73,881 Shares in Mercantile Bank Corporation $MBWM Purchased by Nuveen LLC

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) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 73,881 shares of the financial services provider's stock, valued at approximately $3,209,000. Nuveen LLC owned about 0.46% of Mercantile Bank as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Mercantile Bank in the 4th quarter worth $35,000. Point72 Asset Management L.P. acquired a new position in Mercantile Bank during the fourth quarter valued at $102,000. EP Wealth Advisors LLC purchased a new stake in Mercantile Bank in the 4th quarter worth about $200,000. Squarepoint Ops LLC purchased a new stake in Mercantile Bank in the 4th quarter worth about $211,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Mercantile Bank in the 4th quarter worth about $217,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Down 0.8%

Shares of NASDAQ:MBWM traded down $0.37 on Tuesday, reaching $48.88. The company had a trading volume of 13,390 shares, compared to its average volume of 68,618. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month high of $52.98. The stock has a 50-day moving average price of $47.52 and a 200 day moving average price of $45.20. The stock has a market capitalization of $794.30 million, a P/E ratio of 9.69 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, topping 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 company had revenue of $60.90 million during the quarter, compared to analysts' expectations of $60.02 million. On average, equities analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Friday, September 5th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. Mercantile Bank's payout ratio is presently 29.37%.

Analysts Set New Price Targets

Several brokerages recently issued reports on MBWM. Keefe, Bruyette & Woods increased 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. Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 price objective for the company in a research note on Thursday, July 24th. Finally, Piper Sandler upped 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. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.25.

Mercantile Bank Company 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.