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

A number of other research analysts also recently weighed in on MBWM. ValuEngine upgraded Mercantile Bank from a sell rating to a hold rating in a research note on Thursday, August 1st. BidaskClub downgraded Mercantile Bank from a sell rating to a strong sell rating in a research note on Saturday, July 13th.

MBWM stock traded up $0.30 during mid-day trading on Thursday, reaching $33.52. The company had a trading volume of 35,212 shares, compared to its average volume of 33,794. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a 50 day simple moving average of $31.73 and a two-hundred day simple moving average of $32.58. The company has a market capitalization of $531.00 million, a price-to-earnings ratio of 13.26, a PEG ratio of 1.60 and a beta of 0.82. Mercantile Bank has a 52 week low of $26.40 and a 52 week high of $35.82.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The firm had revenue of $37.45 million during the quarter, compared to the consensus estimate of $35.51 million. Mercantile Bank had a return on equity of 10.95% and a net margin of 25.97%. On average, equities analysts predict that Mercantile Bank will post 2.52 EPS for the current year.

The firm also recently announced 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. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Thursday, September 5th. Mercantile Bank’s payout ratio is currently 42.69%.

Several hedge funds and other institutional investors have recently modified their holdings of MBWM. BNP Paribas Arbitrage SA boosted its stake in shares of Mercantile Bank by 396.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,396 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 2,712 shares during the period. SG Americas Securities LLC bought a new position in shares of Mercantile Bank during the 1st quarter worth approximately $131,000. Meeder Asset Management Inc. boosted its stake in shares of Mercantile Bank by 49.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 1,349 shares during the period. Aperio Group LLC bought a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $146,000. Finally, Well Done LLC bought a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $219,000. Institutional investors own 54.67% of the company’s stock.

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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