Y Intercept Hong Kong Ltd Invests $438,000 in Mercantile Bank Corporation (NASDAQ:MBWM)

Y Intercept Hong Kong Ltd purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,089 shares of the financial services provider's stock, valued at approximately $438,000. Y Intercept Hong Kong Ltd owned approximately 0.06% of Mercantile Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Mercantile Bank in the fourth quarter valued at approximately $35,000. Point72 Asset Management L.P. bought a new stake in shares of Mercantile Bank in the fourth quarter worth $102,000. Quantbot Technologies LP lifted its position in shares of Mercantile Bank by 14.6% in the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after purchasing an additional 297 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Mercantile Bank in the fourth quarter worth $133,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Mercantile Bank in the fourth quarter worth $200,000. Institutional investors own 58.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MBWM shares. Piper Sandler boosted their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $55.00 target price on the stock in a report on Thursday, July 24th.

Mercantile Bank Stock Performance

Shares of NASDAQ:MBWM traded down $1.02 on Friday, hitting $44.67. The company had a trading volume of 48,935 shares, compared to its average volume of 70,383. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.83. The stock has a 50 day moving average price of $46.27 and a 200 day moving average price of $45.39. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98. The stock has a market cap of $725.84 million, a price-to-earnings ratio of 8.86 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.75%. The business had revenue of $60.90 million for the quarter, compared to the consensus estimate of $60.02 million. Analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Friday, September 5th will be given a dividend of $0.38 per share. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Friday, September 5th. Mercantile Bank's dividend payout ratio (DPR) is currently 30.16%.

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.