Mercantile Bank (NASDAQ:MBWM) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment. “

MBWM has been the topic of a number of other reports. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. BidaskClub upgraded Zynerba Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Saturday, May 18th. Three analysts have rated the stock with a sell rating and one has assigned a hold rating to the stock. The stock currently has an average rating of Sell and a consensus price target of $38.17.

Mercantile Bank stock opened at $32.40 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.09 and a current ratio of 1.09. Mercantile Bank has a 1-year low of $26.40 and a 1-year high of $38.28. The stock has a market capitalization of $532.11 million, a P/E ratio of 13.01, a PEG ratio of 1.59 and a beta of 0.82. The company has a 50 day simple moving average of $31.90.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Mercantile Bank had a return on equity of 10.88% and a net margin of 25.74%. The firm had revenue of $37.28 million for the quarter, compared to the consensus estimate of $34.67 million. Research analysts expect that Mercantile Bank will post 2.54 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Friday, June 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.21%. Mercantile Bank’s dividend payout ratio (DPR) is presently 41.11%.

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Mercantile Bank by 9.4% during the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after purchasing an additional 106,271 shares during the last quarter. Tributary Capital Management LLC raised its holdings in Mercantile Bank by 15.5% during the first quarter. Tributary Capital Management LLC now owns 392,865 shares of the financial services provider’s stock worth $12,855,000 after purchasing an additional 52,718 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Mercantile Bank by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after purchasing an additional 49,382 shares during the last quarter. LaFleur & Godfrey LLC acquired a new position in Mercantile Bank during the first quarter worth $1,245,000. Finally, Acadian Asset Management LLC raised its holdings in Mercantile Bank by 101.6% during the first quarter. Acadian Asset Management LLC now owns 52,421 shares of the financial services provider’s stock worth $1,715,000 after purchasing an additional 26,413 shares during the last quarter. Hedge funds and other institutional investors own 54.01% of the company’s stock.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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