November 23, 2016 - By whatsonthorold
In a legally required report which was filled with the Washington-based SEC, it was reported that the shareholder of Mercantile Bank Corp Thomas Sullivan, an insider in focus, made a stock market trade for 5,000 shares of the Pinksheet-listed company, having a value near $165,200 U.S Dollars using an average stock price per share of $33.0 U.S Dollars. Currently, Thomas Sullivan owns 86,950 shares which make up exactly 0.52% of the Company’s market cap (total dollar market value of all company’s outstanding shares).
Out of 4 analysts covering Mercantile Bank (NASDAQ:MBWM), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. $32 is the highest target while $25 is the lowest. The $29 average target is -16.47% below today’s ($34.72) stock price. Mercantile Bank has been the topic of 5 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock of Mercantile Bank Corp. (NASDAQ:MBWM) has “Hold” rating given on Wednesday, July 22 by Sandler O’Neill. Raymond James upgraded Mercantile Bank Corp. (NASDAQ:MBWM) on Tuesday, August 25 to “Mkt Perform” rating. Hovde Group initiated Mercantile Bank Corp. (NASDAQ:MBWM) rating on Monday, November 21. Hovde Group has “Market Perform” rating and $32 price target.
Insitutional Activity: The institutional sentiment decreased to 1.44 in 2016 Q2. Its down 0.23, from 1.67 in 2016Q1. The ratio dropped, as 4 funds sold all Mercantile Bank Corp. shares owned while 20 reduced positions. 14 funds bought stakes while 26 increased positions. They now own 7.56 million shares or 1.33% more from 7.46 million shares in 2016Q1.
Lvm Limited Mi last reported 0.24% of its portfolio in the stock. Castine Mgmt accumulated 180,000 shares or 2.06% of the stock. California State Teachers Retirement has 33,333 shares for 0% of their US portfolio. State Street accumulated 0% or 265,849 shares. Bridgeway Mngmt last reported 46,250 shares in the company. Teachers Advsr, a New York-based fund reported 25,016 shares. California Public Employees Retirement accumulated 0% or 61,600 shares. Dimensional Fund Advsrs L P holds 0.01% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 773,107 shares. The Ontario – Canada-based State Bank Of Montreal Can has invested 0% in Mercantile Bank Corp. (NASDAQ:MBWM). The Kansas-based Creative Planning has invested 0% in Mercantile Bank Corp. (NASDAQ:MBWM). Ny State Teachers Retirement System has invested 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM). Banc Funds Ltd Co holds 1.52M shares or 2.12% of its portfolio. Nationwide Fund reported 12,255 shares or 0% of all its holdings. Wells Fargo Mn accumulated 28,395 shares or 0% of the stock. State Bank Of Mellon has invested 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM).
Insider Transactions: Since July 28, 2016, the stock had 0 insider buys, and 4 insider sales for $808,757 net activity. $41,738 worth of Mercantile Bank Corp. (NASDAQ:MBWM) shares were sold by SULLIVAN THOMAS R. $344,819 worth of Mercantile Bank Corp. (NASDAQ:MBWM) was sold by PRICE MICHAEL H.
The stock increased 2.94% or $0.99 during the last trading session, hitting $34.72. About 35,458 shares traded hands or 4.10% up from the average. Mercantile Bank Corp. (NASDAQ:MBWM) has risen 36.01% since April 20, 2016 and is uptrending. It has outperformed by 31.45% the S&P500.
Mercantile Bank Corporation is a bank holding company. The company has a market cap of $580.65 million. The Firm owns the Mercantile Bank of Michigan . It has a 18.68 P/E ratio. The Bank is a state banking company.
According to Zacks Investment Research, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment.”
More recent Mercantile Bank Corp. (NASDAQ:MBWM) news were published by: Prnewswire.com which released: “Mercantile Bank Corporation Announces Ongoing Succession Appointments” on September 29, 2016. Also Prnewswire.com published the news titled: “Mercantile Bank Corporation Reports Strong Third Quarter 2016 Results” on October 18, 2016. Prnewswire.com‘s news article titled: “Mercantile Bank Corporation Announces Retirement of President and CEO Michael ..” with publication date: July 19, 2016 was also an interesting one.
Mercantile Bank Corporation, incorporated on July 15, 1997, is a bank holding company. The Firm 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. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The Bank owns approximately 50 automated teller machines (ATM). The Company’s bank also enables clients to conduct certain loan and deposit transactions by personal computer and through mobile applications. Courier service is provided to certain commercial customers, and safe deposit facilities are available at its office locations.
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