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

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

Several other analysts have also weighed in on the company. Hovde Group lowered Mercantile Bank from an outperform rating to a market perform rating in a report on Monday, March 4th. Keefe, Bruyette & Woods reissued an outperform rating and issued a $47.00 price objective on shares of Mercantile Bank in a research note on Wednesday, April 17th.

Mercantile Bank Trading Up 0.2 %

MBWM traded up $0.06 on Wednesday, hitting $39.56. The company had a trading volume of 63,367 shares, compared to its average volume of 77,081. Mercantile Bank has a 12-month low of $23.89 and a 12-month 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 business's fifty day simple moving average is $36.76 and its 200 day simple moving average is $37.20. The company has a market cap of $637.71 million, a PE ratio of 7.65 and a beta of 0.98.

Mercantile Bank Dividend Announcement

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

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Voisard Asset Management Group Inc. acquired a new stake in shares of Mercantile Bank in the 4th quarter worth $38,000. Tower Research Capital LLC TRC increased its position in Mercantile Bank by 104.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider's stock worth $72,000 after purchasing an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Mercantile Bank by 29.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider's stock valued at $122,000 after purchasing an additional 889 shares during the last quarter. Huntington National Bank grew its stake in shares of Mercantile Bank by 55.2% in the 3rd quarter. Huntington National Bank now owns 3,997 shares of the financial services provider's stock valued at $124,000 after buying an additional 1,422 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Mercantile Bank during the 3rd quarter worth approximately $166,000. Institutional investors and hedge funds own 58.63% of the company's stock.

About Mercantile Bank

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.