Strategies Wealth Advisors LLC Acquires New Position in Mercantile Bank Corporation $MBWM

Key Points

• Strategies Wealth Advisors LLC has acquired a new stake in Mercantile Bank Corporation, purchasing 8,950 shares valued at approximately $389,000.
• Mercantile Bank recently announced a quarterly dividend of $0.38 per share, which represents a yield of 3.2% and is an increase from the previous dividend of $0.37.
• Analysts have upgraded Mercantile Bank's stock rating, with price targets now ranging from $55.00 to $56.00, reflecting a consensus average rating of "Moderate Buy."

Strategies Wealth Advisors LLC acquired a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,950 shares of the financial services provider's stock, valued at approximately $389,000. Strategies Wealth Advisors LLC owned about 0.06% of Mercantile Bank at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Mercantile Bank during the fourth quarter worth $35,000. Point72 Asset Management L.P. bought a new stake in shares of Mercantile Bank in the fourth quarter valued at about $102,000. EP Wealth Advisors LLC bought a new stake in Mercantile Bank during the 4th quarter worth about $200,000. Squarepoint Ops LLC acquired a new stake in shares of Mercantile Bank during the fourth quarter worth about $211,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Mercantile Bank in the 4th quarter valued at about $217,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

MBWM traded up $0.30 during trading hours on Wednesday, hitting $49.76. 21,696 shares of the stock were exchanged, compared to its average volume of 68,994. Mercantile Bank Corporation has a 12 month low of $37.76 and a 12 month high of $52.98. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $808.60 million, a price-to-earnings ratio of 9.87 and a beta of 0.92. The stock has a 50-day simple moving average of $47.07 and a 200-day simple moving average of $45.23.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $60.90 million during the quarter, compared to analyst estimates of $60.02 million. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.52%. Analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, September 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. Mercantile Bank's dividend payout ratio is 29.37%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 target price for the company in a research note on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Mercantile Bank has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Mercantile Bank 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.