Mercantile Bank Corp. (MBWM) was Downgraded by Keefe Bruyette to ” Mkt Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Keefe Bruyette advised their investors in a research report released on Nov 29, 2016.
Many Wall Street Analysts have commented on Mercantile Bank Corp.. Hovde Group Initiated Mercantile Bank Corp. on Nov 21, 2016 to “Market Perform”, Price Target of the shares are set at $32.
Mercantile Bank Corp. closed down -0.38 points or -1.11% at $33.84 with 19,353 shares getting traded on Friday. Post opening the session at $34.6, the shares hit an intraday low of $33.55 and an intraday high of $35 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
Investors should note that on Oct 18, 2016, Mercantile Bank Corp. announced a cash dividend of $0.1700. The company’s management has announced Dec 7, 2016 as the ex-dividend date and fixed the record date on Dec 9, 2016. The payable date has been fixed on Dec 21, 2016.
In a different news, on Aug 19, 2016, Michael H Price (CHAIRMAN, PRESIDENT AND CEO) sold 13,362 shares at $25.78 per share price. According to the SEC, on Nov 25, 2015, Samuel G Stone (EXECUTIVE VICE PRESIDENT) sold 1,378 shares at $25.10 per share price. On Aug 18, 2015, Thomas R Sullivan (CHAIRMAN OF THE BOARD) sold 3,000 shares at $20.37 per share price, according to the Form-4 filing with the securities and exchange commission.
Mercantile Bank Corporation is a bank holding company. The Company owns Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank through its approximately 53 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 53 automated teller machines (ATM). Its bank also enables customers 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.