Empowered Funds LLC Makes New Investment in Mercantile Bank Corporation $MBWM

Key Points

• Empowered Funds LLC initiated a position in Mercantile Bank, buying 30,969 shares valued at approximately $1.78 million, while institutional investors collectively own 58.63% of the stock.
• Mercantile Bank reported quarterly EPS of $1.53, exceeding analyst expectations of $1.32. The company also raised its quarterly dividend to $0.40 per share, implying a 2.6% yield.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the stock carries an average rating of “Hold” and an average price target of $62, compared with a recent price of $61.73.

Empowered Funds LLC purchased a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 30,969 shares of the financial services provider's stock, valued at approximately $1,778,000. Empowered Funds LLC owned about 0.18% of Mercantile Bank as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new position in shares of Mercantile Bank in the 4th quarter valued at approximately $26,000. Burnham & Co LLC purchased a new stake in Mercantile Bank during the 2nd quarter worth approximately $29,000. Quadrant Capital Group LLC grew its position in Mercantile Bank by 63.8% during the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider's stock worth $43,000 after purchasing an additional 347 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Mercantile Bank by 29.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock valued at $85,000 after purchasing an additional 387 shares in the last quarter. Finally, Aquatic Capital Management LLC increased its stake in Mercantile Bank by 94.9% during the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 1,575 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $61.73 on Friday. Mercantile Bank Corporation has a twelve month low of $42.75 and a twelve 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 cap of $1.07 billion, a PE ratio of 10.87 and a beta of 0.80. The company's 50 day moving average is $59.31 and its 200 day moving average is $54.63.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.32 by $0.21. The business had revenue of $68.76 million during the quarter, compared to analysts' expectations of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. On average, sell-side analysts forecast 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. Investors of record on Friday, September 4th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank's dividend payout ratio is 27.46%.

Wall Street Analyst Weigh In

MBWM has been the subject of a number of research analyst reports. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a report on Wednesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Mercantile Bank in a report on Friday, June 12th. Hovde Group downgraded Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 target price on the stock. in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Finally, Raymond James Financial assumed coverage on Mercantile Bank in a research report on Tuesday. They set an "outperform" rating and a $65.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $62.00.

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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