GSA Capital Partners LLP Boosts Holdings in Mercantile Bank Corporation (NASDAQ:MBWM)

Key Points

• GSA Capital Partners LLP increased its stake in Mercantile Bank by 103.3%, now holding approximately 0.09% of the company worth $660,000.
• Mercantile Bank announced a quarterly dividend of $0.38 per share, up from the previous $0.37, representing an annualized yield of 3.4%.
• Recent earnings results showed Mercantile Bank beat estimates with $1.39 earnings per share against an expectation of $1.23, alongside revenue surpassing projections at $60.90 million.

GSA Capital Partners LLP grew its position in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 103.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,191 shares of the financial services provider's stock after acquiring an additional 7,720 shares during the period. GSA Capital Partners LLP owned about 0.09% of Mercantile Bank worth $660,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Well Done LLC raised its position in shares of Mercantile Bank by 4.5% during the 1st quarter. Well Done LLC now owns 6,391 shares of the financial services provider's stock worth $284,000 after purchasing an additional 277 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Mercantile Bank by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,978 shares of the financial services provider's stock valued at $399,000 after acquiring an additional 313 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Mercantile Bank by 3.6% in the first quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider's stock valued at $420,000 after acquiring an additional 340 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Mercantile Bank by 0.8% in the first quarter. Envestnet Asset Management Inc. now owns 57,603 shares of the financial services provider's stock worth $2,502,000 after acquiring an additional 446 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in shares of Mercantile Bank by 5.0% in the fourth quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider's stock worth $416,000 after acquiring an additional 449 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on MBWM shares. Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Raymond James Financial upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price target on the stock in a research report on Thursday, July 24th. Finally, Piper Sandler boosted their target price on Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd.

Mercantile Bank Stock Performance

MBWM traded down $0.45 on Wednesday, reaching $44.59. The company had a trading volume of 17,292 shares, compared to its average volume of 70,405. Mercantile Bank Corporation has a 1 year low of $37.76 and a 1 year high of $52.98. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $724.59 million, a PE ratio of 8.85 and a beta of 0.92. The stock has a 50-day moving average price of $46.31 and a 200-day moving average price of $45.42.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share 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 the consensus estimate of $60.02 million. As a group, research analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Friday, September 5th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.4%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. Mercantile Bank's dividend payout ratio (DPR) is currently 29.37%.

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.