Bank of New York Mellon Corp Buys Shares of 98,102 Mercantile Bank Corporation $MBWM

Bank of New York Mellon Corp purchased a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 98,102 shares of the financial services provider's stock, valued at approximately $5,633,000. Bank of New York Mellon Corp owned approximately 0.57% of Mercantile Bank at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in shares of Mercantile Bank by 5.6% in the 1st quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider's stock valued at $2,989,000 after purchasing an additional 3,621 shares during the period. AQR Capital Management LLC boosted its stake in shares of Mercantile Bank by 21.2% during the 1st quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider's stock worth $3,998,000 after acquiring an additional 16,092 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mercantile Bank by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider's stock worth $407,000 after buying an additional 382 shares during the last quarter. Empowered Funds LLC grew its position in shares of Mercantile Bank by 4.1% in the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider's stock valued at $2,508,000 after purchasing an additional 2,255 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider's stock worth $693,000 after purchasing an additional 2,772 shares during the period. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

Shares of MBWM opened at $62.14 on Friday. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 10.94 and a beta of 0.80. The firm has a fifty day simple moving average of $59.41 and a 200 day simple moving average of $54.69. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59. Mercantile Bank Corporation has a 12 month low of $42.75 and a 12 month high of $62.39.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The business had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. Research analysts forecast that Mercantile Bank Corporation will post 5.69 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be paid a $0.40 dividend. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, September 4th. Mercantile Bank's dividend payout ratio is currently 27.46%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MBWM. Raymond James Financial began coverage on Mercantile Bank in a report on Tuesday. They set an "outperform" rating and a $65.00 price target for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercantile Bank in a research report on Friday, June 12th. Hovde Group cut shares of Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 target price for the company. in a research note on Wednesday, July 22nd. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on Mercantile Bank from $60.00 to $64.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Mercantile Bank has an average rating of "Hold" and an average target price of $62.00.

Mercantile Bank 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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