Envestnet Asset Management Inc. Acquires 16,600 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Envestnet Asset Management Inc. grew its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 40.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,157 shares of the financial services provider's stock after purchasing an additional 16,600 shares during the period. Envestnet Asset Management Inc. owned about 0.35% of Mercantile Bank worth $2,543,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Quantbot Technologies LP lifted its stake in Mercantile Bank by 14.6% in the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after acquiring an additional 297 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Mercantile Bank by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock valued at $376,000 after purchasing an additional 304 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Mercantile Bank by 2.4% during the fourth quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider's stock worth $781,000 after purchasing an additional 410 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Mercantile Bank by 3.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock worth $528,000 after purchasing an additional 430 shares during the period. Finally, Pitcairn Co. boosted its stake in shares of Mercantile Bank by 7.5% during the 4th quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider's stock worth $295,000 after acquiring an additional 463 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Stock Up 0.2 %

MBWM stock traded up $0.10 during mid-day trading on Thursday, hitting $42.41. 10,811 shares of the company were exchanged, compared to its average volume of 65,406. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a twelve month low of $35.61 and a twelve month high of $52.98. The firm has a fifty day simple moving average of $43.21 and a 200 day simple moving average of $45.76. The company has a market capitalization of $688.45 million, a PE ratio of 8.57 and a beta of 0.86.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.02. The firm had revenue of $57.20 million during 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%. On average, research analysts forecast that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 3.49%. Mercantile Bank's dividend payout ratio is 30.71%.

Wall Street Analysts Forecast Growth

MBWM has been the subject of several analyst reports. Piper Sandler cut their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Hovde Group raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 22nd.

Insiders Place Their Bets

In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the sale, the director now owns 11,810 shares in the company, valued at $593,098.20. This trade represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 1,750 shares of company stock worth $84,795. 3.20% of the stock is currently owned by company insiders.

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.