West Michigan Advisors LLC acquired a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,887 shares of the financial services provider's stock, valued at approximately $256,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC boosted its holdings in Mercantile Bank by 54.0% in the 4th quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock valued at $5,907,000 after purchasing an additional 46,559 shares during the period. JPMorgan Chase & Co. raised its position in shares of Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock valued at $5,451,000 after buying an additional 40,175 shares during the last quarter. LSV Asset Management lifted its stake in shares of Mercantile Bank by 12.1% in the first quarter. LSV Asset Management now owns 321,486 shares of the financial services provider's stock valued at $13,965,000 after buying an additional 34,776 shares during the period. SG Americas Securities LLC grew its position in Mercantile Bank by 279.8% during the first quarter. SG Americas Securities LLC now owns 46,093 shares of the financial services provider's stock worth $2,002,000 after buying an additional 33,956 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Mercantile Bank during the fourth quarter valued at about $1,392,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
MBWM has been the topic of several recent research reports. Piper Sandler lifted their price objective on Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price target on the stock in a report on Thursday, July 24th.
Check Out Our Latest Stock Analysis on MBWM
Mercantile Bank Price Performance
Shares of MBWM traded up $0.48 during mid-day trading on Friday, reaching $44.53. The company had a trading volume of 38,556 shares, compared to its average volume of 70,354. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month high of $52.98. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.99. The company's 50-day moving average is $46.30 and its 200-day moving average is $45.41. The company has a market capitalization of $723.61 million, a P/E ratio of 8.84 and a beta of 0.92.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. The firm had revenue of $60.90 million during the quarter, compared to analyst estimates of $60.02 million. On average, equities analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current year.
Mercantile Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.38 per share. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Friday, September 5th. Mercantile Bank's payout ratio is currently 29.37%.
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.
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