Mercantile Bank Co. (NASDAQ:MBWM) Shares Acquired by Millennium Management LLC

Millennium Management LLC increased its position 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 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,777 shares of the financial services provider's stock after acquiring an additional 46,559 shares during the quarter. Millennium Management LLC owned about 0.82% of Mercantile Bank worth $5,907,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Deutsche Bank AG raised its stake in shares of Mercantile Bank by 48.7% during the 4th quarter. Deutsche Bank AG now owns 16,622 shares of the financial services provider's stock worth $740,000 after acquiring an additional 5,447 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Mercantile Bank by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider's stock worth $781,000 after acquiring an additional 410 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Mercantile Bank by 40.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 57,157 shares of the financial services provider's stock worth $2,543,000 after acquiring an additional 16,600 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Mercantile Bank by 19.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,133 shares of the financial services provider's stock worth $273,000 after acquiring an additional 996 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Mercantile Bank by 6.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 70,043 shares of the financial services provider's stock worth $3,116,000 after acquiring an additional 4,114 shares in the last quarter. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Performance

Shares of MBWM stock traded down $0.26 during trading hours on Friday, hitting $44.52. The company's stock had a trading volume of 53,678 shares, compared to its average volume of 65,240. The company has a 50 day moving average of $42.73 and a 200 day moving average of $45.59. The stock has a market cap of $722.78 million, a PE ratio of 8.99 and a beta of 0.87. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 12-month low of $35.61 and a 12-month high of $52.98.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, sell-side analysts forecast that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

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