Strs Ohio Buys Shares of 12,900 Mercantile Bank Corporation $MBWM

Strs Ohio bought a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,900 shares of the financial services provider's stock, valued at approximately $560,000. Strs Ohio owned approximately 0.08% of Mercantile Bank as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Jane Street Group LLC raised its stake in shares of Mercantile Bank by 21.0% during the 1st quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider's stock worth $693,000 after purchasing an additional 2,772 shares in the last quarter. Empowered Funds LLC grew its holdings in Mercantile Bank by 4.1% in the 1st quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider's stock valued at $2,508,000 after buying an additional 2,255 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Mercantile Bank in the 1st quarter valued at $460,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Mercantile Bank by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider's stock valued at $407,000 after buying an additional 382 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in Mercantile Bank by 2.2% in the 1st quarter. Bridgeway Capital Management LLC now owns 105,031 shares of the financial services provider's stock valued at $4,563,000 after buying an additional 2,255 shares in the last quarter. Institutional investors own 58.63% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Piper Sandler upped their price objective on 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 increased their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 target price on the stock in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $55.25.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $47.00 on Friday. The business's fifty day simple moving average is $47.53 and its 200 day simple moving average is $45.24. The firm has a market capitalization of $763.75 million, a P/E ratio of 9.33 and a beta of 0.95. Mercantile Bank Corporation has a 12 month low of $37.76 and a 12 month high of $52.98. 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 issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $60.90 million for the quarter, compared to analyst estimates 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 anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Friday, September 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. The ex-dividend date was Friday, September 5th. Mercantile Bank's dividend payout ratio (DPR) is presently 30.16%.

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.

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