Mercantile Bank (NASDAQ:MBWM) Shares Gap Down to $34.13

Shares of Mercantile Bank Co. (NASDAQ:MBWM – Get Rating) gapped down before the market opened on Thursday . The stock had previously closed at $34.13, but opened at $33.29. Mercantile Bank shares last traded at $33.29, with a volume of 1 shares.

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of recent analyst reports. StockNews.com lowered Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, December 15th. Raymond James upped their price objective on Mercantile Bank from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, October 19th. Finally, Piper Sandler dropped their price objective on Mercantile Bank to $33.00 in a report on Thursday, September 29th.

Mercantile Bank Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.14. The company has a market cap of $556.58 million, a price-to-earnings ratio of 10.89 and a beta of 0.98. The company has a fifty day simple moving average of $34.04 and a two-hundred day simple moving average of $33.44.

Mercantile Bank (NASDAQ:MBWM – Get Rating) last posted its earnings results on Tuesday, October 18th. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $49.63 million for the quarter, compared to analyst estimates of $47.40 million. Mercantile Bank had a return on equity of 12.45% and a net margin of 25.77%. On average, equities research analysts anticipate that Mercantile Bank Co. will post 3.67 earnings per share for the current fiscal year.

Institutional Trading of Mercantile Bank

Several large investors have recently bought and sold shares of MBWM. American Century Companies Inc. lifted its position in shares of Mercantile Bank by 29.0% in the first quarter. American Century Companies Inc. now owns 73,259 shares of the financial services provider’s stock valued at $2,595,000 after acquiring an additional 16,465 shares in the last quarter. US Bancorp DE lifted its position in shares of Mercantile Bank by 18.5% in the first quarter. US Bancorp DE now owns 6,180 shares of the financial services provider’s stock valued at $219,000 after acquiring an additional 966 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Mercantile Bank by 57.0% in the first quarter. MetLife Investment Management LLC now owns 8,397 shares of the financial services provider’s stock valued at $297,000 after acquiring an additional 3,047 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Mercantile Bank by 61.6% in the first quarter. Panagora Asset Management Inc. now owns 10,452 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 3,985 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Mercantile Bank by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock valued at $40,873,000 after acquiring an additional 5,838 shares in the last quarter. Institutional investors and hedge funds own 55.50% of the company’s stock.

Mercantile Bank Company Profile

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Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.