Northern Trust Corp Buys 10,491 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Northern Trust Corp grew its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 5.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 190,490 shares of the financial services provider's stock after acquiring an additional 10,491 shares during the quarter. Northern Trust Corp owned 1.18% of Mercantile Bank worth $8,475,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new position in shares of Mercantile Bank during the fourth quarter worth approximately $29,000. Quantbot Technologies LP increased its stake in shares of Mercantile Bank by 14.6% in the fourth 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 period. KLP Kapitalforvaltning AS purchased a new position in shares of Mercantile Bank in the fourth quarter worth $133,000. Sei Investments Co. purchased a new position in shares of Mercantile Bank in the fourth quarter worth $201,000. Finally, Intellus Advisors LLC purchased a new position in shares of Mercantile Bank in the fourth quarter worth $243,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their target price 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 Stock Down 1.4%

Mercantile Bank stock traded down $0.61 during mid-day trading on Friday, reaching $43.69. The stock had a trading volume of 36,407 shares, compared to its average volume of 65,189. The company has a market capitalization of $709.31 million, a price-to-earnings ratio of 8.83 and a beta of 0.87. The company has a 50-day moving average price of $42.76 and a two-hundred day moving average price of $45.78. Mercantile Bank Co. has a one year low of $35.61 and a one year high of $52.98. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (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 business had revenue of $57.20 million for the quarter, compared to analysts' expectations of $57.57 million. On average, analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, June 6th. Mercantile Bank's payout ratio is currently 30.71%.

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.