ProShare Advisors LLC lowered its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,681 shares of the financial services provider's stock after selling 8,715 shares during the period. ProShare Advisors LLC owned about 0.97% of Mercantile Bank worth $6,971,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $29,000. Quantbot Technologies LP raised its holdings 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 valued at $104,000 after purchasing an additional 297 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $133,000. EP Wealth Advisors LLC purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $200,000. Finally, Sei Investments Co. purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $201,000. Hedge funds and other institutional investors own 58.63% of the company's stock.
Analyst Upgrades and Downgrades
MBWM has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, January 22nd. Piper Sandler lowered their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Hovde Group upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective for the company in a report on Wednesday, January 22nd.
Read Our Latest Analysis on Mercantile Bank
Mercantile Bank Stock Performance
NASDAQ MBWM traded down $1.47 during trading hours on Wednesday, reaching $44.51. 40,367 shares of the company were exchanged, compared to its average volume of 65,068. Mercantile Bank Co. has a 1 year low of $35.61 and a 1 year high of $52.98. The business's 50 day simple moving average is $42.79 and its 200-day simple moving average is $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 capitalization of $722.62 million, a P/E ratio of 8.99 and a beta of 0.87.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $57.57 million. On average, equities research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current year.
Mercantile Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.33%. Mercantile Bank's payout ratio is 30.71%.
About Mercantile Bank
(
Free Report)
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.
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