EntryPoint Capital LLC Acquires New Position in Mercantile Bank Corporation $MBWM

Key Points

• EntryPoint Capital LLC has acquired a new stake in Mercantile Bank Corporation, purchasing 5,144 shares valued at approximately $223,000.
• Deutsche Bank AG and other institutional investors have significantly increased their holdings, indicating growing interest in the company.
• Mercantile Bank recently increased its quarterly dividend to $0.38 per share, reflecting a 3.1% yield based on an annualized dividend of $1.52.

EntryPoint Capital LLC acquired a new stake 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 Securities and Exchange Commission (SEC). The institutional investor acquired 5,144 shares of the financial services provider's stock, valued at approximately $223,000.

Other hedge funds have also recently modified their holdings of the company. Deutsche Bank AG grew its holdings in shares of Mercantile Bank by 48.7% in the fourth quarter. Deutsche Bank AG now owns 16,622 shares of the financial services provider's stock valued at $740,000 after purchasing an additional 5,447 shares during the period. Envestnet Asset Management Inc. lifted its position in Mercantile Bank by 40.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 57,157 shares of the financial services provider's stock valued at $2,543,000 after buying an additional 16,600 shares during the last quarter. Hsbc Holdings PLC lifted its position in Mercantile Bank by 16.3% in the fourth quarter. Hsbc Holdings PLC now owns 8,570 shares of the financial services provider's stock valued at $384,000 after buying an additional 1,203 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Mercantile Bank by 19.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,133 shares of the financial services provider's stock valued at $273,000 after buying an additional 996 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Mercantile Bank by 12.6% in the fourth quarter. Nuveen Asset Management LLC now owns 44,936 shares of the financial services provider's stock valued at $1,999,000 after buying an additional 5,045 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 research firms have commented on MBWM. Raymond James Financial raised shares of 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. Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Piper Sandler upped their target price 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.25.

Mercantile Bank Stock Up 5.5%

Shares of MBWM opened at $49.50 on Friday. The stock has a market capitalization of $804.38 million, a PE ratio of 9.82 and a beta of 0.92. 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 quick ratio of 0.98 and a current ratio of 0.98. The company's 50-day simple moving average is $46.83 and its 200-day simple moving average is $45.24.

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

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Friday, September 5th will be given a dividend of $0.38 per share. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 5th. Mercantile Bank's dividend payout ratio is currently 29.37%.

Mercantile Bank Company 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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