6,627 Shares in Mercantile Bank Corporation (NASDAQ:MBWM) Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,627 shares of the financial services provider's stock, valued at approximately $288,000.

Other institutional investors have also recently bought and sold shares of the company. US Bancorp DE increased its holdings in Mercantile Bank by 11.2% during the fourth quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock worth $264,000 after buying an additional 599 shares during the last quarter. Victory Capital Management Inc. increased its holdings in 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 buying an additional 410 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Mercantile Bank during the fourth quarter worth $1,392,000. AlphaQuest LLC increased its holdings in Mercantile Bank by 12,712.5% during the fourth quarter. AlphaQuest LLC now owns 8,200 shares of the financial services provider's stock worth $365,000 after buying an additional 8,136 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Mercantile Bank by 46.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 45,869 shares of the financial services provider's stock worth $2,041,000 after buying an additional 14,568 shares during the last quarter. Institutional investors own 58.63% of the company's stock.

Analyst Ratings Changes

Separately, Piper Sandler lowered their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd.

Mercantile Bank Stock Performance

Shares of NASDAQ:MBWM traded down $1.48 on Friday, hitting $48.44. The company had a trading volume of 96,729 shares, compared to its average volume of 67,697. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98. The stock has a market cap of $786.67 million, a price-to-earnings ratio of 10.05 and a beta of 0.89. The stock has a 50 day moving average price of $45.40 and a 200 day moving average price of $44.99. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.83.

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, beating the consensus estimate of $1.19 by $0.02. The firm 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 21.35% and a return on equity of 13.33%. Analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th were given a $0.37 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.06%. Mercantile Bank's payout ratio is presently 30.71%.

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.