Mercantile Bank Co. (NASDAQ:MBWM) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 56.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,967 shares of the financial services provider's stock after selling 7,658 shares during the quarter. Russell Investments Group Ltd.'s holdings in Mercantile Bank were worth $265,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. purchased a new stake in shares of Mercantile Bank during the fourth quarter worth $3,646,000. JPMorgan Chase & Co. boosted its position in Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock worth $5,451,000 after purchasing an additional 40,175 shares during the period. Tributary Capital Management LLC lifted its position 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 during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Mercantile Bank during the fourth quarter worth approximately $1,392,000. Finally, American Century Companies Inc. increased its holdings in shares of Mercantile Bank by 8.2% during the 4th quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider's stock worth $17,349,000 after purchasing an additional 29,604 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Trading Down 1.5 %

Shares of MBWM stock traded down $0.66 during mid-day trading on Wednesday, reaching $42.31. The stock had a trading volume of 54,727 shares, compared to its average volume of 65,621. The stock's 50-day moving average price is $43.21 and its two-hundred day moving average price is $45.76. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $686.90 million, a PE ratio of 8.55 and a beta of 0.86. Mercantile Bank Co. has a 52-week low of $35.61 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its 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 business 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 14.29% and a net margin of 21.99%. Equities analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Friday, June 6th. Mercantile Bank's payout ratio is 30.71%.

Analysts Set New Price Targets

MBWM has been the topic of a number of analyst reports. Piper Sandler lowered their price target 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. Keefe, Bruyette & Woods increased their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, January 22nd. Finally, Hovde Group raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a research report on Wednesday, January 22nd.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total transaction of $50,220.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,750 shares of company stock worth $84,795 over the last three months. 3.20% of the stock is owned by insiders.

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.