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

Mercantile Bank (NASDAQ:MBWM) was upgraded by ValuEngine from a “sell” rating to a “hold” rating in a report issued on Monday, ValuEngine reports.

Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th. BidaskClub raised Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Thursday, September 12th.

Shares of NASDAQ:MBWM traded up $0.14 during trading on Monday, hitting $32.57. 26,200 shares of the company were exchanged, compared to its average volume of 34,092. The stock has a market cap of $529.38 million, a price-to-earnings ratio of 12.87 and a beta of 0.83. Mercantile Bank has a fifty-two week low of $26.40 and a fifty-two week high of $35.82. The firm has a fifty day moving average price of $32.06 and a two-hundred day moving average price of $32.44. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.05.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The firm had revenue of $37.45 million for the quarter, compared to analyst estimates of $35.51 million. Mercantile Bank had a return on equity of 10.95% and a net margin of 25.97%. As a group, research analysts predict that Mercantile Bank will post 2.58 EPS for the current year.

Several hedge funds have recently bought and sold shares of MBWM. Nuveen Asset Management LLC acquired a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $2,332,000. BlackRock Inc. increased its holdings in shares of Mercantile Bank by 4.2% during the 2nd quarter. BlackRock Inc. now owns 1,266,176 shares of the financial services provider’s stock worth $41,250,000 after acquiring an additional 51,451 shares during the last quarter. Bessemer Group Inc. acquired a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $733,000. Acadian Asset Management LLC increased its holdings in shares of Mercantile Bank by 34.9% during the 2nd quarter. Acadian Asset Management LLC now owns 70,736 shares of the financial services provider’s stock worth $2,305,000 after acquiring an additional 18,315 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $339,000. 54.68% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Story: Which market index is the best?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.