GAMMA Investing LLC Acquires 22,414 Shares of Mercantile Bank Corporation (NASDAQ:MBWM)

GAMMA Investing LLC boosted its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 12,808.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,589 shares of the financial services provider's stock after buying an additional 22,414 shares during the period. GAMMA Investing LLC owned approximately 0.14% of Mercantile Bank worth $981,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank in the 4th quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Mercantile Bank during the 4th quarter worth $35,000. Point72 Asset Management L.P. purchased a new position in Mercantile Bank during the 4th quarter worth $102,000. Quantbot Technologies LP grew its stake in shares of Mercantile Bank by 14.6% in the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after acquiring an additional 297 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $133,000. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Stock Performance

Mercantile Bank stock traded up $0.37 during mid-day trading on Friday, reaching $43.93. 44,360 shares of the company's stock were exchanged, compared to its average volume of 64,055. The business's fifty day simple moving average is $43.39 and its 200 day simple moving average is $45.09. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.83. Mercantile Bank Corporation has a one year low of $36.85 and a one year high of $52.98. The firm has a market capitalization of $713.42 million, a PE ratio of 9.11 and a beta of 0.88.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings data 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. Mercantile Bank had a net margin of 21.35% and a return on equity of 13.33%. The business had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. On average, sell-side analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Friday, June 6th. Mercantile Bank's dividend payout ratio is currently 30.71%.

Analyst Ratings Changes

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

Mercantile Bank 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.