Dynamic Technology Lab Private Ltd bought a new position in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,592 shares of the financial services provider's stock, valued at approximately $460,000. Dynamic Technology Lab Private Ltd owned approximately 0.07% of Mercantile Bank at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Mercantile Bank in the 4th quarter worth $35,000. Virtus Advisers LLC bought a new stake in shares of Mercantile Bank in the 1st quarter worth $39,000. Point72 Asset Management L.P. bought a new stake in shares of Mercantile Bank in the fourth quarter worth $102,000. EP Wealth Advisors LLC bought a new stake in shares of Mercantile Bank in the fourth quarter worth $200,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Mercantile Bank in the fourth quarter worth $211,000. Institutional investors own 58.63% of the company's stock.
Mercantile Bank Price Performance
Shares of Mercantile Bank stock traded up $0.66 during trading hours on Wednesday, hitting $47.44. The company's stock had a trading volume of 10,628 shares, compared to its average volume of 66,873. The business has a 50 day moving average price of $47.65 and a two-hundred day moving average price of $45.23. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $52.98. The company has a market cap of $770.90 million, a PE ratio of 9.41 and a beta of 0.95. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.98 and a current ratio of 0.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%.The business had revenue of $60.90 million for the quarter, compared to the consensus estimate of $60.02 million. Analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share 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. Stockholders of record on Friday, September 5th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. 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 payout ratio is presently 30.16%.
Wall Street Analysts Forecast Growth
Several analysts recently commented on MBWM shares. Keefe, Bruyette & Woods lifted their price objective on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Raymond James Financial upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 target price on the stock in a research report on Thursday, July 24th. Finally, Piper Sandler lifted their target price on Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.
Check Out Our Latest Analysis on MBWM
Mercantile Bank Company Profile
(
Free Report)
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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