Mercantile Bank price target lowered to $52 from $55 at Raymond James

Raymond James lowered the firm’s price target on Mercantile Bank (MBWM) to $52 from $55 and keeps an Outperform rating on the shares. The Q3 results were solid with asset quality remaining clean and solid deposit growth, but there was a larger expense base, tighter net interest margin, and loan growth fell short though reflected elevated payoffs, the analyst tells investors in a research note.