Mercantile Bank (NASDAQ:MBWM) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a strong-buy rating in a report published on Wednesday, Zacks.com reports. The brokerage currently has $25.00 price objective on the financial services provider’s stock.

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 weighed in on MBWM. BidaskClub lowered shares of Mercantile Bank from a sell rating to a strong sell rating in a research report on Tuesday, June 16th. ValuEngine lowered shares of Mercantile Bank from a hold rating to a sell rating in a research report on Thursday, April 2nd.

NASDAQ MBWM opened at $21.76 on Wednesday. The company has a 50 day simple moving average of $22.14 and a 200-day simple moving average of $27.63. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $352.64 million, a price-to-earnings ratio of 8.03 and a beta of 1.08. Mercantile Bank has a 52-week low of $18.64 and a 52-week high of $37.32.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.18. The business had revenue of $36.87 million during the quarter, compared to analyst estimates of $35.20 million. Mercantile Bank had a net margin of 26.18% and a return on equity of 10.85%. On average, analysts predict that Mercantile Bank will post 1.73 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend was Thursday, June 4th. Mercantile Bank’s payout ratio is presently 43.58%.

In other Mercantile Bank news, Director Michael H. Price sold 8,000 shares of the stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $21.20, for a total transaction of $169,600.00. Following the transaction, the director now owns 45,259 shares in the company, valued at $959,490.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Great West Life Assurance Co. Can acquired a new position in Mercantile Bank during the fourth quarter valued at approximately $45,000. Ameritas Investment Company LLC acquired a new position in Mercantile Bank during the first quarter valued at approximately $51,000. Federated Hermes Inc. grew its stake in shares of Mercantile Bank by 114.1% in the first quarter. Federated Hermes Inc. now owns 4,416 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 2,353 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Mercantile Bank by 26.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,957 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 1,038 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of Mercantile Bank by 517.3% in the first quarter. Nisa Investment Advisors LLC now owns 5,000 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 4,190 shares during the last quarter. Institutional investors own 54.59% of the company’s stock.

About Mercantile Bank

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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