Mercantile Bank (NASDAQ:MBWM) Upgraded to “Hold” at ValuEngine

ValuEngine upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a hold rating in a report released on Tuesday morning, ValuEngine reports.

A number of other research firms have also commented on MBWM. Zacks Investment Research lowered shares of Mercantile Bank from a hold rating to a sell rating in a research note on Thursday, September 19th. BidaskClub downgraded shares of Mercantile Bank from a sell rating to a strong sell rating in a research report on Saturday.

NASDAQ:MBWM traded up $0.12 during trading hours on Tuesday, reaching $34.85. 1,469 shares of the company’s stock were exchanged, compared to its average volume of 38,491. The company has a market capitalization of $575.85 million, a P/E ratio of 13.77 and a beta of 0.84. Mercantile Bank has a 12 month low of $26.40 and a 12 month high of $36.69. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.01. The business’s 50-day simple moving average is $35.31 and its two-hundred day simple moving average is $32.92.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.14. Mercantile Bank had a return on equity of 11.39% and a net margin of 26.36%. The company had revenue of $38.28 million for the quarter, compared to analysts’ expectations of $36.69 million. As a group, sell-side analysts anticipate that Mercantile Bank will post 2.69 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, December 5th. Mercantile Bank’s payout ratio is 42.69%.

In other news, Director Michael H. Price sold 2,947 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $35.48, for a total value of $104,559.56. Following the completion of the sale, the director now owns 54,206 shares of the company’s stock, valued at $1,923,228.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Robert T. Worthington sold 2,500 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $35.10, for a total value of $87,750.00. Following the completion of the sale, the chief operating officer now directly owns 9,768 shares of the company’s stock, valued at approximately $342,856.80. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. purchased a new position in Mercantile Bank during the 2nd quarter valued at about $101,000. Meeder Asset Management Inc. grew its position in Mercantile Bank by 49.2% during the second quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 1,349 shares in the last quarter. Aperio Group LLC purchased a new position in Mercantile Bank during the second quarter valued at approximately $146,000. Bailard Inc. acquired a new position in Mercantile Bank in the 3rd quarter valued at approximately $200,000. Finally, Prudential Financial Inc. acquired a new position in Mercantile Bank in the 2nd quarter valued at approximately $234,000. 54.96% of the stock is owned by hedge funds and other institutional investors.

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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