Jane Street Group LLC Lowers Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Jane Street Group LLC reduced its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 55.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,180 shares of the financial services provider's stock after selling 16,442 shares during the quarter. Jane Street Group LLC owned 0.08% of Mercantile Bank worth $586,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MBWM. Janney Montgomery Scott LLC boosted its holdings in shares of Mercantile Bank by 3.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock worth $528,000 after purchasing an additional 430 shares in the last quarter. Empowered Funds LLC boosted its holdings in Mercantile Bank by 5.0% during the 4th quarter. Empowered Funds LLC now owns 55,476 shares of the financial services provider's stock valued at $2,468,000 after acquiring an additional 2,659 shares during the period. Rhumbline Advisers boosted its holdings in Mercantile Bank by 6.0% during the 4th quarter. Rhumbline Advisers now owns 25,419 shares of the financial services provider's stock valued at $1,131,000 after acquiring an additional 1,432 shares during the period. Principal Financial Group Inc. boosted its holdings in Mercantile Bank by 8.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,335 shares of the financial services provider's stock valued at $415,000 after acquiring an additional 724 shares during the period. Finally, US Bancorp DE boosted its holdings in Mercantile Bank by 11.2% during the 4th quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock valued at $264,000 after acquiring an additional 599 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Stock Down 0.6%

Shares of Mercantile Bank stock traded down $0.26 on Friday, reaching $44.52. The company's stock had a trading volume of 53,678 shares, compared to its average volume of 65,240. The company has a market capitalization of $722.78 million, a price-to-earnings ratio of 8.99 and a beta of 0.87. The firm's fifty day simple moving average is $42.73 and its two-hundred day simple moving average is $45.59. Mercantile Bank Co. has a 52 week low of $35.61 and a 52 week high of $52.98. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.02. The firm had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Equities analysts anticipate that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be issued a $0.37 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.32%. Mercantile Bank's dividend payout ratio (DPR) is 30.71%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their target price on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a report on Wednesday, April 23rd.

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.