Mercantile Bank (NASDAQ:MBWM) Stock Rating Upgraded by BidaskClub
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research raised Mercantile Bank from a sell rating to a hold rating in a research note on Thursday. ValuEngine raised Mercantile Bank from a sell rating to a hold rating in a research note on Thursday, August 1st.
MBWM traded up $0.30 during trading on Thursday, reaching $33.52. The company had a trading volume of 35,212 shares, compared to its average volume of 33,794. The firm’s 50-day simple moving average is $31.73 and its 200 day simple moving average is $32.58. The company has a market cap of $531.00 million, a price-to-earnings ratio of 13.26, a PEG ratio of 1.60 and a beta of 0.82. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $35.82. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.09 and a current ratio of 1.09.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Thursday, September 5th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.26. Mercantile Bank’s payout ratio is 42.69%.
Large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its stake in Mercantile Bank by 396.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,396 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 2,712 shares in the last quarter. SG Americas Securities LLC purchased a new position in Mercantile Bank during the 1st quarter valued at about $131,000. Meeder Asset Management Inc. grew its stake in Mercantile Bank by 49.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 1,349 shares in the last quarter. Aperio Group LLC purchased a new position in Mercantile Bank during the 2nd quarter valued at about $146,000. Finally, Well Done LLC purchased a new position in Mercantile Bank during the 2nd quarter valued at about $219,000. 54.67% of the stock is currently owned by institutional investors.
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.
Recommended Story: Why is the LIBOR significant?
Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.