Mercantile Bank (MBWM) Rating Lowered to Sell at Zacks Investment Research

Mercantile Bank (NASDAQ:MBWM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

According to Zacks, “Mercantile Bank Corporation serves businesses and consumers across Grand Rapids and Kent County with a full range of mortgage, lending, deposit and checking products and services in a friendly, hometown banking environment. “

A number of other equities research analysts have also recently issued reports on the company. BidaskClub cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Saturday, September 8th. ValuEngine cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Finally, Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a research note on Wednesday, July 18th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The stock currently has a consensus rating of “Sell” and an average target price of $39.00.

MBWM stock opened at $31.46 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $554.29 million, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.70 and a beta of 0.63. Mercantile Bank has a 1 year low of $31.07 and a 1 year high of $38.47.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $34.55 million for the quarter, compared to analysts’ expectations of $34.60 million. Mercantile Bank had a return on equity of 9.96% and a net margin of 23.91%. As a group, analysts predict that Mercantile Bank will post 2.45 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of MBWM. BlackRock Inc. raised its stake in shares of Mercantile Bank by 13.1% during the second quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock valued at $39,904,000 after purchasing an additional 125,179 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Mercantile Bank by 8.0% during the second quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock valued at $28,109,000 after purchasing an additional 56,600 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Mercantile Bank by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock valued at $38,768,000 after purchasing an additional 56,045 shares in the last quarter. Millennium Management LLC raised its stake in shares of Mercantile Bank by 40.2% during the first quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock valued at $4,291,000 after purchasing an additional 37,032 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Mercantile Bank by 45.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 106,584 shares of the financial services provider’s stock valued at $3,940,000 after purchasing an additional 33,236 shares in the last quarter. Institutional investors and hedge funds own 54.66% 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.

Featured Story: How does inflation affect different investments?

Get a free copy of the Zacks research report on Mercantile Bank (MBWM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply