Janney Montgomery Scott Downgrades Mercantile Bank (NASDAQ:MBWM) to Neutral

Mercantile Bank (NASDAQ:MBWM) was downgraded by Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

MBWM has been the topic of several other reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $47.00 price target on shares of Mercantile Bank in a research report on Wednesday, April 17th. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $39.50 on Wednesday. The firm has a market capitalization of $636.74 million, a PE ratio of 7.66 and a beta of 0.98. Mercantile Bank has a 52 week low of $23.89 and a 52 week high of $42.82. The firm’s 50-day simple moving average is $36.76 and its 200 day simple moving average is $37.20. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.16.

Institutional Investors Weigh In On Mercantile Bank

A number of institutional investors have recently bought and sold shares of MBWM. Voisard Asset Management Group Inc. acquired a new position in shares of Mercantile Bank in the 4th quarter valued at $38,000. Tower Research Capital LLC TRC grew its position in Mercantile Bank by 104.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 904 shares during the period. Public Employees Retirement System of Ohio increased its stake in Mercantile Bank by 29.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after acquiring an additional 889 shares during the last quarter. Huntington National Bank raised its holdings in shares of Mercantile Bank by 55.2% in the 3rd quarter. Huntington National Bank now owns 3,997 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 1,422 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Mercantile Bank by 214.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 2,911 shares in the last quarter. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

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 to 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.