Mercantile Bank (NASDAQ:MBWM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a research note published on Wednesday, 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. “

Several other analysts also recently commented on the company. BidaskClub raised Zynerba Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Saturday, May 18th. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. Mercantile Bank currently has a consensus rating of Sell and an average price target of $38.17.

MBWM opened at $32.40 on Wednesday. The firm’s 50 day moving average is $31.90. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.12. The stock has a market cap of $522.91 million, a P/E ratio of 12.81, a PEG ratio of 1.56 and a beta of 0.82. Mercantile Bank has a 52 week low of $26.40 and a 52 week high of $38.28.

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

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

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Mercantile Bank by 9.4% during the 4th quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after buying an additional 106,271 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Mercantile Bank by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after acquiring an additional 49,382 shares during the period. Tributary Capital Management LLC grew its holdings in shares of Mercantile Bank by 15.5% in the 1st quarter. Tributary Capital Management LLC now owns 392,865 shares of the financial services provider’s stock worth $12,855,000 after acquiring an additional 52,718 shares during the period. Northern Trust Corp grew its holdings in Mercantile Bank by 2.6% during the 4th quarter. Northern Trust Corp now owns 210,621 shares of the financial services provider’s stock valued at $5,952,000 after buying an additional 5,437 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Mercantile Bank by 5.4% during the 4th quarter. Geode Capital Management LLC now owns 181,056 shares of the financial services provider’s stock valued at $5,116,000 after buying an additional 9,214 shares during the last quarter. 54.01% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Company Profile

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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