Susquehanna Fundamental Investments LLC bought a new stake in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,107 shares of the financial services provider's stock, valued at approximately $450,000. Susquehanna Fundamental Investments LLC owned about 0.06% of Mercantile Bank as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Picton Mahoney Asset Management acquired a new stake in Mercantile Bank during the 4th quarter worth approximately $29,000. Quantbot Technologies LP lifted its stake in shares of Mercantile Bank by 14.6% in the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after acquiring an additional 297 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Mercantile Bank during the fourth quarter worth about $133,000. Sei Investments Co. acquired a new stake in Mercantile Bank in the fourth quarter valued at about $201,000. Finally, Intellus Advisors LLC purchased a new position in shares of Mercantile Bank during the 4th quarter worth approximately $243,000. Hedge funds and other institutional investors own 58.63% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on MBWM shares. Piper Sandler cut their price objective 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. Keefe, Bruyette & Woods boosted their price objective on shares of 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 Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price on the stock in a report on Wednesday, January 22nd.
Read Our Latest Report on MBWM
Insider Buying and Selling
In other news, Director Robert B. Kaminski sold 1,000 shares of the business's stock in a transaction 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 completion of the sale, the director now directly owns 11,810 shares of the company's stock, valued at $593,098.20. The trade was a 7.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 1,750 shares of company stock worth $83,745. 3.20% of the stock is owned by company insiders.
Mercantile Bank Price Performance
Shares of NASDAQ:MBWM traded down $0.01 on Tuesday, hitting $43.25. The company had a trading volume of 46,327 shares, compared to its average volume of 65,120. The company has a market cap of $702.16 million, a PE ratio of 8.74 and a beta of 0.87. The business has a 50 day moving average of $42.86 and a 200 day moving average of $45.71. Mercantile Bank Co. has a 52-week low of $35.61 and a 52-week high of $52.98. 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 for the quarter, beating 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 net margin of 21.99% and a return on equity of 14.29%. As a group, equities analysts anticipate that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.
Mercantile Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be paid 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 3.42%. Mercantile Bank's payout ratio is currently 30.71%.
About Mercantile Bank
(
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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