The stock of Mercantile Bank Corp. (NASDAQ:MBWM) hit a new 52-week high and has $48.14 target or 45.00% above today’s $33.20 share price. The 8 months bullish chart indicates low risk for the $540.58M company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $48.14 price target is reached, the company will be worth $243.26M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 20,825 shares traded hands. Mercantile Bank Corp. (NASDAQ:MBWM) has risen 32.53% since April 19, 2016 and is uptrending. It has outperformed by 28.67% the S&P500.
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. Mercantile Bank has been the topic of 5 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm earned “Market Perform” rating on Monday, November 21 by Hovde Group. The firm has “Mkt Perform” rating by Raymond James given on Tuesday, August 25. The stock has “Hold” rating given by Sandler O’Neill on Wednesday, July 22.
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.”
Insitutional Activity: The institutional sentiment decreased to 1.44 in Q2 2016. Its down 0.23, from 1.67 in 2016Q1. The ratio turned negative, 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.
Mutual Of America Mgmt Ltd Com reported 1,500 shares or 0% of all its holdings. The Connecticut-based Thomson Horstmann Bryant Incorporated has invested 0.47% in Mercantile Bank Corp. (NASDAQ:MBWM). Blackrock Fund holds 413,629 shares or 0% of its portfolio. Moreover, State Bank Of Montreal Can has 0% invested in Mercantile Bank Corp. (NASDAQ:MBWM) for 10,000 shares. Fifth Third Savings Bank has 755 shares for 0% of their US portfolio. Legal And General Grp Public Limited Com owns 2,698 shares or 0% of their US portfolio. North Star Asset Mgmt Inc reported 382,433 shares or 1% of all its holdings. Royal State Bank Of Canada holds 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 152,680 shares. Numeric Limited Liability Company reported 45,134 shares or 0.01% of all its holdings. Strs Ohio has 0% invested in the company for 28,300 shares. Metropolitan Life Insurance New York has 0% invested in the company for 12,116 shares. Huntington Fincl Bank accumulated 0% or 2,000 shares. Blackrock Institutional Na holds 0% of its portfolio in Mercantile Bank Corp. (NASDAQ:MBWM) for 196,672 shares. Springbok Mgmt Llc accumulated 0% or 700 shares. Blackrock accumulated 0% or 6,246 shares.
Insider Transactions: Since July 28, 2016, the stock had 0 buys, and 4 insider sales for $808,757 net activity. PRICE MICHAEL H had sold 13,362 shares worth $344,819. SULLIVAN THOMAS R sold 5,000 shares worth $134,350.
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.
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.
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