $182,000. Finally, FormulaFolio Investments LLC acquired a new position in Mercantile Bank Corp. during the third quarter worth $205,000. 47.11% of the stock is currently owned by hedge funds and other institutional investors.
About Mercantile Bank Corp.
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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