Mercantile Bank (NASDAQ:MBWM) Downgraded by BidaskClub to “Sell”

BidaskClub cut shares of Mercantile Bank (NASDAQ:MBWM) from a hold rating to a sell rating in a report issued on Friday morning, BidAskClub reports.

Several other analysts also recently commented on MBWM. ValuEngine downgraded Mercantile Bank from a hold rating to a sell rating in a research note on Thursday, October 17th. Zacks Investment Research downgraded Mercantile Bank from a hold rating to a sell rating in a research report on Thursday, September 19th.

NASDAQ:MBWM traded up $0.35 on Friday, hitting $35.35. The stock had a trading volume of 571 shares, compared to its average volume of 38,356. The business’s fifty day moving average is $34.49 and its 200 day moving average is $32.82. The company has a market cap of $580.75 million, a PE ratio of 13.94 and a beta of 0.84. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.01. Mercantile Bank has a 52 week low of $26.40 and a 52 week high of $36.69.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.14. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $36.69 million. Mercantile Bank had a return on equity of 11.39% and a net margin of 26.36%. Equities analysts predict that Mercantile Bank will post 2.73 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Thursday, December 5th. Mercantile Bank’s dividend payout ratio is 42.69%.

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In other Mercantile Bank news, Director Michael H. Price sold 2,947 shares of Mercantile Bank stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $35.48, for a total transaction of $104,559.56. Following the completion of the sale, the director now owns 54,206 shares of the company’s stock, valued at $1,923,228.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Macquarie Group Ltd. purchased a new stake in Mercantile Bank during the 2nd quarter valued at $101,000. Meeder Asset Management Inc. increased its stake in shares of Mercantile Bank by 49.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 1,349 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of Mercantile Bank in the 2nd quarter worth $146,000. Bailard Inc. purchased a new stake in shares of Mercantile Bank in the 3rd quarter worth $200,000. Finally, Well Done LLC purchased a new stake in shares of Mercantile Bank in the 2nd quarter worth $219,000. Institutional investors and hedge funds own 54.46% of the company’s stock.

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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