Royal Bank of Canada Has $584,000 Holdings in Mercantile Bank Corporation $MBWM

Key Points

• Royal Bank of Canada cut its Mercantile Bank stake by 60.3% in the first quarter, retaining 11,564 shares worth approximately $584,000. Institutional investors collectively own 58.63% of MBWM.
• Mercantile Bank reported quarterly earnings of $1.53 per share, beating analyst expectations of $1.32, while revenue of $68.76 million was essentially in line with estimates.
• The bank raised its quarterly dividend to $0.40 per share, equal to an annualized $1.60 payout and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $60.40.

Royal Bank of Canada lessened its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 60.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,564 shares of the financial services provider's stock after selling 17,576 shares during the period. Royal Bank of Canada owned approximately 0.07% of Mercantile Bank worth $584,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Advisory Services LLC acquired a new stake in Mercantile Bank during the 4th quarter worth approximately $26,000. Quadrant Capital Group LLC grew its holdings in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider's stock valued at $43,000 after buying an additional 347 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Mercantile Bank by 29.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider's stock valued at $85,000 after buying an additional 387 shares in the last quarter. Aquatic Capital Management LLC grew its holdings in Mercantile Bank by 94.9% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider's stock valued at $146,000 after buying an additional 1,575 shares in the last quarter. Finally, Quantbot Technologies LP increased its position in Mercantile Bank by 251.9% during the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider's stock worth $203,000 after buying an additional 3,128 shares during the period. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $60.31 on Tuesday. The stock's fifty day moving average price is $58.39 and its two-hundred day moving average price is $54.30. Mercantile Bank Corporation has a one year low of $42.75 and a one year high of $62.39. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $1.04 billion, a PE ratio of 10.62 and a beta of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.21. The firm had revenue of $68.76 million during the quarter, compared to analysts' expectations of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. As a group, research analysts expect that Mercantile Bank Corporation will post 5.7 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank's payout ratio is presently 27.46%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MBWM. Weiss Ratings reissued a "buy (b)" rating on shares of Mercantile Bank in a research report on Friday, June 12th. Hovde Group lowered shares of Mercantile Bank from an "outperform" rating to a "market perform" rating and set a $62.00 price target on the stock. in a research report on Wednesday, July 22nd. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an "outperform" rating in a report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $60.40.

Mercantile Bank Company Profile

Mercantile Bank Corporation NASDAQ: MBWM is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank's core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.

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