Mercantile Bank (MBWM) Stock Rating Lowered by ValuEngine
ValuEngine lowered shares of Mercantile Bank (NASDAQ:MBWM) from a buy rating to a hold rating in a research report report published on Thursday morning.
A number of other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Mercantile Bank from a market perform rating to an outperform rating in a research report on Thursday. BidaskClub cut Mercantile Bank from a sell rating to a strong sell rating in a research report on Tuesday, February 27th. Zacks Investment Research cut Mercantile Bank from a buy rating to a hold rating in a research report on Wednesday, February 14th. Hovde Group reiterated a hold rating and issued a $38.50 target price on shares of Mercantile Bank in a research report on Thursday, January 18th. Finally, Sandler O’Neill set a $39.00 target price on Mercantile Bank and gave the company a hold rating in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Mercantile Bank presently has a consensus rating of Hold and an average target price of $37.50.
Mercantile Bank (NASDAQ MBWM) opened at $34.75 on Thursday. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $576.58, a PE ratio of 18.29, a price-to-earnings-growth ratio of 1.84 and a beta of 0.70.
The company also recently declared 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 is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Thursday, March 8th. Mercantile Bank’s payout ratio is 40.00%.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Mercantile Bank by 3.8% during the fourth quarter. BlackRock Inc. now owns 967,524 shares of the financial services provider’s stock worth $34,220,000 after purchasing an additional 35,130 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Mercantile Bank by 2.4% during the third quarter. Dimensional Fund Advisors LP now owns 919,589 shares of the financial services provider’s stock worth $32,094,000 after purchasing an additional 21,408 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Mercantile Bank by 7.1% during the second quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock worth $21,449,000 after purchasing an additional 45,330 shares during the last quarter. State Street Corp grew its holdings in shares of Mercantile Bank by 6.6% during the second quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock worth $9,629,000 after purchasing an additional 19,017 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Mercantile Bank by 5.2% during the second quarter. Northern Trust Corp now owns 200,386 shares of the financial services provider’s stock worth $6,309,000 after purchasing an additional 9,932 shares during the last quarter. Institutional investors own 52.79% 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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