Trexquant Investment LP Invests $419,000 in Mercantile Bank Corporation $MBWM

Trexquant Investment LP acquired a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,646 shares of the financial services provider's stock, valued at approximately $419,000. Trexquant Investment LP owned 0.06% of Mercantile Bank as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of MBWM. Vanguard Group Inc. grew its holdings in Mercantile Bank by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider's stock worth $44,182,000 after acquiring an additional 147,299 shares during the period. Nuveen LLC bought a new position in Mercantile Bank in the 1st quarter valued at about $3,209,000. Hotchkis & Wiley Capital Management LLC lifted its position in Mercantile Bank by 72.7% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 131,310 shares of the financial services provider's stock valued at $5,704,000 after acquiring an additional 55,290 shares in the last quarter. Millennium Management LLC lifted its position in shares of Mercantile Bank by 54.0% during the 4th quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock worth $5,907,000 after buying an additional 46,559 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Mercantile Bank by 9.4% during the 1st quarter. American Century Companies Inc. now owns 426,625 shares of the financial services provider's stock worth $18,533,000 after buying an additional 36,677 shares in the last quarter. Institutional investors own 58.63% of the company's stock.

Analyst Upgrades and Downgrades

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

Mercantile Bank Price Performance

MBWM stock opened at $48.56 on Tuesday. The firm's 50-day moving average price is $47.82 and its two-hundred day moving average price is $45.21. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $52.98. The stock has a market capitalization of $789.10 million, a price-to-earnings ratio of 9.63 and a beta of 0.95. 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 posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The business 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, equities analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company 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 $0.38 dividend. This is a boost from Mercantile Bank's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, September 5th. Mercantile Bank's payout ratio is currently 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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