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

Zacks Investment Research cut shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a report 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. “

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

MBWM stock opened at $32.40 on Wednesday. The firm’s 50-day moving average price is $31.90. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $38.28. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.09 and a current ratio of 1.09. 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.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $34.67 million. Equities analysts predict that Mercantile Bank will post 2.54 earnings per share for the current fiscal year.

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

Hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd purchased a new stake in shares of Mercantile Bank during the second quarter worth $339,000. Acadian Asset Management LLC raised its holdings in shares of 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 acquiring an additional 26,413 shares in the last quarter. Spark Investment Management LLC purchased a new stake in shares of Mercantile Bank during the first quarter worth $514,000. Victory Capital Management Inc. raised its holdings in shares of Mercantile Bank by 9.8% during the first quarter. Victory Capital Management Inc. now owns 59,837 shares of the financial services provider’s stock worth $1,958,000 after acquiring an additional 5,337 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Mercantile Bank by 21.3% during the first quarter. Wedge Capital Management L L P NC now owns 49,490 shares of the financial services provider’s stock worth $1,619,000 after acquiring an additional 8,690 shares in the last quarter. 54.01% of the stock is owned by hedge funds and other institutional investors.

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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