Mercantile Bank Corp Receives a Hold from KBW

By Jason Carr

KBW analyst Frederick Cannon reiterated a Hold rating on Mercantile Bank Corp (NASDAQ: MBWM) yesterday and set a price target of $35. The company’s shares closed yesterday at $31.39.

According to TipRanks.com, Cannon is a 4-star analyst with an average return of 14.0% and a 64.7% success rate. Cannon covers the Financial sector, focusing on stocks such as Pacific Premier Bancorp Inc, Pinnacle Financial Partners, and Pacific Mercantile Bancorp.

Mercantile Bank Corp has an analyst consensus of Hold, with a price target consensus of $35.

Based on Mercantile Bank Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $34.56 million and quarterly net profit of $7.62 million. In comparison, last year the company earned revenue of $35.98 million and had a net profit of $8.55 million.

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Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. It offers checking and savings accounts, credit and debit cards, mobile and Internet banking, business loans, mobile wallet, health savings account, and treasury management services. The company was founded on July 15, 1997 and is headquartered in Grand Rapids, MI.