Allianz Asset Management GmbH lowered its stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 87.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,732 shares of the financial services provider's stock after selling 80,847 shares during the period. Allianz Asset Management GmbH owned about 0.07% of Mercantile Bank worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of MBWM. Vanguard Group Inc. lifted its holdings in shares of Mercantile Bank by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider's stock valued at $38,696,000 after purchasing an additional 2,252 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Mercantile Bank by 3.6% in the 4th quarter. LSV Asset Management now owns 286,710 shares of the financial services provider's stock valued at $12,756,000 after purchasing an additional 10,081 shares during the last quarter. Northern Trust Corp increased its position in Mercantile Bank by 5.8% during the 4th quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider's stock worth $8,475,000 after purchasing an additional 10,491 shares during the period. Millennium Management LLC grew its holdings in shares of Mercantile Bank by 54.0% in the 4th quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock worth $5,907,000 after acquiring an additional 46,559 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Mercantile Bank by 48.8% in the 4th quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock worth $5,451,000 after acquiring an additional 40,175 shares during the period. Institutional investors and hedge funds own 58.63% of the company's stock.
Mercantile Bank Trading Up 0.9%
Mercantile Bank stock traded up $0.41 during trading on Monday, hitting $44.85. The company's stock had a trading volume of 59,881 shares, compared to its average volume of 70,742. The stock has a market capitalization of $728.77 million, a price-to-earnings ratio of 8.90 and a beta of 0.92. The stock's fifty day moving average is $46.28 and its 200 day moving average is $45.41. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.75% and a net margin of 22.11%. The firm had revenue of $60.90 million during the quarter, compared to the consensus estimate of $60.02 million. As a group, equities research analysts predict 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 given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Mercantile Bank's previous quarterly dividend of $0.37. Mercantile Bank's dividend payout ratio is currently 30.16%.
Analyst Ratings Changes
MBWM has been the topic of a number of research reports. Raymond James Financial upgraded 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. Keefe, Bruyette & Woods boosted their price target on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Finally, Piper Sandler boosted their target price on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd.
Check Out Our Latest Stock Report on Mercantile Bank
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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