Media coverage about Mercantile Bank Corporation (NASDAQ:MBWM) has been trending somewhat positive recently, according to Accern. The research group identifies negative and positive media coverage by monitoring more than twenty million blog and news sources in real time. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Mercantile Bank Corporation earned a news sentiment score of 0.11 on Accern’s scale. Accern also gave news articles about the financial services provider an impact score of 47.1043402228988 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.
A number of equities research analysts recently commented on the stock. Zacks Investment Research cut shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, April 22nd. DA Davidson began coverage on shares of Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 price target for the company. Finally, ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $32.60.
Shares of Mercantile Bank Corporation (NASDAQ:MBWM) traded down 1.94% during mid-day trading on Friday, hitting $30.78. 21,143 shares of the stock traded hands. The firm has a market cap of $507.32 million, a price-to-earnings ratio of 16.33 and a beta of 0.67. Mercantile Bank Corporation has a 12-month low of $25.06 and a 12-month high of $38.68. The firm’s 50 day moving average price is $31.83 and its 200 day moving average price is $32.65.
Mercantile Bank Corporation (NASDAQ:MBWM) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. The firm had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. On average, equities research analysts predict that Mercantile Bank Corporation will post $1.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Friday, September 8th will be issued a dividend of $0.19 per share. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Thursday, September 7th. Mercantile Bank Corporation’s payout ratio is presently 38.30%.
In related news, Director Thomas R. Sullivan sold 2,797 shares of Mercantile Bank Corporation stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total value of $92,972.28. Following the transaction, the director now owns 19,523 shares of the company’s stock, valued at approximately $648,944.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 3,801 shares of Mercantile Bank Corporation stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $34.23, for a total value of $130,108.23. Following the completion of the transaction, the director now directly owns 19,523 shares in the company, valued at approximately $668,272.29. The disclosure for this sale can be found here. Insiders sold a total of 13,711 shares of company stock worth $463,144 in the last three months. 3.44% of the stock is currently owned by company insiders.
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Mercantile Bank Corporation Company Profile
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 provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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