Mercantile Bank (MBWM) Downgraded to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a strong sell rating in a report issued on Friday morning.

A number of other equities analysts have also recently issued reports on MBWM. 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. 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. Zacks Investment Research upgraded shares of Mercantile Bank from a hold rating to a buy rating and set a $42.00 price objective for the company in a research note on Friday, October 20th. Finally, Sandler O’Neill set a $39.00 price objective on shares of Mercantile Bank and gave the company a hold rating in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $37.25.

Shares of Mercantile Bank (MBWM) traded up $0.48 during trading on Friday, reaching $35.58. 39,300 shares of the company’s stock were exchanged, compared to its average volume of 36,920. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08. The company has a market cap of $578.86, a P/E ratio of 18.63, a PEG ratio of 1.98 and a beta of 0.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $32.20 million. analysts forecast that Mercantile Bank will post 1.91 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Thursday, December 7th. Mercantile Bank’s dividend payout ratio is 39.79%.

In related news, Director Thomas R. Sullivan sold 5,200 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the sale, the director now owns 15,073 shares in the company, valued at approximately $529,815.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The disclosure for this sale can be found here. Insiders have 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 corporate insiders.

Several institutional investors have recently made changes to their positions in MBWM. Vanguard Group Inc. grew its holdings in Mercantile Bank by 7.1% during the 2nd quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock worth $21,449,000 after acquiring an additional 45,330 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Mercantile Bank by 151.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 63,593 shares of the financial services provider’s stock worth $2,220,000 after acquiring an additional 38,293 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Mercantile Bank by 3.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 898,181 shares of the financial services provider’s stock worth $28,275,000 after acquiring an additional 31,823 shares during the last quarter. Menta Capital LLC grew its holdings in Mercantile Bank by 312.2% during the 2nd quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock worth $1,238,000 after acquiring an additional 29,797 shares during the last quarter. Finally, State Street Corp grew its holdings in Mercantile Bank by 6.6% during the 2nd quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock worth $9,629,000 after acquiring an additional 19,017 shares during the last quarter. Institutional investors and hedge funds own 54.06% 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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