Charles Schwab Investment Management Inc. Sells 61,077 Shares of Mercantile Bank Corporation $MBWM

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Mercantile Bank Corporation by 32.2%, now holding approximately 0.79% of the company's shares, valued at $5,599,000.
• Analysts have a consensus rating of "Moderate Buy" for Mercantile Bank, with a target price averaging $55.25, indicating optimism regarding the stock's future performance.
• Mercantile Bank has declared a quarterly dividend of $0.38, which signifies an increase from the previous $0.37 and positions the annualized dividend yield at 3.1%.

Charles Schwab Investment Management Inc. decreased its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 128,885 shares of the financial services provider's stock after selling 61,077 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.79% of Mercantile Bank worth $5,599,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Mercantile Bank during the 4th quarter worth $35,000. Point72 Asset Management L.P. acquired a new position in Mercantile Bank during the 4th quarter worth $102,000. EP Wealth Advisors LLC acquired a new position in Mercantile Bank during the 4th quarter worth $200,000. Squarepoint Ops LLC acquired a new position in Mercantile Bank during the 4th quarter worth $211,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Mercantile Bank during the 4th quarter worth $217,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price objective on the stock in a report on Thursday, July 24th. Piper Sandler upped their target price on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Mercantile Bank has a consensus rating of "Moderate Buy" and an average target price of $55.25.

Mercantile Bank Trading Down 0.4%

Shares of MBWM traded down $0.19 during trading hours on Tuesday, reaching $49.06. The stock had a trading volume of 51,680 shares, compared to its average volume of 52,606. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The firm has a 50-day moving average of $47.60 and a 200 day moving average of $45.22. The company has a market cap of $797.23 million, a P/E ratio of 9.73 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.52%. The firm had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. On average, sell-side analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.38 per share. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.1%. Mercantile Bank's dividend payout ratio is currently 29.37%.

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.