Man Group plc Takes $1.14 Million Position in Mercantile Bank Corporation $MBWM

Key Points

• Man Group plc acquired 19,924 Mercantile Bank shares worth approximately $1.14 million, representing about 0.12% of the company. Institutional investors collectively own 58.63% of MBWM.
• Mercantile Bank exceeded quarterly earnings expectations, reporting $1.53 EPS versus the $1.32 consensus estimate, while revenue reached $68.76 million. The stock recently traded at $61.00, near its 52-week high.
• The bank raised its quarterly dividend to $0.40 per share, implying a $1.60 annualized payout and a 2.6% yield. Analysts’ average rating remains “Hold,” with a consensus price target of $62.00.

Man Group plc purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 19,924 shares of the financial services provider's stock, valued at approximately $1,144,000. Man Group plc owned about 0.12% of Mercantile Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. De Lisle Partners LLP acquired a new stake in shares of Mercantile Bank in the 2nd quarter worth $4,346,000. Focus Partners Advisor Solutions LLC purchased a new position in Mercantile Bank during the second quarter worth about $1,305,000. BlackRock Inc. purchased a new position in Mercantile Bank during the second quarter worth about $88,105,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Mercantile Bank during the 2nd quarter worth approximately $2,779,000. Finally, Deutsche Bank AG purchased a new stake in shares of Mercantile Bank during the 2nd quarter valued at approximately $1,030,000. Hedge funds and other institutional investors own 58.63% of the company's stock.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $61.00 on Thursday. The firm has a market cap of $1.05 billion, a PE ratio of 10.74 and a beta of 0.80. Mercantile Bank Corporation has a 52-week low of $42.75 and a 52-week high of $62.39. 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 company's 50 day moving average is $59.20 and its two-hundred day moving average is $54.58.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The business had revenue of $68.76 million for the quarter, compared to analysts' expectations of $68.81 million. On average, research analysts expect that Mercantile Bank Corporation will post 5.7 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 16th. Stockholders of record on Friday, September 4th will be given a dividend of $0.40 per share. This is an increase from Mercantile Bank's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. Mercantile Bank's dividend payout ratio is presently 27.46%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Raymond James Financial started coverage on shares of Mercantile Bank in a research report on Tuesday. They set an "outperform" rating and a $65.00 price target for the company. Piper Sandler set a $65.00 price target on Mercantile Bank in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $60.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. Hovde Group cut Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 price objective for the company. in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Mercantile Bank in a report on Friday, June 12th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $62.00.

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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