Mercantile Bank Corporation (MBWM) Receives $34.00 Average Target Price from Analysts
Mercantile Bank Corporation (NASDAQ:MBWM) has earned an average rating of “Hold” from the six research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $34.00.
Several brokerages have recently commented on MBWM. DA Davidson began coverage on Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 target price for the company. ValuEngine downgraded Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research downgraded Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st.
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Shares of Mercantile Bank Corporation (NASDAQ:MBWM) traded down 0.18% on Monday, hitting $33.39. The stock had a trading volume of 11,227 shares. The company has a market cap of $550.33 million, a PE ratio of 17.71 and a beta of 0.68. The stock’s 50-day moving average price is $30.94 and its 200 day moving average price is $32.25. Mercantile Bank Corporation has a 52 week low of $26.30 and a 52 week high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The company had revenue of $31.24 million during the quarter, compared to the consensus estimate of $31.27 million. On average, analysts predict that Mercantile Bank Corporation will post $1.88 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Friday, September 8th were paid a $0.19 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.27%. Mercantile Bank Corporation’s payout ratio is 40.43%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dubuque Bank & Trust Co. boosted its stake in Mercantile Bank Corporation by 9.0% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 366 shares during the period. TFS Capital LLC bought a new stake in Mercantile Bank Corporation in the 1st quarter valued at $226,000. Envestnet Asset Management Inc. bought a new stake in Mercantile Bank Corporation in the 1st quarter valued at $257,000. Menta Capital LLC bought a new stake in Mercantile Bank Corporation in the 1st quarter valued at $328,000. Finally, Parametric Portfolio Associates LLC boosted its stake 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 valued at $336,000 after purchasing an additional 2,866 shares during the period. Institutional investors and hedge funds own 52.86% of the company’s stock.
Mercantile Bank Corporation 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 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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