Strategies Wealth Advisors LLC Makes New Investment 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 position in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Mercantile Bank by 16.9% during the first quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider's stock worth $44,182,000 after buying an additional 147,299 shares in the last quarter. American Century Companies Inc. grew its position in shares of Mercantile Bank by 9.4% in the first quarter. American Century Companies Inc. now owns 426,625 shares of the financial services provider's stock valued at $18,533,000 after purchasing an additional 36,677 shares during the period. LSV Asset Management grew its position in shares of Mercantile Bank by 12.1% in the first quarter. LSV Asset Management now owns 321,486 shares of the financial services provider's stock valued at $13,965,000 after purchasing an additional 34,776 shares during the period. Northern Trust Corp grew its position in shares of Mercantile Bank by 5.8% in the fourth quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider's stock valued at $8,475,000 after purchasing an additional 10,491 shares during the period. Finally, Millennium Management LLC grew its position in shares of Mercantile Bank by 54.0% in the fourth quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock valued at $5,907,000 after purchasing an additional 46,559 shares during the period. 58.63% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Mercantile Bank Stock Down 0.7%

NASDAQ MBWM traded down $0.36 on Monday, hitting $49.14. 34,391 shares of the stock traded hands, compared to its average volume of 69,422. The stock has a 50-day moving average of $46.83 and a 200 day moving average of $45.21. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month high of $52.98. The company has a market capitalization of $798.48 million, a P/E ratio of 9.75 and a beta of 0.92. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $60.90 million for the quarter, compared to analysts' expectations of $60.02 million. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%. As a group, analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Friday, September 5th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 5th. Mercantile Bank's payout ratio is currently 30.16%.

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.