Mercantile Bank (NASDAQ:MBWM) Upgraded to Hold by Zacks Investment Research

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

Several other research analysts have also weighed in on MBWM. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. BidaskClub lowered shares of Weyco Group from a sell rating to a strong sell rating in a research note on Saturday, July 13th.

MBWM stock traded up $1.00 during midday trading on Thursday, hitting $33.79. The company’s stock had a trading volume of 1,953 shares, compared to its average volume of 34,342. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.12. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $37.72. The business has a fifty day moving average price of $32.07. The firm has a market cap of $545.57 million, a PE ratio of 13.31, a P/E/G ratio of 1.65 and a beta of 0.82.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The firm had revenue of $37.45 million for the quarter, compared to analyst estimates of $35.51 million. Mercantile Bank had a net margin of 25.97% and a return on equity of 11.10%. As a group, equities research analysts forecast that Mercantile Bank will post 2.52 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.27 per share. The ex-dividend date is Thursday, September 5th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 3.20%. Mercantile Bank’s payout ratio is currently 41.11%.

Several hedge funds have recently made changes to their positions in MBWM. PNC Financial Services Group Inc. boosted its holdings in shares of Mercantile Bank by 15.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,589 shares of the financial services provider’s stock worth $73,000 after buying an additional 347 shares during the period. Meeder Asset Management Inc. boosted its holdings in Mercantile Bank by 208.9% in the 1st quarter. Meeder Asset Management Inc. now owns 2,740 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 1,853 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in Mercantile Bank by 396.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,396 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 2,712 shares during the period. Advisor Group Inc. boosted its holdings in Mercantile Bank by 36.9% in the 4th quarter. Advisor Group Inc. now owns 4,091 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 1,102 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Mercantile Bank in the 1st quarter valued at about $131,000. 54.07% 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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