Downgrade

Hovde Group analyst Kevin Swanson downgraded Monroe, Mich.-based MBT Financial Corp.'s rating to "market perform" from "outperform," while increasing the price target to $12.50 from $12.

The analyst wrote that the announcement of MBT Financial's pending acquisition by Muncie, Ind.-based First Merchants Corp. does not "come as a total surprise" as two of the largest holders of MBT Financial are private equity companies that are approximately six years into their investment timeline.