CHICAGO TRUST Co NA Purchases New Holdings in Mercantile Bank Corporation $MBWM

Key Points

• CHICAGO TRUST Co NA purchased a new stake of 15,811 shares in Mercantile Bank Corporation for about $734,000, increasing its ownership stake to approximately 0.10% of the company.
• Mercantile Bank recently declared a quarterly dividend of $0.38, up from the previous $0.37, representing a yield of 3.3% and an annual payout of $1.52.
• Analysts have upgraded Mercantile Bank's stock ratings, with target prices set between $55.00 and $56.00, indicating a consensus rating of "Moderate Buy."

CHICAGO TRUST Co NA purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 15,811 shares of the financial services provider's stock, valued at approximately $734,000. CHICAGO TRUST Co NA owned approximately 0.10% of Mercantile Bank as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Virtus Advisers LLC purchased a new stake in shares of Mercantile Bank in the 1st quarter valued at approximately $39,000. Farther Finance Advisors LLC purchased a new stake in Mercantile Bank in the 2nd quarter worth approximately $54,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Mercantile Bank in the 2nd quarter worth approximately $80,000. Squarepoint Ops LLC purchased a new stake in Mercantile Bank in the 4th quarter worth approximately $211,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Mercantile Bank in the 2nd quarter worth approximately $237,000. Hedge funds and other institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $46.27 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $751.89 million, a price-to-earnings ratio of 9.18 and a beta of 0.95. The company's fifty day moving average is $47.44 and its two-hundred day moving average is $45.25. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The company had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.52%. Equities research analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th were given a $0.38 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.52 annualized dividend and a yield of 3.3%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.37. Mercantile Bank's dividend payout ratio (DPR) is 30.16%.

Analyst Upgrades and Downgrades

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

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.

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