Rating Summary: Keefe Bruyette & Woods Gives Mercantile Bank (NASDAQ:MBWM) Lower Rating. What Is Next?

November 29, 2016 - By Vivian Park

Rating Summary: Keefe Bruyette & Woods Gives Mercantile Bank (NASDAQ:MBWM) Lower Rating. What Is Next?

Mercantile Bank (NASDAQ:MBWM) Downgrade

Mercantile Bank (NASDAQ:MBWM)‘s Outperform rating is no longer valid. research professionals at Keefe Bruyette & Woods downgraded Mercantile Bank (NASDAQ:MBWM)‘s rating to a Market Perform.

Mercantile Bank Corp. (NASDAQ:MBWM) Ratings Coverage

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 -12.36% below today’s ($33.09) 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 “Market Perform” rating given on Monday, November 21 by Hovde Group. Sandler O’Neill downgraded the stock to “Hold” rating in Wednesday, July 22 report. The stock of Mercantile Bank Corp. (NASDAQ:MBWM) has “Mkt Perform” rating given on Tuesday, August 25 by Raymond James.

About 20,924 shares traded hands. Mercantile Bank Corp. (NASDAQ:MBWM) has risen 34.57% since April 26, 2016 and is uptrending. It has outperformed by 29.32% the S&P500.

Analysts await Mercantile Bank Corp. (NASDAQ:MBWM) to report earnings on January, 17. They expect $0.46 earnings per share, up 15.00% or $0.06 from last year’s $0.4 per share. MBWM’s profit will be $7.37 million for 17.98 P/E if the $0.46 EPS becomes a reality. After $0.48 actual earnings per share reported by Mercantile Bank Corp. for the previous quarter, Wall Street now forecasts -4.17% negative EPS growth.

Insitutional Activity: The institutional sentiment decreased to 1.44 in 2016 Q2. Its down 0.23, from 1.67 in 2016Q1. The ratio worsened, 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.

Millennium Mgmt holds 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 45,035 shares. First Allied Advisory Svcs Incorporated holds 0.02% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 13,556 shares. Axa reported 4,200 shares or 0% of all its holdings. Amer Intll Gru reported 9,151 shares or 0% of all its holdings. The Minnesota-based Gradient Llc has invested 0.02% in Mercantile Bank Corp. (NASDAQ:MBWM). Firstmerit National Bank N A Trustee holds 0.06% or 32,702 shares in its portfolio. Lsv Asset Management has 0.01% invested in the company for 260,917 shares. Cornerstone Cap Lc holds 0.01% or 29,568 shares in its portfolio. The New York-based Bank & Trust Of Ny Mellon Corp has invested 0% in Mercantile Bank Corp. (NASDAQ:MBWM). Moreover, Barclays Public Ltd Company has 0% invested in Mercantile Bank Corp. (NASDAQ:MBWM) for 57 shares. Invesco Limited holds 0% or 19,190 shares in its portfolio. Moreover, Panagora Asset Mngmt has 0% invested in Mercantile Bank Corp. (NASDAQ:MBWM) for 16,882 shares. Pnc Fincl Services Group Inc holds 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 107,903 shares. Bank Of America De accumulated 0% or 44,675 shares. North Star Asset Mngmt holds 1% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 382,433 shares.

Insider Transactions: Since July 28, 2016, the stock had 0 insider buys, and 5 sales for $973,957 net activity. SULLIVAN THOMAS R sold $165,200 worth of stock or 5,000 shares. 13,362 shares with value of $344,819 were sold by PRICE MICHAEL H on Thursday, August 18.

Mercantile Bank Corporation is a bank holding company. The company has a market cap of $529.88 million. The Firm owns the Mercantile Bank of Michigan . It has a 17.81 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.”

MBWM Company Profile

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.

More news for Mercantile Bank Corp. (NASDAQ:MBWM) were recently published by: Prnewswire.com, which released: “Mercantile Bank Corporation Announces Ongoing Succession Appointments” on September 29, 2016. Prnewswire.com‘s article titled: “Mercantile Bank Corporation Announces Retirement of President and CEO Michael …” and published on July 19, 2016 is yet another important article.

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