Mercantile Bank (NASDAQ:MBWM) Downgraded to Market Perform at Raymond James

Raymond James downgraded shares of Mercantile Bank (NASDAQ:MBWM – Get Rating) from an outperform rating to a market perform rating in a report published on Wednesday morning, The Fly reports.

Several other equities research analysts have also commented on MBWM. StockNews.com lowered Mercantile Bank from a buy rating to a hold rating in a research report on Thursday, December 15th. Piper Sandler cut their target price on Mercantile Bank to $33.00 in a research report on Thursday, September 29th.

Mercantile Bank Trading Down 9.2 %

NASDAQ MBWM opened at $33.23 on Wednesday. The business’s 50-day moving average price is $34.03 and its two-hundred day moving average price is $33.51. Mercantile Bank has a 12 month low of $29.26 and a 12 month high of $40.01. The firm has a market capitalization of $527.23 million, a PE ratio of 10.32 and a beta of 0.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.14.

Mercantile Bank (NASDAQ:MBWM – Get Rating) last released its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.04. Mercantile Bank had a return on equity of 12.45% and a net margin of 25.77%. The firm had revenue of $49.63 million for the quarter, compared to analyst estimates of $47.40 million. On average, analysts expect that Mercantile Bank will post 3.67 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Friday, March 3rd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $1.32 annualized dividend and a yield of 3.97%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.32. Mercantile Bank’s dividend payout ratio is presently 39.75%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MBWM. State Street Corp boosted its holdings in Mercantile Bank by 34.0% in the first quarter. State Street Corp now owns 427,289 shares of the financial services provider’s stock worth $15,135,000 after acquiring an additional 108,389 shares in the last quarter. rhino investment partners Inc bought a new position in Mercantile Bank in the second quarter worth approximately $3,325,000. John W. Rosenthal Capital Management Inc. bought a new position in Mercantile Bank in the third quarter worth approximately $1,486,000. Assenagon Asset Management S.A. bought a new position in Mercantile Bank in the fourth quarter worth approximately $1,227,000. Finally, Citadel Advisors LLC boosted its holdings in Mercantile Bank by 102.9% in the third quarter. Citadel Advisors LLC now owns 70,383 shares of the financial services provider’s stock worth $2,091,000 after acquiring an additional 35,688 shares in the last quarter. Institutional investors own 55.50% of the company’s stock.

Mercantile Bank Company Profile

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Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.