Dynamic Technology Lab Private Ltd Makes New $460,000 Investment in Mercantile Bank Corporation $MBWM

Key Points

• Dynamic Technology Lab Private Ltd made a new investment of $460,000 in Mercantile Bank Corporation, acquiring approximately 10,592 shares of the stock during the first quarter.
• Several institutional investors, including MIRAE ASSET GLOBAL ETFS and AQR Capital Management, increased their positions in Mercantile Bank, indicating growing confidence in the company.
• Mercantile Bank recently declared a quarterly dividend increase from $0.37 to $0.38, reflecting a robust 3.1% yield for investors.

Dynamic Technology Lab Private Ltd purchased a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 10,592 shares of the financial services provider's stock, valued at approximately $460,000. Dynamic Technology Lab Private Ltd owned about 0.07% of Mercantile Bank as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Mercantile Bank by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider's stock worth $407,000 after purchasing an additional 382 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Mercantile Bank by 2.2% during the 1st quarter. Bridgeway Capital Management LLC now owns 105,031 shares of the financial services provider's stock worth $4,563,000 after purchasing an additional 2,255 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Mercantile Bank by 21.2% during the 1st quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider's stock worth $3,998,000 after purchasing an additional 16,092 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Mercantile Bank by 14.4% during the 1st quarter. EP Wealth Advisors LLC now owns 5,151 shares of the financial services provider's stock worth $224,000 after purchasing an additional 650 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC increased its position in shares of Mercantile Bank by 1.6% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 22,577 shares of the financial services provider's stock worth $981,000 after purchasing an additional 364 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods lifted their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note 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 for the company in a research note on Thursday, July 24th. Finally, Piper Sandler increased their price objective on shares of 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 given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Mercantile Bank Stock Performance

MBWM opened at $48.34 on Friday. The business has a fifty day simple moving average of $47.77 and a 200 day simple moving average of $45.25. The company has a market capitalization of $785.53 million, a PE ratio of 9.59 and a beta of 0.95. Mercantile Bank Corporation has a 1 year low of $37.76 and a 1 year high of $52.98. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.98.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $60.90 million during the quarter, compared to the consensus estimate of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. Research analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Friday, September 5th will be paid a $0.38 dividend. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. This represents a $1.52 annualized dividend and a yield of 3.1%. Mercantile Bank's dividend payout ratio is presently 30.16%.

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.

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