Mercantile Bank (NASDAQ:MBWM) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a hold rating in a research note issued to investors 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 equities analysts have also recently issued reports on the company. ValuEngine upgraded Mercantile Bank from a sell rating to a hold rating in a report on Thursday, August 1st. BidaskClub cut Mercantile Bank from a sell rating to a strong sell rating in a report on Saturday, July 13th.

Shares of MBWM stock traded up $0.30 during trading hours on Thursday, hitting $33.52. 35,212 shares of the company’s stock were exchanged, compared to its average volume of 33,794. The stock’s 50-day moving average is $31.73 and its 200-day moving average is $32.58. 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 market cap of $531.00 million, a price-to-earnings ratio of 13.26, a price-to-earnings-growth 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 announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The company had revenue of $37.45 million for the quarter, compared to analysts’ expectations of $35.51 million. Mercantile Bank had a return on equity of 10.95% and a net margin of 25.97%. Equities research analysts forecast that Mercantile Bank will post 2.52 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be paid a $0.27 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.08 annualized dividend and a yield of 3.22%. Mercantile Bank’s dividend payout ratio is presently 42.69%.

A number of large investors have recently added to or reduced their stakes in MBWM. Nuveen Asset Management LLC acquired a new position in Mercantile Bank in the second quarter valued at about $2,332,000. BlackRock Inc. lifted its stake in Mercantile Bank by 4.2% in the second quarter. BlackRock Inc. now owns 1,266,176 shares of the financial services provider’s stock valued at $41,250,000 after buying an additional 51,451 shares during the period. Dimensional Fund Advisors LP lifted its stake in Mercantile Bank by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock valued at $31,964,000 after buying an additional 49,382 shares during the period. Acadian Asset Management LLC lifted its stake in Mercantile Bank by 101.6% in the first quarter. Acadian Asset Management LLC now owns 52,421 shares of the financial services provider’s stock valued at $1,715,000 after buying an additional 26,413 shares during the period. Finally, Bessemer Group Inc. acquired a new position in Mercantile Bank in the second quarter valued at about $733,000. 54.67% 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 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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