Mercantile Bank Corporation (MBWM) Lifted to Buy at Zacks Investment Research
Mercantile Bank Corporation (NASDAQ:MBWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $42.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.60% from the company’s previous close.
According to Zacks, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment. “
Several other equities research analysts have also commented on the stock. DA Davidson upgraded shares of Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Monday, September 11th. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Mercantile Bank Corporation currently has an average rating of “Hold” and an average target price of $35.75.
Shares of Mercantile Bank Corporation (MBWM) opened at 37.30 on Friday. The stock has a market cap of $614.78 million, a price-to-earnings ratio of 19.79 and a beta of 0.72. The firm has a 50-day moving average price of $33.53 and a 200-day moving average price of $32.52. Mercantile Bank Corporation has a one year low of $26.54 and a one year high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The company had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. Analysts anticipate that Mercantile Bank Corporation will post $1.86 earnings per share for the current fiscal year.
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Several large investors have recently made changes to their positions in MBWM. Wellington Management Group LLP acquired a new stake in shares of Mercantile Bank Corporation in the first quarter valued at approximately $4,710,000. Vanguard Group Inc. increased its stake in shares of Mercantile Bank Corporation by 7.1% in the second quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock valued at $21,449,000 after purchasing an additional 45,330 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Mercantile Bank Corporation by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 866,358 shares of the financial services provider’s stock valued at $29,803,000 after purchasing an additional 34,121 shares during the period. Tributary Capital Management LLC increased its stake in shares of Mercantile Bank Corporation by 12.1% in the second quarter. Tributary Capital Management LLC now owns 296,508 shares of the financial services provider’s stock valued at $9,334,000 after purchasing an additional 31,993 shares during the period. Finally, Menta Capital LLC increased its stake in shares of Mercantile Bank Corporation by 312.2% in the second quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock valued at $1,238,000 after purchasing an additional 29,797 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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