JPMorgan Chase & Co. Has $9.66 Million Holdings in Mercantile Bank Corporation $MBWM

Key Points

• JPMorgan Chase & Co. raised its stake in Mercantile Bank (NASDAQ:MBWM) by 37.7% in Q3, adding 58,743 shares to hold 214,647 shares worth about $9.66 million (≈1.32% of the company).
• Analysts have a consensus rating of "Moderate Buy" on MBWM with an average price target of $56.20, following several upgrades and target increases from firms including Hovde, Piper Sandler and Keefe, Bruyette & Woods.
• Mercantile recently raised its quarterly dividend to $0.39 (annualized $1.56, yield 3.2%) and reported an EPS beat of $1.40, with a low P/E of 9.03 and solid profitability metrics (ROE 13.54%, net margin 23.87%).

JPMorgan Chase & Co. increased its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 37.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 214,647 shares of the financial services provider's stock after acquiring an additional 58,743 shares during the quarter. JPMorgan Chase & Co. owned about 1.32% of Mercantile Bank worth $9,659,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Voleon Capital Management LP acquired a new position in shares of Mercantile Bank during the 3rd quarter worth approximately $477,000. Qube Research & Technologies Ltd grew its position in Mercantile Bank by 40.8% during the third quarter. Qube Research & Technologies Ltd now owns 73,466 shares of the financial services provider's stock worth $3,306,000 after buying an additional 21,271 shares in the last quarter. Mariner LLC acquired a new stake in Mercantile Bank during the third quarter worth approximately $270,000. Mercer Global Advisors Inc. ADV increased its stake in Mercantile Bank by 3.9% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 110,593 shares of the financial services provider's stock worth $4,977,000 after acquiring an additional 4,200 shares during the period. Finally, Bank of America Corp DE raised its holdings in Mercantile Bank by 11.9% in the 3rd quarter. Bank of America Corp DE now owns 33,669 shares of the financial services provider's stock valued at $1,515,000 after acquiring an additional 3,580 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wall Street Zen upgraded Mercantile Bank to a "hold" rating in a research report on Saturday. Hovde Group boosted their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, December 18th. Stephens initiated coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They set an "equal weight" rating and a $54.00 price objective for the company. Piper Sandler set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods raised their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.20.

Mercantile Bank Stock Performance

Shares of MBWM opened at $49.33 on Monday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.93 and a current ratio of 0.93. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $55.77. The firm has a market cap of $852.08 million, a price-to-earnings ratio of 9.03 and a beta of 0.89. The business's fifty day moving average is $51.92 and its 200-day moving average is $48.49.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.03. The business had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%. Equities analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, March 6th. This is an increase from Mercantile Bank's previous quarterly dividend of $0.38. Mercantile Bank's dividend payout ratio is 28.57%.

Mercantile Bank Company 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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