SG Americas Securities LLC Buys 33,956 Shares of Mercantile Bank Corporation (NASDAQ:MBWM)

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

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wedge Capital Management L L P NC grew its stake in shares of Mercantile Bank by 20.8% in the first quarter. Wedge Capital Management L L P NC now owns 16,968 shares of the financial services provider's stock worth $737,000 after acquiring an additional 2,922 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Mercantile Bank by 22.3% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 12,446 shares of the financial services provider's stock valued at $541,000 after buying an additional 2,273 shares during the period. GAMMA Investing LLC boosted its stake in shares of Mercantile Bank by 12,808.0% in the 1st quarter. GAMMA Investing LLC now owns 22,589 shares of the financial services provider's stock worth $981,000 after buying an additional 22,414 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Mercantile Bank by 62.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,506 shares of the financial services provider's stock worth $1,268,000 after acquiring an additional 10,979 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of Mercantile Bank in the fourth quarter worth $211,000. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock traded down $0.22 on Tuesday, hitting $43.10. 108,937 shares of the company's stock were exchanged, compared to its average volume of 66,620. Mercantile Bank Corporation has a 1 year low of $35.67 and a 1 year high of $52.98. The company has a 50-day simple moving average of $43.20 and a 200-day simple moving average of $45.17. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $699.94 million, a PE ratio of 8.99 and a beta of 0.88.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating 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 business had revenue of $57.20 million during the quarter, compared to analyst estimates of $57.57 million. As a group, equities analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank's payout ratio is 30.71%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price target on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research note 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.