Focus Partners Advisor Solutions LLC Buys Shares of 22,731 Mercantile Bank Corporation $MBWM

Key Points

• Focus Partners Advisor Solutions bought 22,731 Mercantile Bank shares worth approximately $1.305 million, giving it a 0.13% stake. Institutional investors collectively own 58.63% of the company.
• Mercantile Bank reported quarterly earnings of $1.53 per share, beating estimates of $1.32, while revenue totaled $68.76 million. The company raised its quarterly dividend to $0.40 per share, implying a 2.6% annualized yield.
• Analyst sentiment remains mixed, with three Buy ratings and four Hold ratings; the consensus rating is Hold with a $60.40 price target, below the stock’s reported $61.56 opening price.

Focus Partners Advisor Solutions LLC bought a new stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,731 shares of the financial services provider's stock, valued at approximately $1,305,000. Focus Partners Advisor Solutions LLC owned 0.13% of Mercantile Bank as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new position in Mercantile Bank in the fourth quarter valued at approximately $26,000. Quadrant Capital Group LLC raised its stake in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 347 shares during the period. PNC Financial Services Group Inc. raised its stake in Mercantile Bank by 29.9% in 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 acquiring an additional 387 shares during the period. Aquatic Capital Management LLC raised its stake in Mercantile Bank by 94.9% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider's stock valued at $146,000 after acquiring an additional 1,575 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in Mercantile Bank by 251.9% during the second quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider's stock valued at $203,000 after purchasing an additional 3,128 shares during the last quarter. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $61.56 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market cap of $1.06 billion, a P/E ratio of 10.84 and a beta of 0.79. Mercantile Bank Corporation has a 52 week low of $42.75 and a 52 week high of $62.39. The business has a 50-day simple moving average of $57.66 and a two-hundred day simple moving average of $53.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The firm had revenue of $68.76 million for the quarter, compared to analysts' expectations of $68.81 million. Research analysts anticipate that Mercantile Bank Corporation will post 5.7 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be paid a dividend of $0.40 per share. This is an increase from Mercantile Bank's previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank's dividend payout ratio is presently 27.46%.

Analyst Upgrades and Downgrades

MBWM has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Mercantile Bank in a research report on Friday, June 12th. Hovde Group cut shares of Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 price target on the stock. in a research note on Wednesday, July 22nd. Finally, Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Mercantile Bank currently has a consensus rating of "Hold" and a consensus target price of $60.40.

Mercantile Bank 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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