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

Ameriprise Financial Inc. raised its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 88.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,748 shares of the financial services provider's stock after buying an additional 21,533 shares during the period. Ameriprise Financial Inc. owned 0.28% of Mercantile Bank worth $2,035,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MBWM. Picton Mahoney Asset Management purchased a new stake in Mercantile Bank in the 4th quarter valued at about $29,000. Quantbot Technologies LP increased its stake in Mercantile Bank by 14.6% in the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after buying an additional 297 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Mercantile Bank in the 4th quarter valued at about $133,000. Sei Investments Co. purchased a new stake in Mercantile Bank in the 4th quarter valued at about $201,000. Finally, Intellus Advisors LLC purchased a new stake in Mercantile Bank in the 4th quarter valued at about $243,000. Hedge funds and other institutional investors own 58.63% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock traded up $0.48 on Tuesday, reaching $44.16. 47,890 shares of the company traded hands, compared to its average volume of 65,251. Mercantile Bank Co. has a 52 week low of $35.61 and a 52 week high of $52.98. The company has a 50 day moving average of $42.70 and a 200 day moving average of $45.54. The firm has a market capitalization of $716.94 million, a PE ratio of 8.92 and a beta of 0.87. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

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

Mercantile Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, June 6th. Mercantile Bank's dividend payout ratio is currently 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.