Mercantile Bank Corporation (MBWM) Rating Lowered to Neutral at DA Davidson
DA Davidson cut shares of Mercantile Bank Corporation (NASDAQ:MBWM) from a buy rating to a neutral rating in a research report report published on Thursday, MarketBeat.com reports. The brokerage currently has $35.00 price objective on the financial services provider’s stock.
Several other equities research analysts have also commented on the stock. ValuEngine upgraded shares of Mercantile Bank Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Zacks Investment Research downgraded Mercantile Bank Corporation from a hold rating to a sell rating in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $35.00.
Shares of Mercantile Bank Corporation (MBWM) opened at 34.90 on Thursday. The firm has a market cap of $575.22 million, a price-to-earnings ratio of 18.51 and a beta of 0.71. The company has a 50-day moving average price of $30.94 and a 200 day moving average price of $32.25. Mercantile Bank Corporation has a 52 week low of $26.41 and a 52 week high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.85%. The company had revenue of $31.24 million during the quarter, compared to the consensus estimate of $31.27 million. Analysts expect that Mercantile Bank Corporation will post $1.89 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th were given a $0.19 dividend. The ex-dividend date was Thursday, September 7th. This represents a $0.76 annualized dividend and a dividend yield of 2.18%. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio is currently 40.43%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dubuque Bank & Trust Co. raised its position in Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 366 shares during the period. Envestnet Asset Management Inc. bought a new position in Mercantile Bank Corporation in the 1st quarter worth $257,000. Menta Capital LLC bought a new position in Mercantile Bank Corporation in the 1st quarter worth $328,000. Parametric Portfolio Associates LLC raised its holdings in Mercantile Bank Corporation by 41.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 2,866 shares during the period. Finally, American International Group Inc. raised its holdings in Mercantile Bank Corporation by 7.0% in the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 640 shares during the period. Institutional investors own 52.86% of the company’s stock.
About Mercantile Bank Corporation
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 provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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