Sandler O’Neill set a $39.00 price target on Mercantile Bank (NASDAQ:MBWM) in a research note published on Wednesday. The firm currently has a hold rating on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on the stock. DA Davidson upgraded shares of Mercantile Bank from a neutral rating to a buy rating and set a $35.00 price objective for the company in a research note on Monday, September 11th. BidaskClub downgraded shares of Mercantile Bank from a hold rating to a sell rating in a research note on Tuesday, December 12th. Zacks Investment Research upgraded shares of Mercantile Bank from a hold rating to a buy rating and set a $40.00 price objective for the company in a research note on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $34.00 price objective on shares of Mercantile Bank in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $37.25.

Shares of Mercantile Bank (NASDAQ:MBWM) opened at $35.10 on Wednesday. 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 52 week low of $28.92 and a 52 week high of $38.08. The stock has a market cap of $576.24, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.99 and a beta of 0.68.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Mercantile Bank had a net margin of 22.18% and a return on equity of 8.91%. The company had revenue of $33.25 million during the quarter, compared to the consensus estimate of $32.20 million. sell-side analysts predict that Mercantile Bank will post 1.91 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th were given a dividend of $0.19 per share. The ex-dividend date was Thursday, December 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.17%. Mercantile Bank’s payout ratio is currently 39.79%.

In other news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the transaction, the director now directly owns 20,273 shares of the company’s stock, valued at $755,980.17. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 5,200 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the transaction, the director now directly owns 15,073 shares in the company, valued at $529,815.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,739 shares of company stock worth $796,835. Corporate insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position 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 in the last quarter. Vanguard Group Inc. raised its holdings in Mercantile Bank by 7.1% in the second quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock valued at $21,449,000 after acquiring an additional 45,330 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Mercantile Bank by 1.8% in the second quarter. Renaissance Technologies LLC now owns 681,215 shares of the financial services provider’s stock valued at $21,445,000 after acquiring an additional 12,300 shares in the last quarter. North Star Asset Management Inc. raised its holdings in Mercantile Bank by 1.4% in the third quarter. North Star Asset Management Inc. now owns 320,769 shares of the financial services provider’s stock valued at $11,035,000 after acquiring an additional 4,353 shares in the last quarter. Finally, State Street Corp raised its holdings in Mercantile Bank by 6.6% in the second quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock valued at $9,629,000 after acquiring an additional 19,017 shares in the last quarter. 54.06% of the stock is currently owned by institutional investors and hedge funds.

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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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