StockNews.com Downgrades Mercantile Bank (NASDAQ:MBWM) to Hold

Mercantile Bank (NASDAQ:MBWM – Get Rating) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

MBWM has been the subject of a number of other research reports. Piper Sandler raised shares of Mercantile Bank from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $38.00 to $40.00 in a report on Tuesday, March 7th. Raymond James lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 18th.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $30.55 on Wednesday. The firm has a market cap of $488.49 million, a price-to-earnings ratio of 7.94 and a beta of 0.98. The company has a 50 day moving average of $34.30 and a 200-day moving average of $33.52. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. Mercantile Bank has a 1-year low of $29.26 and a 1-year high of $39.03.

Mercantile Bank (NASDAQ:MBWM – Get Rating) last issued its quarterly earnings results on Tuesday, January 17th. The financial services provider reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.18. The business had revenue of $58.46 million during the quarter, compared to analyst estimates of $53.70 million. Mercantile Bank had a net margin of 28.55% and a return on equity of 14.18%. On average, equities analysts forecast that Mercantile Bank will post 4.46 earnings per share for the current fiscal year.

Insider Transactions at Mercantile Bank

In other news, Director David B. Ramaker purchased 1,500 shares of Mercantile Bank stock in a transaction dated Friday, January 20th. The shares were bought at an average cost of $33.33 per share, with a total value of $49,995.00. Following the completion of the transaction, the director now directly owns 7,394 shares in the company, valued at approximately $246,442.02. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.64% of the company’s stock.

Hedge Funds Weigh In On Mercantile Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in MBWM. American Century Companies Inc. lifted its position in Mercantile Bank by 29.0% in the 1st 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 Mercantile Bank by 18.5% in the 1st 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 Mercantile Bank by 57.0% in the 1st 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 Mercantile Bank by 61.6% in the 1st 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 Mercantile Bank by 0.5% in the 1st 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. 55.50% of the stock is owned by institutional investors.

Mercantile Bank Company Profile

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Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. It offers checking and savings accounts, credit and debit cards, mobile and Internet banking, business loans, mobile wallet, health savings account, and treasury management services. The company was founded on July 15, 1997 and is headquartered in Grand Rapids, MI.