Cubist Systematic Strategies LLC Has $604,000 Position in Mercantile Bank Corporation $MBWM

Key Points

• Cubist Systematic Strategies LLC significantly increased its holdings in Mercantile Bank Corporation by acquiring 9,010 shares, raising their total shares to 13,894 as of the latest SEC filing.
• Mercantile Bank's quarterly dividend was raised from $0.37 to $0.38, reflecting a 3.2% dividend yield with an annualized dividend of $1.52.
• Analysts have raised their price targets for Mercantile Bank, with Piper Sandler and Keefe, Bruyette & Woods both setting new targets at $56.00, indicating a generally positive outlook on the stock.

Cubist Systematic Strategies LLC lifted its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 184.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 13,894 shares of the financial services provider's stock after acquiring an additional 9,010 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.09% of Mercantile Bank worth $604,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Mercantile Bank during the 4th quarter valued at about $35,000. Virtus Advisers LLC acquired a new stake in shares of Mercantile Bank during the 1st quarter worth approximately $39,000. Point72 Asset Management L.P. acquired a new stake in shares of Mercantile Bank during the 4th quarter worth approximately $102,000. EP Wealth Advisors LLC acquired a new position in Mercantile Bank during the fourth quarter valued at approximately $200,000. Finally, Squarepoint Ops LLC acquired a new position in Mercantile Bank during the fourth quarter valued at approximately $211,000. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Stock Performance

NASDAQ MBWM traded down $0.62 on Friday, hitting $47.72. 32,330 shares of the stock were exchanged, compared to its average volume of 47,120. 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 business's fifty day moving average is $47.73 and its 200 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. The company has a market capitalization of $775.40 million, a PE ratio of 9.47 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, beating 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%. Research analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS 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 $0.38 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.52 annualized dividend and a yield of 3.2%. This is an increase from Mercantile Bank's previous quarterly dividend of $0.37. Mercantile Bank's payout ratio is 30.16%.

Analyst Upgrades and Downgrades

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

Mercantile Bank Profile

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.