Deutsche Bank AG Makes New $1.03 Million Investment in Mercantile Bank Corporation $MBWM

Deutsche Bank AG bought a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 17,934 shares of the financial services provider's stock, valued at approximately $1,030,000. Deutsche Bank AG owned approximately 0.10% of Mercantile Bank at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in shares of Mercantile Bank during the fourth quarter worth approximately $14,181,000. Bank of New York Mellon Corp acquired a new stake in Mercantile Bank during the 2nd quarter worth $5,633,000. JPMorgan Chase & Co. boosted its stake in Mercantile Bank by 73.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider's stock worth $7,236,000 after purchasing an additional 65,823 shares during the last quarter. Siena Capital Partners GP LLC grew its holdings in shares of Mercantile Bank by 319.8% during the fourth quarter. Siena Capital Partners GP LLC now owns 83,966 shares of the financial services provider's stock worth $4,039,000 after buying an additional 63,966 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of Mercantile Bank by 36.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider's stock valued at $9,077,000 after buying an additional 54,373 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Mercantile Bank in a research report on Friday, June 12th. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a 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 note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $60.40.

Mercantile Bank Price Performance

MBWM stock opened at $60.21 on Monday. The business's fifty day moving average price is $58.89 and its 200 day moving average price is $54.45. Mercantile Bank Corporation has a 12-month low of $42.75 and a 12-month high of $62.39. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $1.04 billion, a PE ratio of 10.60 and a beta of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The company had revenue of $68.76 million during the quarter, compared to analysts' expectations of $68.81 million. On average, sell-side analysts anticipate that Mercantile Bank Corporation will post 5.7 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.40 per share. This is a boost from Mercantile Bank's previous quarterly dividend of $0.39. The ex-dividend date is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. Mercantile Bank's dividend payout ratio (DPR) is currently 27.46%.

Mercantile Bank Company Profile

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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