Dimensional Fund Advisors LP trimmed its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,106,960 shares of the financial services provider's stock after selling 30,394 shares during the quarter. Dimensional Fund Advisors LP owned 6.85% of Mercantile Bank worth $49,249,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of MBWM. Barclays PLC grew its stake in shares of Mercantile Bank by 99.2% during the third quarter. Barclays PLC now owns 32,981 shares of the financial services provider's stock worth $1,441,000 after acquiring an additional 16,423 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Mercantile Bank by 3.7% in the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock valued at $376,000 after buying an additional 304 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Mercantile Bank by 35.1% during the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider's stock valued at $3,601,000 after purchasing an additional 21,411 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Mercantile Bank in the 4th quarter valued at about $3,646,000. Finally, Janney Montgomery Scott LLC lifted its holdings in Mercantile Bank by 3.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 430 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company's stock.
Insider Buying and Selling at Mercantile Bank
In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the business's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total transaction of $50,220.00. Following the completion of the transaction, the director now directly owns 11,810 shares of the company's stock, valued at $593,098.20. The trade was a 7.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 1,750 shares of company stock worth $83,745 over the last ninety days. Company insiders own 3.20% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on MBWM shares. Hovde Group upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price target on the stock in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, January 22nd. Finally, Piper Sandler cut their price objective on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd.
Read Our Latest Report on MBWM
Mercantile Bank Price Performance
Shares of NASDAQ MBWM traded down $0.11 on Thursday, hitting $43.21. The company's stock had a trading volume of 1,875 shares, compared to its average volume of 64,766. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The company has a market capitalization of $701.51 million, a price-to-earnings ratio of 8.73 and a beta of 0.87. Mercantile Bank Co. has a 12-month low of $35.61 and a 12-month high of $52.98. The stock has a 50 day moving average of $42.76 and a 200-day moving average of $45.69.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.02. The business had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. As a group, research analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.
Mercantile Bank Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be given a $0.37 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.43%. Mercantile Bank's payout ratio is currently 30.71%.
About Mercantile Bank
(
Free Report)
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.
Read More
Before you consider Mercantile Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mercantile Bank wasn't on the list.
While Mercantile Bank currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
