Mercantile Bank (MBWM) Downgraded to Sell at BidaskClub
BidaskClub cut shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a report released on Tuesday.
Several other research firms have also recently weighed in on MBWM. Zacks Investment Research raised Mercantile Bank from a hold rating to a buy rating and set a $42.00 price target on the stock in a report on Friday, October 20th. DA Davidson lowered Mercantile Bank from a buy rating to a neutral rating and set a $35.00 price objective for the company. in a research note on Thursday, September 28th. Keefe, Bruyette & Woods restated a hold rating and issued a $34.00 price objective on shares of Mercantile Bank in a research note on Tuesday, October 3rd. Finally, ValuEngine upgraded Mercantile Bank from a hold rating to a buy rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $36.33.
Mercantile Bank (NASDAQ:MBWM) opened at $34.83 on Tuesday. The firm has a market capitalization of $573.75, a price-to-earnings ratio of 18.22, a PEG ratio of 2.27 and a beta of 0.67. 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 twelve month low of $28.92 and a twelve month high of $38.68.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. The firm had revenue of $33.25 million for the quarter, compared to analysts’ expectations of $32.20 million. Mercantile Bank had a return on equity of 8.91% and a net margin of 22.18%. sell-side analysts predict that Mercantile Bank will post 1.91 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be paid a $0.19 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.76 dividend on an annualized basis and a yield of 2.18%. Mercantile Bank’s payout ratio is presently 39.79%.
In other news, Director Thomas R. Sullivan sold 5,800 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at $755,980.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 5,200 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $35.15, for a total value of $182,780.00. Following the transaction, the director now owns 15,073 shares of the company’s stock, valued at approximately $529,815.95. The disclosure for this sale can be found here. Insiders sold a total of 21,739 shares of company stock valued at $796,835 in the last quarter. 3.20% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of MBWM. SG Americas Securities LLC purchased a new position in shares of Mercantile Bank during the third quarter valued at about $144,000. Essex Investment Management Co. LLC bought a new position in shares of Mercantile Bank in the 3rd quarter valued at about $369,000. IndexIQ Advisors LLC bought a new position in shares of Mercantile Bank in the 2nd quarter valued at about $433,000. Parametric Portfolio Associates LLC lifted its holdings in shares of Mercantile Bank by 54.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 5,286 shares during the last quarter. Finally, PDT Partners LLC bought a new position in shares of Mercantile Bank in the 2nd quarter valued at about $482,000. Hedge funds and other institutional investors own 54.15% 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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