Susquehanna Fundamental Investments LLC Takes Position in Mercantile Bank Co. (NASDAQ:MBWM)

Susquehanna Fundamental Investments LLC purchased a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 10,107 shares of the financial services provider's stock, valued at approximately $450,000. Susquehanna Fundamental Investments LLC owned 0.06% of Mercantile Bank at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MBWM. Picton Mahoney Asset Management purchased a new stake in shares of Mercantile Bank during the 4th quarter worth approximately $29,000. Quantbot Technologies LP boosted its position in Mercantile Bank by 14.6% during 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 purchased a new stake in Mercantile Bank during the fourth quarter worth $133,000. Sei Investments Co. purchased a new position in shares of Mercantile Bank in the fourth quarter valued at $201,000. Finally, Intellus Advisors LLC purchased a new position in shares of Mercantile Bank in the fourth quarter valued at $243,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Trading Up 0.0 %

Shares of NASDAQ MBWM traded up $0.01 during midday trading on Friday, reaching $43.91. 13,416 shares of the stock were exchanged, compared to its average volume of 64,704. Mercantile Bank Co. has a 52-week low of $35.61 and a 52-week high of $52.98. The stock has a 50 day moving average price of $42.68 and a 200-day moving average price of $45.69. The company has a market capitalization of $712.88 million, a P/E ratio of 8.87 and a beta of 0.87. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Equities research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.37%. Mercantile Bank's payout ratio is currently 30.71%.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of Mercantile Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 1,750 shares of company stock valued at $83,745. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

MBWM has been the subject of several recent research reports. Hovde Group upgraded 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 report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, January 22nd. Finally, Piper Sandler dropped their price target on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd.

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.