Mercantile Bank (MBWM) Receives a Hold from Raymond James

Raymond James analyst David Long maintained a Hold rating on Mercantile Bank (MBWMResearch Report) today. The company’s shares closed last Tuesday at $21.93.

According to TipRanks.com, Long is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -9.7% and a 25.3% success rate. Long covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Enterprise Financial Services, and Old National Bancorp Capital.

Currently, the analyst consensus on Mercantile Bank is a Hold with an average price target of $20.00.

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Based on Mercantile Bank’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $41.56 million and net profit of $8.7 million. In comparison, last year the company earned revenue of $37.45 million and had a net profit of $11.72 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.