Credit Agricole S A Buys 9,622 Shares of Mercantile Bank Corporation $MBWM

Key Points

• Credit Agricole S A increased its stake in Mercantile Bank Corporation by 75.1%, acquiring an additional 9,622 shares, resulting in ownership of 22,442 shares valued at approximately $975,000.
• Mercantile Bank recently announced a quarterly dividend increase to $0.38 per share, with an annual yield of 3.1%, highlighting its stable financial performance.
• Analysts have set a new price target for Mercantile Bank at $55.25, reflecting a consensus rating of "Moderate Buy", with several firms upgrading their ratings recently.

Credit Agricole S A increased its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 75.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 22,442 shares of the financial services provider's stock after purchasing an additional 9,622 shares during the quarter. Credit Agricole S A owned 0.14% of Mercantile Bank worth $975,000 at the end of the most recent quarter.

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

Mercantile Bank Stock Up 5.5%

Mercantile Bank stock opened at $49.50 on Monday. The firm has a market cap of $804.38 million, a price-to-earnings ratio of 9.82 and a beta of 0.92. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The business's 50-day moving average price is $46.83 and its 200 day moving average price is $45.21. 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 (NASDAQ:MBWM - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. The firm had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. As a group, sell-side analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

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

Analysts Set New Price Targets

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