Mercantile Bank Corporation (NASDAQ:MBWM) Shares Sold by Tributary Capital Management LLC

Tributary Capital Management LLC lessened its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 277,821 shares of the financial services provider's stock after selling 9,666 shares during the period. Tributary Capital Management LLC owned 1.71% of Mercantile Bank worth $12,069,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MBWM. Victory Capital Management Inc. grew its stake in Mercantile Bank by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider's stock valued at $781,000 after acquiring an additional 410 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Mercantile Bank in the 4th quarter valued at about $1,392,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Mercantile Bank by 46.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 45,869 shares of the financial services provider's stock valued at $2,041,000 after purchasing an additional 14,568 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Mercantile Bank by 17.6% in the 4th quarter. Teacher Retirement System of Texas now owns 30,521 shares of the financial services provider's stock valued at $1,358,000 after purchasing an additional 4,577 shares during the last quarter. Finally, Quantbot Technologies LP boosted its holdings in Mercantile Bank by 14.6% in the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company's stock.

Mercantile Bank Trading Down 0.3%

NASDAQ:MBWM traded down $0.13 on Friday, hitting $48.58. The stock had a trading volume of 79,604 shares, compared to its average volume of 67,465. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.83. The stock has a market cap of $788.94 million, a price-to-earnings ratio of 10.08 and a beta of 0.89. The company has a fifty day moving average price of $45.81 and a two-hundred day moving average price of $45.09. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98.

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

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd.

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.