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

A number of other research analysts have also weighed in on the stock. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. BidaskClub raised shares of Zynerba Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Saturday, May 18th. Three analysts have rated the stock with a sell rating and one has given a hold rating to the company. The stock currently has an average rating of Sell and a consensus target price of $38.17.

Mercantile Bank stock traded down $0.03 on Wednesday, reaching $31.84. 26,300 shares of the stock were exchanged, compared to its average volume of 33,317. The firm has a market cap of $523.40 million, a PE ratio of 12.58, a PEG ratio of 1.60 and a beta of 0.82. 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 twelve month low of $26.40 and a twelve month high of $38.28. The company’s fifty day moving average is $31.88.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $37.28 million during the quarter, compared to analyst estimates of $34.67 million. Mercantile Bank had a net margin of 25.74% and a return on equity of 10.88%. Equities analysts anticipate that Mercantile Bank will post 2.55 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders 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 dividend yield of 3.27%. The ex-dividend date of this dividend was Thursday, June 6th. Mercantile Bank’s dividend payout ratio is currently 41.11%.

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