Connor Clark & Lunn Investment Management Ltd. bought a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 48,392 shares of the financial services provider's stock, valued at approximately $2,779,000. Connor Clark & Lunn Investment Management Ltd. owned 0.28% of Mercantile Bank at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Burnham & Co LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at about $29,000. Kestra Advisory Services LLC acquired a new position in shares of Mercantile Bank during the fourth quarter worth $26,000. Quadrant Capital Group LLC grew its stake in shares of Mercantile Bank by 63.8% during the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider's stock worth $43,000 after purchasing an additional 347 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock valued at $85,000 after buying an additional 387 shares during the last quarter. Finally, Aquatic Capital Management LLC increased its holdings in Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider's stock valued at $146,000 after buying an additional 1,575 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.
Mercantile Bank Price Performance
Shares of NASDAQ MBWM opened at $60.21 on Friday. 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 twelve month low of $42.75 and a twelve month high of $62.39. The business has a 50 day simple moving average of $58.89 and a 200-day simple moving average of $54.45. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.60 and a beta of 0.79.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.32 by $0.21. The business had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. As a group, equities research analysts expect that Mercantile Bank Corporation will post 5.7 earnings per share for the current year.
Mercantile Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.39. Mercantile Bank's dividend payout ratio is 27.46%.
Analyst Upgrades and Downgrades
Several analysts recently commented on the stock. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research report on Wednesday, July 22nd. Hovde Group lowered shares of Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 target price on the stock. in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price target on Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mercantile Bank in a research note on Friday, June 12th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $60.40.
View Our Latest Stock Report on MBWM
Mercantile Bank Profile
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Free Report)
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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