Mercer Global Advisors Inc. ADV Sells 6,992 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Mercer Global Advisors Inc. ADV trimmed its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,385 shares of the financial services provider's stock after selling 6,992 shares during the quarter. Mercer Global Advisors Inc. ADV owned 0.65% of Mercantile Bank worth $4,689,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MBWM. Quantbot Technologies LP grew its holdings in shares of 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 purchasing an additional 297 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock worth $376,000 after buying an additional 304 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Mercantile Bank by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider's stock valued at $781,000 after buying an additional 410 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Mercantile Bank by 3.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 430 shares during the last quarter. Finally, Sterling Capital Management LLC raised its stake in Mercantile Bank by 5.0% during the fourth quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider's stock worth $416,000 after acquiring an additional 449 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Trading Down 0.3 %

Shares of NASDAQ MBWM traded down $0.14 during trading on Friday, reaching $43.76. The company had a trading volume of 41,873 shares, compared to its average volume of 64,987. 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 Co. has a 12 month low of $35.61 and a 12 month high of $52.98. The company's fifty day moving average price is $42.63 and its 200-day moving average price is $45.71. The stock has a market cap of $710.44 million, a P/E ratio of 8.84 and a beta of 0.87.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.02. The company 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, research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 3.38%. Mercantile Bank's payout ratio is currently 30.71%.

Analyst Ratings Changes

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

Insider Buying and Selling at Mercantile Bank

In related news, Director Robert B. Kaminski sold 1,000 shares of the business's stock in a transaction dated 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 directly owns 11,810 shares in the company, valued at approximately $593,098.20. The trade was a 7.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 1,750 shares of company stock valued at $83,745. Corporate insiders own 3.20% of the company's stock.

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.