SG Americas Securities LLC Increases Stock Position in Mercantile Bank Corporation (NASDAQ:MBWM)

SG Americas Securities LLC boosted its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 279.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,093 shares of the financial services provider's stock after acquiring an additional 33,956 shares during the period. SG Americas Securities LLC owned about 0.28% of Mercantile Bank worth $2,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Picton Mahoney Asset Management purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Mercantile Bank in the 4th quarter valued at about $35,000. Point72 Asset Management L.P. purchased a new position in Mercantile Bank in the 4th quarter valued at about $102,000. Quantbot Technologies LP boosted its stake in shares of Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after purchasing an additional 297 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Mercantile Bank during the fourth quarter worth about $133,000. Hedge funds and other institutional investors own 58.63% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price objective 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.

Mercantile Bank Trading Up 1.1%

Shares of Mercantile Bank stock traded up $0.46 during trading hours on Thursday, reaching $43.56. 57,774 shares of the company's stock were exchanged, compared to its average volume of 66,816. Mercantile Bank Corporation has a 52-week low of $36.50 and a 52-week high of $52.98. The company has a fifty day moving average of $43.29 and a 200-day moving average of $45.14. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $707.41 million, a price-to-earnings ratio of 9.04 and a beta of 0.88.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. Mercantile Bank had a return on equity of 13.33% and a net margin of 21.35%. The firm had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Sell-side analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.40%. Mercantile Bank's payout ratio is currently 30.71%.

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.