Mercantile Bank Co. (NASDAQ:MBWM – Get Rating) shares saw strong trading volume on Tuesday . 2,715 shares traded hands during mid-day trading, a decline of 90% from the previous session’s volume of 28,242 shares.The stock last traded at $34.87 and had previously closed at $35.36.
Analyst Ratings Changes
A number of analysts recently weighed in on the stock. StockNews.com raised shares of Mercantile Bank from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Piper Sandler lowered their price target on shares of Mercantile Bank to $33.00 in a report on Thursday, September 29th. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Thursday, July 28th. Finally, Raymond James lifted their target price on shares of Mercantile Bank from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, October 19th.
Mercantile Bank Stock Down 1.0 %
The business’s fifty day simple moving average is $32.93 and its 200 day simple moving average is $32.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.14. The stock has a market cap of $550.85 million, a price-to-earnings ratio of 10.78 and a beta of 1.01.
Mercantile Bank Dividend Announcement
Hedge Funds Weigh In On Mercantile Bank
Institutional investors and hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $42,000. SWS Partners acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $43,000. Amalgamated Bank acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $65,000. Nisa Investment Advisors LLC lifted its position in Mercantile Bank by 14.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,990 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 370 shares in the last quarter. Finally, UBS Group AG lifted its position in Mercantile Bank by 21.7% in the 3rd quarter. UBS Group AG now owns 3,436 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 612 shares in the last quarter. Institutional investors and hedge funds own 56.72% of the company’s stock.
About Mercantile Bank
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.
- Get a free copy of the StockNews.com research report on Mercantile Bank (MBWM)
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