Mercantile Bank Co. (NASDAQ:MBWM) Stock Holdings Lifted by Millennium Management LLC

Millennium Management LLC raised its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 54.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 132,777 shares of the financial services provider's stock after purchasing an additional 46,559 shares during the period. Millennium Management LLC owned about 0.82% of Mercantile Bank worth $5,907,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP lifted its position 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 buying an additional 297 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Mercantile Bank by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,978 shares of the financial services provider's stock worth $399,000 after acquiring an additional 313 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Mercantile Bank by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider's stock valued at $781,000 after acquiring an additional 410 shares during the period. Janney Montgomery Scott LLC boosted its stake in Mercantile Bank by 3.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 430 shares during the period. Finally, Sterling Capital Management LLC grew its holdings in shares of Mercantile Bank by 5.0% during the fourth quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider's stock valued at $416,000 after purchasing an additional 449 shares during the last quarter. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Performance

MBWM stock traded down $0.26 during trading on Friday, reaching $44.52. 53,678 shares of the company's stock were exchanged, compared to its average volume of 65,180. Mercantile Bank Co. has a 1-year low of $35.61 and a 1-year high of $52.98. The firm has a market cap of $722.78 million, a PE ratio of 8.99 and a beta of 0.87. The company's fifty day moving average price is $42.73 and its 200-day moving average price is $45.68. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.02. The firm had revenue of $57.20 million during the quarter, compared to analyst estimates of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, research analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Friday, June 6th. Mercantile Bank's dividend payout ratio is presently 30.71%.

Analyst Ratings Changes

Separately, Piper Sandler cut their price target on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a 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.