Mercantile Bank Corporation (NASDAQ:MBWM) Shares Acquired by LSV Asset Management

Key Points

• LSV Asset Management increased its stake in Mercantile Bank Corporation by 12.1%, acquiring an additional 34,776 shares during the first quarter.
• Mercantile Bank has recently announced a quarterly dividend increase, raising it from $0.37 to $0.38 per share, resulting in a 3.4% dividend yield.
• Wall Street analysts have raised their price targets for Mercantile Bank, with estimates reaching up to $56.00 from brokerages like Keefe, Bruyette & Woods and Piper Sandler.

LSV Asset Management grew its position in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 12.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 321,486 shares of the financial services provider's stock after purchasing an additional 34,776 shares during the quarter. LSV Asset Management owned about 1.98% of Mercantile Bank worth $13,965,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Mercantile Bank by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider's stock worth $38,696,000 after purchasing an additional 2,252 shares during the last quarter. Northern Trust Corp grew its holdings in 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 last quarter. Millennium Management LLC grew its holdings in 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 last quarter. JPMorgan Chase & Co. grew its holdings in Mercantile Bank by 48.8% in the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock worth $5,451,000 after purchasing an additional 40,175 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in Mercantile Bank by 2.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 102,776 shares of the financial services provider's stock worth $4,573,000 after purchasing an additional 2,659 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MBWM has been the subject of several research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Piper Sandler lifted their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Finally, Raymond James Financial upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price objective for the company in a research note on Thursday, July 24th.

Mercantile Bank Stock Performance

Shares of NASDAQ:MBWM traded up $0.45 on Friday, hitting $44.50. 17,120 shares of the company were exchanged, compared to its average volume of 70,208. The firm has a market capitalization of $723.04 million, a P/E ratio of 8.82 and a beta of 0.92. The stock's 50 day moving average price is $46.30 and its 200 day moving average price is $45.41. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $60.90 million during the quarter, compared to the consensus estimate of $60.02 million. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.52%. Sell-side analysts predict that Mercantile Bank Corporation will post 4.83 EPS for the current 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 is a boost from Mercantile Bank's previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, September 5th. Mercantile Bank's payout ratio is presently 29.37%.

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.