Ieq Capital LLC Makes New $1.02 Million Investment in Mercantile Bank Corporation $MBWM

Key Points

• Ieq Capital LLC acquired 17,704 shares of Mercantile Bank, valued at approximately $1.02 million, giving it a 0.10% stake. Institutional investors collectively own 58.63% of the company.
• Mercantile Bank reported quarterly EPS of $1.53, beating analysts’ $1.32 estimate, while revenue came in at $68.76 million. Shares recently traded at $59.74, near the analysts’ consensus price target of $60.40.
• The bank raised its quarterly dividend from $0.39 to $0.40 per share, equivalent to a $1.60 annualized payout and a 2.7% yield. Analyst sentiment remains mixed, with a consensus rating of “Hold.”

Ieq Capital LLC purchased a new stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,704 shares of the financial services provider's stock, valued at approximately $1,017,000. Ieq Capital LLC owned about 0.10% of Mercantile Bank at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MBWM. Burnham & Co LLC bought a new stake in shares of Mercantile Bank in the 2nd quarter worth approximately $29,000. Kestra Advisory Services LLC purchased a new position in Mercantile Bank in the 4th quarter worth $26,000. Quadrant Capital Group LLC raised its position 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 worth $43,000 after purchasing an additional 347 shares during the period. PNC Financial Services Group Inc. lifted its stake in Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock worth $85,000 after purchasing an additional 387 shares during the last quarter. Finally, Aquatic Capital Management LLC lifted its stake in Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider's stock worth $146,000 after purchasing an additional 1,575 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Trading Down 0.2%

Shares of MBWM opened at $59.74 on Friday. The stock has a market capitalization of $1.03 billion, a P/E ratio of 10.52 and a beta of 0.79. 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 firm has a fifty day simple moving average of $58.76 and a two-hundred day simple moving average of $54.41. Mercantile Bank Corporation has a twelve month low of $42.75 and a twelve month high of $62.39.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.21. The business had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. On average, research analysts anticipate that Mercantile Bank Corporation will post 5.7 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a boost from Mercantile Bank's previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. Mercantile Bank's payout ratio is 27.46%.

Wall Street Analysts Forecast Growth

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