Mercantile Bank Corp. (NASDAQ:MBWM) has been assigned an average recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $38.33.

A number of research analysts recently issued reports on MBWM shares. ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a report on Friday, October 19th. BidaskClub upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, Keefe, Bruyette & Woods increased their price target on Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a research report on Wednesday, July 18th.

Several large investors have recently added to or reduced their stakes in MBWM. Wells Fargo & Company MN boosted its position in shares of Mercantile Bank by 3.9% in the 1st quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock valued at $2,036,000 after purchasing an additional 2,326 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Mercantile Bank by 5.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 992,880 shares of the financial services provider’s stock valued at $33,013,000 after purchasing an additional 46,952 shares during the period. Millennium Management LLC boosted its position in shares of Mercantile Bank by 40.2% in the 1st quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock valued at $4,291,000 after purchasing an additional 37,032 shares during the period. Royal Bank of Canada boosted its position in shares of Mercantile Bank by 9.6% in the 1st quarter. Royal Bank of Canada now owns 220,880 shares of the financial services provider’s stock valued at $7,344,000 after purchasing an additional 19,273 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Mercantile Bank by 184.3% in the 2nd quarter. Acadian Asset Management LLC now owns 19,983 shares of the financial services provider’s stock valued at $738,000 after purchasing an additional 12,955 shares during the period. Institutional investors and hedge funds own 55.13% of the company’s stock.

NASDAQ:MBWM traded down $0.44 during mid-day trading on Friday, reaching $32.38. 21,981 shares of the stock were exchanged, compared to its average volume of 32,594. The firm has a market cap of $543.46 million, a P/E ratio of 17.13, a PEG ratio of 1.68 and a beta of 0.67. Mercantile Bank has a 1-year low of $29.60 and a 1-year high of $38.47. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.75.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.61. The firm had revenue of $34.55 million for the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. Sell-side analysts expect that Mercantile Bank will post 2.44 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Friday, December 7th will be given a $0.25 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, December 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.09%. Mercantile Bank’s dividend payout ratio (DPR) is 50.79%.

About Mercantile Bank

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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