Shares of Mercantile Bank Corp. (NASDAQ:MBWM) have earned an average recommendation of “Hold” from the seven research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $36.83.

MBWM has been the subject of a number of research analyst reports. Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the company a “hold” rating in a research note on Wednesday, January 3rd. BidaskClub upgraded Mercantile Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, January 13th. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. Zacks Investment Research cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. Finally, Keefe, Bruyette & Woods upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating in a research note on Thursday, March 1st.

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Mercantile Bank stock opened at $34.61 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. Mercantile Bank has a one year low of $28.92 and a one year high of $38.08. The stock has a market capitalization of $565.99, a price-to-earnings ratio of 18.31, a price-to-earnings-growth ratio of 1.80 and a beta of 0.71.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.02). Mercantile Bank had a net margin of 21.64% and a return on equity of 8.72%. The business had revenue of $32.91 million during the quarter, compared to analysts’ expectations of $32.93 million. equities analysts predict that Mercantile Bank will post 2.37 earnings per share for the current year.

In other news, Director Thomas R. Sullivan sold 6,930 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $34.28, for a total value of $237,560.40. Following the transaction, the director now directly owns 20,143 shares of the company’s stock, valued at $690,502.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Mercantile Bank by 3.8% in the fourth quarter. BlackRock Inc. now owns 967,524 shares of the financial services provider’s stock valued at $34,220,000 after purchasing an additional 35,130 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Mercantile Bank by 2.4% in the third 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 during the period. Bank of New York Mellon Corp increased its holdings in shares of Mercantile Bank by 2.9% in the fourth quarter. Bank of New York Mellon Corp now owns 112,722 shares of the financial services provider’s stock valued at $3,987,000 after purchasing an additional 3,149 shares during the period. Millennium Management LLC acquired a new position in shares of Mercantile Bank in the fourth quarter valued at about $3,255,000. Finally, Thomson Horstmann & Bryant Inc. increased its holdings in shares of Mercantile Bank by 3.1% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 89,619 shares of the financial services provider’s stock valued at $3,169,000 after purchasing an additional 2,704 shares during the period. 52.79% of the stock is currently owned by institutional investors and hedge funds.

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Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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