5,144 Shares in Mercantile Bank Corporation $MBWM Purchased by EntryPoint Capital LLC

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 position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 5,144 shares of the financial services provider's stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Credit Agricole S A lifted its position in Mercantile Bank by 75.1% in the first quarter. Credit Agricole S A now owns 22,442 shares of the financial services provider's stock worth $975,000 after purchasing an additional 9,622 shares during the period. Hsbc Holdings PLC lifted its position in Mercantile Bank by 17.9% in the first quarter. Hsbc Holdings PLC now owns 10,108 shares of the financial services provider's stock worth $445,000 after purchasing an additional 1,538 shares during the period. American Century Companies Inc. lifted its position in Mercantile Bank by 9.4% in the first quarter. American Century Companies Inc. now owns 426,625 shares of the financial services provider's stock worth $18,533,000 after purchasing an additional 36,677 shares during the period. Nuveen LLC acquired a new stake in Mercantile Bank in the first quarter worth approximately $3,209,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Mercantile Bank by 24.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,294 shares of the financial services provider's stock worth $2,489,000 after purchasing an additional 11,425 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on MBWM. Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price target on the stock in a report on Thursday, July 24th. Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Finally, Piper Sandler upped their price target on Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Mercantile Bank Stock Down 0.2%

NASDAQ:MBWM traded down $0.11 during trading hours on Friday, hitting $49.60. 3,954 shares of the stock traded hands, compared to its average volume of 68,711. The firm has a 50 day moving average price of $47.32 and a 200 day moving average price of $45.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank Corporation has a fifty-two week low of $37.76 and a fifty-two week high of $52.98. The firm has a market cap of $805.95 million, a price-to-earnings ratio of 9.85 and a beta of 0.92.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings results 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 net margin of 22.11% and a return on equity of 13.52%. The business had revenue of $60.90 million for the quarter, compared to analysts' expectations of $60.02 million. Equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. Mercantile Bank's dividend payout ratio is currently 30.16%.

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.