Wells Fargo & Company MN increased its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 32.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,802 shares of the financial services provider's stock after acquiring an additional 11,047 shares during the period. Wells Fargo & Company MN owned about 0.28% of Mercantile Bank worth $1,993,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new position in Mercantile Bank in the 4th quarter valued at approximately $3,646,000. JPMorgan Chase & Co. lifted its stake in Mercantile Bank by 48.8% in the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock worth $5,451,000 after acquiring an additional 40,175 shares during the last quarter. Tributary Capital Management LLC grew its holdings in Mercantile Bank by 16.2% during the 4th quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider's stock worth $12,790,000 after acquiring an additional 40,055 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Mercantile Bank in the 4th quarter valued at approximately $1,392,000. Finally, American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 8.2% in the 4th quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider's stock valued at $17,349,000 after purchasing an additional 29,604 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.
Mercantile Bank Stock Performance
Shares of MBWM traded up $0.11 during midday trading on Thursday, reaching $42.42. 10,478 shares of the stock were exchanged, compared to its average volume of 65,402. The company has a market capitalization of $688.61 million, a price-to-earnings ratio of 8.57 and a beta of 0.86. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. Mercantile Bank Co. has a twelve month low of $35.61 and a twelve month high of $52.98. The business's 50-day moving average price is $43.21 and its 200 day moving average price is $45.76.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.02. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. The business had revenue of $57.20 million for the quarter, compared to analyst estimates of $57.57 million. On average, sell-side analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.
Mercantile Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a yield of 3.49%. Mercantile Bank's payout ratio is currently 30.71%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on MBWM. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, January 22nd. Piper Sandler cut their target price on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Finally, Hovde Group raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price target for the company in a report on Wednesday, January 22nd.
Read Our Latest Research Report on MBWM
Insider Buying and Selling at Mercantile Bank
In related news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total value of $50,220.00. Following the sale, the director now owns 11,810 shares in the company, valued at $593,098.20. This represents a 7.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 1,750 shares of company stock valued at $84,795. 3.20% of the stock is owned by company insiders.
Mercantile Bank Company Profile
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Free Report)
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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