American Century Companies Inc. Has $22.25 Million Holdings in Mercantile Bank Corporation $MBWM

Key Points

• American Century Companies Inc. increased its stake in Mercantile Bank (NASDAQ:MBWM) by 9.2% to 494,367 shares, worth about $22.25 million and representing roughly 3.04% ownership per the latest SEC filing.
• Mercantile Bank raised its quarterly dividend to $0.39 (annualized $1.56), implying a 3.1% yield; the ex-dividend date is March 6 and the dividend is payable March 18.
• MBWM carries a consensus "Moderate Buy" from analysts with an average target of $56.75; the stock has a market cap near $865 million and a P/E of about 9.18.

American Century Companies Inc. increased its stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 9.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 494,367 shares of the financial services provider's stock after purchasing an additional 41,540 shares during the period. American Century Companies Inc. owned approximately 3.04% of Mercantile Bank worth $22,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MBWM. State of Alaska Department of Revenue bought a new stake in shares of Mercantile Bank in the third quarter valued at about $29,000. Jones Financial Companies Lllp grew its holdings in shares of Mercantile Bank by 116.0% during the third quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider's stock worth $38,000 after buying an additional 450 shares in the last quarter. Farther Finance Advisors LLC raised its position in Mercantile Bank by 76.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider's stock valued at $92,000 after buying an additional 884 shares during the last quarter. EMC Capital Management raised its position in Mercantile Bank by 76.3% in the 2nd quarter. EMC Capital Management now owns 3,309 shares of the financial services provider's stock valued at $154,000 after buying an additional 1,432 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in Mercantile Bank by 18.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider's stock valued at $178,000 after acquiring an additional 601 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $50.11 on Tuesday. The company has a fifty day moving average price of $51.68 and a two-hundred day moving average price of $48.41. Mercantile Bank Corporation has a one year low of $37.76 and a one year high of $55.77. The stock has a market cap of $865.40 million, a P/E ratio of 9.18 and a beta of 0.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.93.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 13.54%. The company had revenue of $62.07 million for the quarter, compared to analyst estimates of $62.25 million. As a group, equities analysts predict that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be paid a $0.39 dividend. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, March 6th. Mercantile Bank's dividend payout ratio is currently 28.57%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MBWM. Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Mercantile Bank in a research report on Monday, December 29th. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Finally, Hovde Group increased their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, December 18th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $56.75.

Mercantile Bank Company Profile

Mercantile Bank Corporation NASDAQ: MBWM is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank's core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.

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