Ameriprise Financial Inc. Purchases 21,533 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Ameriprise Financial Inc. boosted its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 88.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,748 shares of the financial services provider's stock after acquiring an additional 21,533 shares during the quarter. Ameriprise Financial Inc. owned 0.28% of Mercantile Bank worth $2,035,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank during the 4th quarter valued at about $29,000. Quantbot Technologies LP increased its position in shares of Mercantile Bank by 14.6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 297 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Mercantile Bank in the 4th quarter valued at $133,000. Sei Investments Co. acquired a new stake in Mercantile Bank in the 4th quarter valued at $201,000. Finally, Intellus Advisors LLC acquired a new stake in Mercantile Bank in the 4th quarter valued at $243,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Mercantile Bank Stock Down 0.6%

Shares of NASDAQ:MBWM traded down $0.26 during mid-day trading on Friday, reaching $44.52. 53,678 shares of the stock were exchanged, compared to its average volume of 65,240. The stock's 50 day simple moving average is $42.73 and its 200-day simple moving average is $45.64. Mercantile Bank Co. has a one year low of $35.61 and a one year high of $52.98. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market cap of $722.78 million, a P/E ratio of 8.99 and a beta of 0.87.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million during the quarter, compared to analysts' expectations of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. As a group, equities research analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.32%. Mercantile Bank's payout ratio is 30.71%.

About Mercantile Bank

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.