9,975 Shares in Mercantile Bank Corporation $MBWM Purchased by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC has made a new investment of approximately $433,000 in Mercantile Bank Corporation, acquiring 9,975 shares and owning about 0.06% of the company as of their latest SEC filing.
• Mercantile Bank recently announced a quarterly dividend increase from $0.37 to $0.38 per share, with a dividend yield of 3.1% and a payout ratio of 29.37%.
• Analysts have raised their price targets on Mercantile Bank shares, with Piper Sandler setting a new target of $56.00, indicating a positive outlook for the company's stock performance.

Magnetar Financial LLC purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 9,975 shares of the financial services provider's stock, valued at approximately $433,000. Magnetar Financial LLC owned 0.06% of Mercantile Bank at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MBWM. Deutsche Bank AG lifted its stake in shares of Mercantile Bank by 48.7% during the fourth quarter. Deutsche Bank AG now owns 16,622 shares of the financial services provider's stock valued at $740,000 after acquiring an additional 5,447 shares during the period. Vanguard Group Inc. lifted its stake in shares of Mercantile Bank by 16.9% during 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 acquiring an additional 147,299 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Mercantile Bank by 16.3% during the fourth quarter. Hsbc Holdings PLC now owns 8,570 shares of the financial services provider's stock valued at $384,000 after acquiring an additional 1,203 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Mercantile Bank by 19.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,133 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 996 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in shares of Mercantile Bank by 12.6% during the fourth quarter. Nuveen Asset Management LLC now owns 44,936 shares of the financial services provider's stock valued at $1,999,000 after acquiring an additional 5,045 shares during the period. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Stock Down 0.9%

Shares of NASDAQ MBWM traded down $0.46 during mid-day trading on Friday, reaching $48.68. 47,487 shares of the company's stock were exchanged, compared to its average volume of 50,758. The firm has a market capitalization of $791.05 million, a price-to-earnings ratio of 9.66 and a beta of 0.95. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79. The business has a fifty day simple moving average of $47.78 and a 200 day simple moving average of $45.25. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month 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 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. As a group, equities analysts expect 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 issued a dividend of $0.38 per share. The ex-dividend date is Friday, September 5th. 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 dividend yield of 3.1%. Mercantile Bank's dividend payout ratio is 29.37%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler upped their price target on Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price target on the stock in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.25.

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.