BidaskClub cut shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a strong sell rating in a report released on Saturday, BidAskClub reports.

A number of other equities research analysts have also issued reports on the company. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Zacks Investment Research lowered ExlService from a hold rating to a sell rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. The company has an average rating of Sell and a consensus target price of $38.17.

NASDAQ:MBWM opened at $32.53 on Friday. Mercantile Bank has a 12 month low of $26.40 and a 12 month high of $38.28. The business’s 50 day moving average price is $31.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.12. The stock has a market cap of $532.10 million, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.59 and a beta of 0.82.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Mercantile Bank had a return on equity of 10.88% and a net margin of 25.74%. The company had revenue of $37.28 million during the quarter, compared to analyst estimates of $34.67 million. Analysts anticipate that Mercantile Bank will post 2.54 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the company. Citigroup Inc. grew its position in shares of Mercantile Bank by 17.3% in the fourth quarter. Citigroup Inc. now owns 5,294 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 782 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Mercantile Bank by 15.5% in 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 purchasing an additional 347 shares in the last quarter. BlackRock Inc. grew its position in shares of Mercantile Bank by 9.4% in the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock valued at $35,115,000 after purchasing an additional 106,271 shares in the last quarter. Rhumbline Advisers grew its position in shares of Mercantile Bank by 3.1% in the first quarter. Rhumbline Advisers now owns 24,019 shares of the financial services provider’s stock valued at $786,000 after purchasing an additional 717 shares in the last quarter. Finally, Advisor Group Inc. grew its position in shares of Mercantile Bank by 36.9% in the fourth quarter. Advisor Group Inc. now owns 4,091 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 1,102 shares in the last quarter. Institutional investors and hedge funds own 54.08% 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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