Northern Trust Corp Has $8.48 Million Stake in Mercantile Bank Co. (NASDAQ:MBWM)

Northern Trust Corp grew its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 190,490 shares of the financial services provider's stock after purchasing an additional 10,491 shares during the period. Northern Trust Corp owned about 1.18% of Mercantile Bank worth $8,475,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MBWM. Tudor Investment Corp ET AL grew its position in Mercantile Bank by 34.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 47,163 shares of the financial services provider's stock worth $2,098,000 after acquiring an additional 11,961 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Mercantile Bank in the fourth quarter worth about $450,000. Price T Rowe Associates Inc. MD lifted its position in shares of Mercantile Bank by 19.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,133 shares of the financial services provider's stock worth $273,000 after buying an additional 996 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Mercantile Bank by 16.3% in the fourth quarter. Hsbc Holdings PLC now owns 8,570 shares of the financial services provider's stock worth $384,000 after buying an additional 1,203 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Mercantile Bank by 20.9% in the fourth quarter. Barclays PLC now owns 39,878 shares of the financial services provider's stock valued at $1,774,000 after purchasing an additional 6,897 shares during the period. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Trading Down 3.2%

MBWM stock traded down $1.47 during trading on Wednesday, hitting $44.51. The company had a trading volume of 40,367 shares, compared to its average volume of 65,068. The firm has a 50-day moving average price of $42.79 and a 200-day moving average price of $45.81. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The stock has a market cap of $722.62 million, a price-to-earnings ratio of 8.99 and a beta of 0.87. 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 issued its earnings results 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. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. The firm had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. As a group, analysts predict that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders 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 yield of 3.33%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank's payout ratio is currently 30.71%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, January 22nd. Hovde Group upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a research report on Wednesday, January 22nd. Finally, Piper Sandler dropped their target price 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.