Mercantile Bank Corporation (MBWM) Upgraded at DA Davidson
DA Davidson upgraded shares of Mercantile Bank Corporation (NASDAQ:MBWM) from a neutral rating to a buy rating in a research note released on Monday morning, MarketBeat reports. DA Davidson currently has $35.00 price objective on the financial services provider’s stock.
Other analysts have also recently issued reports about the company. ValuEngine upgraded Mercantile Bank Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Zacks Investment Research cut Mercantile Bank Corporation from a hold rating to a sell rating in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $35.00.
Mercantile Bank Corporation (NASDAQ MBWM) opened at 30.97 on Monday. Mercantile Bank Corporation has a one year low of $26.04 and a one year high of $38.68. The stock has a 50 day moving average price of $31.02 and a 200-day moving average price of $32.32. The stock has a market capitalization of $510.45 million, a P/E ratio of 16.43 and a beta of 0.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. The company had revenue of $31.24 million for the quarter, compared to analysts’ expectations of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. Analysts anticipate that Mercantile Bank Corporation will post $1.88 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be paid a $0.19 dividend. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 7th. Mercantile Bank Corporation’s dividend payout ratio (DPR) is presently 40.43%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Dubuque Bank & Trust Co. raised its stake in shares of 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 valued at $140,000 after acquiring an additional 366 shares in the last quarter. TFS Capital LLC acquired a new stake in shares of Mercantile Bank Corporation in the first quarter valued at $226,000. Envestnet Asset Management Inc. acquired a new stake in shares of Mercantile Bank Corporation in the first quarter valued at $257,000. Menta Capital LLC acquired a new stake in shares of Mercantile Bank Corporation in the first quarter valued at $328,000. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 2,866 shares in the last quarter. Institutional investors and hedge funds 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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