Teacher Retirement System of Texas Has $812,000 Holdings in Mercantile Bank Corporation (NASDAQ:MBWM)

Teacher Retirement System of Texas lowered its stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 38.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 0.12% of Mercantile Bank worth $812,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Mercantile Bank during the 1st quarter valued at $288,000. Well Done LLC raised its position in Mercantile Bank by 4.5% during the first quarter. Well Done LLC now owns 6,391 shares of the financial services provider's stock valued at $284,000 after purchasing an additional 277 shares during the period. SG Americas Securities LLC boosted its position in shares of Mercantile Bank by 279.8% during the first quarter. SG Americas Securities LLC now owns 46,093 shares of the financial services provider's stock valued at $2,002,000 after buying an additional 33,956 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of Mercantile Bank by 20.8% during the first quarter. Wedge Capital Management L L P NC now owns 16,968 shares of the financial services provider's stock valued at $737,000 after buying an additional 2,922 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Mercantile Bank by 22.3% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 12,446 shares of the financial services provider's stock valued at $541,000 after purchasing an additional 2,273 shares during the period. Institutional investors own 58.63% of the company's stock.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd.

Mercantile Bank Stock Down 0.6%

Shares of Mercantile Bank stock traded down $0.29 during trading hours on Wednesday, hitting $47.51. The company had a trading volume of 23,316 shares, compared to its average volume of 67,825. The company's 50-day moving average is $45.61 and its two-hundred day moving average is $45.04. The company has a market cap of $771.32 million, a P/E ratio of 9.90 and a beta of 0.89. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month high of $52.98. 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 (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.35% and a return on equity of 13.33%. Analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th were given a $0.37 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a yield of 3.12%. Mercantile Bank's dividend payout ratio (DPR) is 30.71%.

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.