Trading Report: Today, Mercantile Bank Corp. (MBWM) Earns Market Perform Rating from Analysts at Hovde Group

Today, Mercantile Bank Corp. (MBWM) Earns Market Perform Rating from Analysts at Hovde Group

Hovde Group began coverage on shares of Mercantile Bank Corp. (NASDAQ:MBWM) in a report issued on Monday morning. The brokerage issued a market perform rating and a $32.00 target price on the financial services provider’s stock.

Several other analysts have also recently weighed in on MBWM. Zacks Investment Research raised shares of Mercantile Bank Corp. from a hold rating to a buy rating and set a $31.00 price objective on the stock in a research note on Thursday, October 20th. Raymond James Financial Inc. raised shares of Mercantile Bank Corp. from a market perform rating to an outperform rating and set a $23.00 price objective on the stock in a research note on Thursday, August 25th.

Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 34.22 on Monday. The firm has a 50 day moving average price of $28.93 and a 200 day moving average price of $26.21. Mercantile Bank Corp. has a 1-year low of $20.84 and a 1-year high of $34.79. The firm has a market cap of $557.85 million, a P/E ratio of 18.51 and a beta of 0.88.

Mercantile Bank Corp. (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 18th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Mercantile Bank Corp. had a net margin of 22.00% and a return on equity of 8.87%. Analysts anticipate that Mercantile Bank Corp. will post $1.92 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Friday, December 9th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.68 annualized dividend and a dividend yield of 1.99%. Mercantile Bank Corp.’s dividend payout ratio is 36.56%.

Hedge funds have recently modified their holdings of the stock. Huntington National Bank boosted its stake in shares of Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares during the period. BlackRock Inc. boosted its stake in shares of Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,068 shares during the period. Acrospire Investment Management LLC boosted its stake in shares of Mercantile Bank Corp. by 318.3% in the second quarter. Acrospire Investment Management LLC now owns 6,433 shares of the financial services provider’s stock worth $153,000 after buying an additional 4,895 shares during the period. Gradient Investments LLC purchased a new stake in shares of Mercantile Bank Corp. during the second quarter worth approximately $182,000. Finally, FormulaFolio Investments LLC purchased a new stake in shares of Mercantile Bank Corp. during the third quarter worth approximately $205,000. 47.11% of the stock is currently owned by institutional investors and hedge funds.

About Mercantile Bank Corp.

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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.

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