Mercantile Bank (NASDAQ:MBWM) Downgraded to Neutral at Janney Montgomery Scott

Janney Montgomery Scott cut shares of Mercantile Bank (NASDAQ:MBWM) from a buy rating to a neutral rating in a report released on Wednesday morning, MarketBeat.com reports.

Several other analysts also recently commented on MBWM. Keefe, Bruyette & Woods reissued an outperform rating and set a $47.00 price objective on shares of Mercantile Bank in a research report on Wednesday, April 17th. Hovde Group cut shares of Mercantile Bank from an outperform rating to a market perform rating in a research note on Monday, March 4th.

Mercantile Bank Trading Up 0.2 %

NASDAQ:MBWM opened at $39.56 on Wednesday. The company has a fifty day moving average of $36.83 and a 200 day moving average of $37.22. Mercantile Bank has a 52 week low of $23.89 and a 52 week high of $42.82. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $637.71 million, a P/E ratio of 7.67 and a beta of 0.98.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, June 7th. Mercantile Bank’s payout ratio is currently 27.13%.

Institutional Trading of Mercantile Bank

Several large investors have recently bought and sold shares of MBWM. Vanguard Group Inc. raised its stake in shares of Mercantile Bank by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock worth $24,724,000 after buying an additional 13,400 shares during the period. North Star Asset Management Inc. boosted its position in shares of Mercantile Bank by 0.5% during the 4th quarter. North Star Asset Management Inc. now owns 362,309 shares of the financial services provider’s stock worth $14,630,000 after purchasing an additional 1,677 shares during the period. LSV Asset Management boosted its position in shares of Mercantile Bank by 6.0% during the 1st quarter. LSV Asset Management now owns 225,404 shares of the financial services provider’s stock worth $8,676,000 after purchasing an additional 12,726 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Mercantile Bank by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 199,041 shares of the financial services provider’s stock worth $8,037,000 after purchasing an additional 3,232 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Mercantile Bank by 15.0% during the 3rd quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock worth $5,104,000 after purchasing an additional 21,587 shares during the period. Hedge funds and other institutional investors own 58.63% 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 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.