Mercantile Bank Corp. (NASDAQ:MBWM) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Tuesday. They currently have a $35.00 price objective on the financial services provider’s stock, up from their prior price objective of $30.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 6.67% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Mercantile Bank Corp. from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Thursday, October 20th. Hovde Group started coverage on shares of Mercantile Bank Corp. in a research note on Monday, November 21st. They set a “market perform” rating and a $32.00 price objective for the company. Finally, Raymond James Financial Inc. raised shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Thursday, August 25th.

Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 32.81 on Tuesday. Mercantile Bank Corp. has a 12 month low of $20.84 and a 12 month high of $35.00. The firm has a 50-day moving average price of $29.34 and a 200-day moving average price of $26.39. The stock has a market cap of $534.87 million, a price-to-earnings ratio of 17.74 and a beta of 0.88.

Mercantile Bank Corp. (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Mercantile Bank Corp. had a net margin of 22.00% and a return on equity of 8.87%. Equities analysts expect that Mercantile Bank Corp. will post $1.92 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Friday, December 9th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.68 dividend on an annualized basis and a yield of 2.07%. Mercantile Bank Corp.’s dividend payout ratio (DPR) is currently 36.56%.

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A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of 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 shares of 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 bought a new position in shares of Mercantile Bank Corp. during the second quarter worth $182,000. FormulaFolio Investments LLC bought a new position in shares of Mercantile Bank Corp. during the third quarter worth $205,000. Finally, Spark Investment Management LLC bought a new position in shares of Mercantile Bank Corp. during the second quarter worth $207,000. Hedge funds and other institutional investors own 47.94% of the company’s stock.

Mercantile Bank Corp. Company Profile

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.

5 Day Chart for NASDAQ:MBWM

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