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

Several other equities analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Mercantile Bank from a sell rating to a hold rating in a report on Thursday. ValuEngine raised shares of Mercantile Bank from a sell rating to a hold rating in a report on Thursday, August 1st.

Mercantile Bank stock traded up $0.30 during mid-day trading on Thursday, reaching $33.52. The company’s stock had a trading volume of 35,212 shares, compared to its average volume of 33,794. The firm has a market cap of $531.00 million, a price-to-earnings ratio of 13.26, a PEG ratio of 1.60 and a beta of 0.82. The business has a 50 day moving average price of $31.73 and a 200-day moving average price of $32.58. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.05. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $35.82.

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

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.27 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 5th. This represents a $1.08 annualized dividend and a dividend yield of 3.22%. Mercantile Bank’s payout ratio is 42.69%.

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Mercantile Bank by 396.5% during the first quarter. BNP Paribas Arbitrage SA now owns 3,396 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 2,712 shares during the period. SG Americas Securities LLC bought a new stake in shares of Mercantile Bank during the first quarter valued at about $131,000. Meeder Asset Management Inc. raised its stake in shares of Mercantile Bank by 49.2% during the second quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 1,349 shares in the last quarter. Aperio Group LLC bought a new stake in shares of Mercantile Bank during the second quarter valued at about $146,000. Finally, Well Done LLC bought a new stake in shares of Mercantile Bank during the second quarter valued at about $219,000. 54.67% of the stock is owned by 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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