Teacher Retirement System of Texas Trims Stock Position in Mercantile Bank Corporation (NASDAQ:MBWM)

Teacher Retirement System of Texas cut its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 38.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,688 shares of the financial services provider's stock after selling 11,833 shares during the period. Teacher Retirement System of Texas owned about 0.12% of Mercantile Bank worth $812,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management bought a new position in shares of Mercantile Bank in the 4th quarter valued at about $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Mercantile Bank during the fourth quarter valued at approximately $35,000. Point72 Asset Management L.P. acquired a new position in shares of Mercantile Bank during the fourth quarter worth $102,000. Quantbot Technologies LP grew its holdings in shares of Mercantile Bank by 14.6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after buying 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 valued at $133,000. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their price target 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 Down 0.1%

Shares of NASDAQ:MBWM traded down $0.03 during mid-day trading on Friday, reaching $48.68. 34,250 shares of the company were exchanged, compared to its average volume of 67,291. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.99 and a quick ratio of 0.99. Mercantile Bank Corporation has a 1 year low of $37.76 and a 1 year high of $52.98. The firm has a market cap of $790.56 million, a price-to-earnings ratio of 10.14 and a beta of 0.89. The firm's 50-day simple moving average is $45.81 and its 200 day simple moving average is $45.09.

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

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.