Mercantile Bank (NASDAQ:MBWM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment. “
Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Saturday, September 8th. ValuEngine cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Mercantile Bank presently has a consensus rating of “Hold” and an average target price of $39.00.
Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. Mercantile Bank had a net margin of 24.66% and a return on equity of 10.33%. The firm had revenue of $34.55 million during the quarter, compared to analysts’ expectations of $34.60 million. As a group, research analysts forecast that Mercantile Bank will post 2.44 earnings per share for the current year.
Several institutional investors have recently modified their holdings of MBWM. BlackRock Inc. increased its stake in shares of Mercantile Bank by 13.1% in the 2nd quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock worth $39,904,000 after acquiring an additional 125,179 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Mercantile Bank in the 3rd quarter worth about $2,568,000. Renaissance Technologies LLC increased its stake in shares of Mercantile Bank by 8.0% in the 2nd quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock worth $28,109,000 after acquiring an additional 56,600 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Mercantile Bank by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock worth $38,768,000 after acquiring an additional 56,045 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Mercantile Bank by 43.4% in the 3rd quarter. Morgan Stanley now owns 126,949 shares of the financial services provider’s stock worth $4,236,000 after acquiring an additional 38,417 shares in the last quarter. Institutional investors own 55.56% 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 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.
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