Ieq Capital LLC Invests $227,000 in Mercantile Bank Corporation $MBWM

Key Points

• Ieq Capital LLC has acquired a new stake in Mercantile Bank Corporation, purchasing 5,223 shares valued at approximately $227,000.
• Several institutional investors, including Deutsche Bank AG and Vanguard Group Inc., have significantly increased their holdings in Mercantile Bank, indicating strong institutional interest.
• Mercantile Bank announced a quarterly dividend increase to $0.38 per share, reflecting a positive shift with a 3.1% yield for shareholders.

Ieq Capital LLC bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,223 shares of the financial services provider's stock, valued at approximately $227,000.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Mercantile Bank by 16.9% in the first quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider's stock valued at $44,182,000 after buying an additional 147,299 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Mercantile Bank by 9.4% during the first quarter. American Century Companies Inc. now owns 426,625 shares of the financial services provider's stock worth $18,533,000 after buying an additional 36,677 shares in the last quarter. LSV Asset Management increased its position in shares of Mercantile Bank by 12.1% in the first quarter. LSV Asset Management now owns 321,486 shares of the financial services provider's stock worth $13,965,000 after purchasing an additional 34,776 shares during the period. Northern Trust Corp increased its position in shares of Mercantile Bank by 5.8% in the fourth quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider's stock worth $8,475,000 after purchasing an additional 10,491 shares during the period. Finally, Millennium Management LLC increased its position in shares of Mercantile Bank by 54.0% in the fourth quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock worth $5,907,000 after purchasing an additional 46,559 shares during the period. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Stock Performance

Shares of NASDAQ MBWM traded up $0.29 during trading on Thursday, reaching $48.11. 14,416 shares of the stock traded hands, compared to its average volume of 67,540. The company has a 50-day moving average of $47.80 and a 200-day moving average of $45.25. The stock has a market capitalization of $781.72 million, a P/E ratio of 9.55 and a beta of 0.95. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.98. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly 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. The firm had revenue of $60.90 million for the quarter, compared to analysts' expectations of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. Analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 3.2%. 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 30.16%.

Wall Street Analysts Forecast Growth

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

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.