Mercantile Bank Co. (NASDAQ:MBWM) Position Reduced by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the 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 0.97% of Mercantile Bank worth $6,971,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of MBWM. Picton Mahoney Asset Management bought a new position in Mercantile Bank in the 4th quarter valued at about $29,000. Quantbot Technologies LP grew its position in Mercantile Bank by 14.6% in the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after buying an additional 297 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Mercantile Bank in the 4th quarter valued at about $133,000. EP Wealth Advisors LLC bought a new position in Mercantile Bank in the 4th quarter valued at about $200,000. Finally, Sei Investments Co. bought a new position in Mercantile Bank in the 4th quarter valued at about $201,000. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Price Performance

NASDAQ MBWM traded down $0.61 on Friday, reaching $43.69. The company's stock had a trading volume of 36,407 shares, compared to its average volume of 65,189. Mercantile Bank Co. has a twelve month low of $35.61 and a twelve month high of $52.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market cap of $709.31 million, a PE ratio of 8.83 and a beta of 0.87. The firm's 50 day moving average is $42.76 and its two-hundred day moving average is $45.78.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, beating 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 company had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. As a group, sell-side analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.

Mercantile Bank Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased 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.

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.