Mercantile Bank (MBWM) Stock Rating Upgraded by Zacks Investment Research

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Mercantile Bank (NASDAQ:MBWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday, Zacks.com reports. The firm presently has a $37.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.27% from the stock’s current price.

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 analysts also recently issued reports about the stock. BidaskClub downgraded shares of Mercantile Bank from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 26th. ValuEngine upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Finally, Hovde Group restated a “hold” rating and set a $36.50 target price on shares of Mercantile Bank in a report on Monday, January 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Mercantile Bank presently has an average rating of “Hold” and a consensus price target of $38.17.

NASDAQ MBWM opened at $33.86 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.08 and a current ratio of 1.08. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $38.47. The company has a market capitalization of $555.98 million, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, January 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.09. The business had revenue of $36.19 million for the quarter, compared to the consensus estimate of $34.60 million. Mercantile Bank had a net margin of 26.10% and a return on equity of 11.22%. On average, analysts predict that Mercantile Bank will post 2.57 EPS for the current fiscal year.

In related news, Director Edward B. Grant sold 2,000 shares of the business’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $34.33, for a total transaction of $68,660.00. Following the transaction, the director now directly owns 19,043 shares in the company, valued at $653,746.19. The sale was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Mercantile Bank by 5.4% in the fourth quarter. Geode Capital Management LLC now owns 181,056 shares of the financial services provider’s stock valued at $5,116,000 after purchasing an additional 9,214 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Mercantile Bank by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock valued at $31,964,000 after purchasing an additional 49,382 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Mercantile Bank by 406.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,507 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 4,420 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Mercantile Bank by 10.0% in the fourth quarter. Bank of America Corp DE now owns 177,113 shares of the financial services provider’s stock valued at $5,005,000 after purchasing an additional 16,081 shares during the last quarter. Finally, Claybrook Capital LLC acquired a new position in shares of Mercantile Bank in the fourth quarter valued at $220,000. Hedge funds and other institutional investors own 55.74% 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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