Tributary Capital Management LLC Lowers Holdings in Mercantile Bank Corporation (NASDAQ:MBWM)

Tributary Capital Management LLC decreased its position 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 SEC. The fund owned 277,821 shares of the financial services provider's stock after selling 9,666 shares during the quarter. Tributary Capital Management LLC owned about 1.71% of Mercantile Bank worth $12,069,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Mercantile Bank during the 4th quarter valued at $35,000. Point72 Asset Management L.P. bought a new stake in Mercantile Bank during the 4th quarter valued at $102,000. Quantbot Technologies LP boosted its holdings in Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after acquiring an additional 297 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Mercantile Bank during the 4th quarter worth $133,000. Finally, EP Wealth Advisors LLC purchased a new position in Mercantile Bank during the 4th quarter worth $200,000. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Trading Down 0.3%

Shares of NASDAQ:MBWM traded down $0.13 during trading on Friday, reaching $48.58. 79,604 shares of the company traded hands, compared to its average volume of 67,188. The business's fifty day moving average is $45.90 and its 200-day moving average is $45.13. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $52.98. The firm has a market capitalization of $788.94 million, a price-to-earnings ratio of 10.08 and a beta of 0.89. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.83.

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

Analysts Set New Price Targets

Separately, Piper Sandler cut their price target 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.