Nuveen LLC Buys Shares of 73,881 Mercantile Bank Corporation $MBWM

Key Points

• Nuveen LLC has acquired a new position in Mercantile Bank Corporation, purchasing 73,881 shares valued at approximately $3.21 million, making it 0.46% owner of the company.
• Mercantile Bank has announced a quarterly dividend increase to $0.38 per share, representing a 3.1% yield, and will be paid on September 17th.
• Recent analyst reports have upgraded Mercantile Bank's rating, with price targets raised to as high as $56.00, indicating a positive outlook for the stock.

Nuveen LLC bought a new position in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 73,881 shares of the financial services provider's stock, valued at approximately $3,209,000. Nuveen LLC owned approximately 0.46% of Mercantile Bank at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Well Done LLC grew its position in shares of Mercantile Bank by 4.5% in the 1st quarter. Well Done LLC now owns 6,391 shares of the financial services provider's stock worth $284,000 after acquiring an additional 277 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Mercantile Bank by 3.6% during the 4th 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 period. Principal Financial Group Inc. raised its stake in shares of Mercantile Bank by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider's stock worth $420,000 after buying an additional 340 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Mercantile Bank by 0.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 57,603 shares of the financial services provider's stock worth $2,502,000 after buying an additional 446 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Mercantile Bank in the 4th quarter worth $35,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Stock Down 0.7%

Shares of MBWM stock traded down $0.35 on Wednesday, reaching $48.71. 50,842 shares of the company's stock traded hands, compared to its average volume of 52,606. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $52.98. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $791.49 million, a P/E ratio of 9.66 and a beta of 0.95. The business's 50 day moving average price is $47.67 and its two-hundred day moving average price is $45.25.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%.The business had revenue of $60.90 million for the quarter, compared to the consensus estimate of $60.02 million. On average, equities analysts forecast that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.1%. This is an increase from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. Mercantile Bank's dividend payout ratio is presently 30.16%.

Analyst Ratings Changes

A number of research firms have recently commented on MBWM. Keefe, Bruyette & Woods boosted their price objective on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Piper Sandler boosted their target price on Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 target price on the stock in a research report on Thursday, July 24th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Mercantile Bank presently has a consensus rating of "Moderate Buy" and an average price target of $55.25.

About Mercantile Bank

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.