24,033 Shares in Mercantile Bank Corporation $MBWM Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 24,033 shares of Mercantile Bank in the second quarter, worth approximately $1.38 million and representing about 0.14% of the company. Institutional investors collectively own 58.63% of MBWM.
• Mercantile Bank reported quarterly EPS of $1.53, surpassing analysts’ $1.32 estimate, while revenue totaled $68.76 million. Analysts project full-year EPS of $5.69.
• The bank increased its quarterly dividend from $0.39 to $0.40 per share, equivalent to an annualized $1.60 dividend and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average $62 price target.

Bank of America Corp DE bought a new position in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,033 shares of the financial services provider's stock, valued at approximately $1,380,000. Bank of America Corp DE owned approximately 0.14% of Mercantile Bank as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of MBWM. DGS Capital Management LLC boosted its holdings in shares of Mercantile Bank by 6.8% during the 1st quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider's stock valued at $236,000 after purchasing an additional 299 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Mercantile Bank by 29.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock valued at $85,000 after buying an additional 387 shares during the last quarter. Inspire Investing LLC grew its holdings in Mercantile Bank by 4.6% during the 1st quarter. Inspire Investing LLC now owns 10,160 shares of the financial services provider's stock valued at $513,000 after buying an additional 445 shares in the last quarter. Burnham & Co LLC bought a new stake in Mercantile Bank in the 2nd quarter worth approximately $29,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Mercantile Bank by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,361 shares of the financial services provider's stock worth $422,000 after acquiring an additional 863 shares in the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Stock Performance

Mercantile Bank stock opened at $58.90 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $1.02 billion, a P/E ratio of 10.37 and a beta of 0.83. Mercantile Bank Corporation has a 1-year low of $42.75 and a 1-year high of $62.95. The company's 50-day moving average is $60.36 and its 200 day moving average is $55.77.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.21. The business had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. Research analysts forecast that Mercantile Bank Corporation will post 5.69 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Friday, September 4th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, September 4th. This is an increase from Mercantile Bank's previous quarterly dividend of $0.39. Mercantile Bank's dividend payout ratio (DPR) is presently 28.17%.

Analyst Ratings Changes

MBWM has been the subject of a number of recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Mercantile Bank in a report on Wednesday, September 9th. Raymond James Financial started coverage on shares of Mercantile Bank in a research note on Tuesday, September 1st. They set an "outperform" rating and a $65.00 price target on the stock. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research report on Wednesday, July 22nd. Hovde Group cut shares of Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 price objective for the company. in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $62.00.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its principal subsidiary, Mercantile Bank, the company provides banking and financial services to businesses, individuals and organizations.

The bank's offerings include commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage loans and consumer credit. It also provides deposit accounts, treasury and cash-management services, online and mobile banking, and other financial services designed to support business and personal banking needs.

Founded in 1997, Mercantile Bank has developed a community-oriented banking model focused primarily on commercial relationships and local markets.

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