Mercantile Bank (MBWM) Upgraded to “Outperform” at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a market perform rating to an outperform rating in a research report sent to investors on Thursday morning, Marketbeat.com reports.
A number of other equities analysts have also recently issued reports on the company. BidaskClub cut Mercantile Bank from a hold rating to a sell rating in a report on Tuesday, December 12th. Zacks Investment Research upgraded Mercantile Bank from a hold rating to a buy rating and set a $41.00 target price on the stock in a report on Tuesday, January 2nd. Sandler O’Neill set a $39.00 target price on Mercantile Bank and gave the stock a hold rating in a report on Wednesday, January 3rd. Hovde Group restated a hold rating and set a $38.50 target price on shares of Mercantile Bank in a report on Thursday, January 18th. Finally, ValuEngine upgraded Mercantile Bank from a hold rating to a buy rating in a report on Saturday, February 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $37.50.
Shares of Mercantile Bank (NASDAQ MBWM) traded up $0.57 on Thursday, reaching $34.75. The company’s stock had a trading volume of 43,580 shares, compared to its average volume of 25,577. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08. The company has a market capitalization of $576.57, a PE ratio of 18.29, a P/E/G ratio of 1.84 and a beta of 0.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Friday, March 9th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s payout ratio is 40.00%.
Large investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC lifted its holdings in shares of Mercantile Bank by 54.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 5,286 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Mercantile Bank by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock valued at $904,000 after purchasing an additional 2,920 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Mercantile Bank by 2.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 919,589 shares of the financial services provider’s stock valued at $32,094,000 after purchasing an additional 21,408 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Mercantile Bank by 12.1% during the 4th quarter. Victory Capital Management Inc. now owns 51,950 shares of the financial services provider’s stock valued at $1,837,000 after purchasing an additional 5,600 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in shares of Mercantile Bank during the 3rd quarter valued at about $369,000. Institutional investors and hedge funds own 52.59% of the company’s stock.
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About Mercantile Bank
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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