Barclays PLC Has $1.77 Million Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Barclays PLC boosted its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 20.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,878 shares of the financial services provider's stock after purchasing an additional 6,897 shares during the period. Barclays PLC owned approximately 0.25% of Mercantile Bank worth $1,774,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank during the fourth quarter valued at about $29,000. Quantbot Technologies LP boosted its holdings in Mercantile Bank by 14.6% in the fourth 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. KLP Kapitalforvaltning AS acquired a new stake in Mercantile Bank during the 4th quarter valued at approximately $133,000. Sei Investments Co. purchased a new stake in Mercantile Bank during the 4th quarter worth approximately $201,000. Finally, Intellus Advisors LLC acquired a new position in shares of Mercantile Bank in the 4th quarter valued at approximately $243,000. Hedge funds and other institutional investors own 58.63% of the company's stock.

Insider Transactions at Mercantile Bank

In related news, Director Robert B. Kaminski sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total transaction of $50,220.00. Following the transaction, the director now owns 11,810 shares in the company, valued at $593,098.20. This trade represents a 7.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 1,750 shares of company stock valued at $83,745. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MBWM. Piper Sandler decreased their price target on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Hovde Group raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective for the company in a report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, January 22nd.

Mercantile Bank Stock Performance

MBWM stock traded up $0.12 during trading on Thursday, hitting $43.44. 1,244 shares of the company's stock traded hands, compared to its average volume of 64,762. The stock has a market capitalization of $705.25 million, a price-to-earnings ratio of 8.78 and a beta of 0.87. Mercantile Bank Co. has a 52 week low of $35.61 and a 52 week high of $52.98. The stock has a fifty day moving average price of $42.76 and a two-hundred day moving average price of $45.69. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. As a group, equities analysts anticipate that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank's dividend payout ratio (DPR) is 30.71%.

Mercantile Bank Company 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.