Tudor Investment Corp ET AL Purchases 11,961 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Tudor Investment Corp ET AL boosted its holdings in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 34.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 47,163 shares of the financial services provider's stock after buying an additional 11,961 shares during the period. Tudor Investment Corp ET AL owned 0.29% of Mercantile Bank worth $2,098,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MBWM. Quantbot Technologies LP grew its position in Mercantile Bank by 14.6% in the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 297 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Mercantile Bank by 3.7% in the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock worth $376,000 after purchasing an additional 304 shares during the period. Victory Capital Management Inc. lifted its holdings 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 worth $781,000 after acquiring an additional 410 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Mercantile Bank by 3.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 430 shares during the period. Finally, Sterling Capital Management LLC lifted its position in Mercantile Bank by 5.0% in the 4th quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider's stock valued at $416,000 after purchasing an additional 449 shares during the last quarter. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 22nd. Piper Sandler cut their price target on shares of 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 raised 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 Transactions at Mercantile Bank

In other news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 11,810 shares in the company, valued at approximately $593,098.20. This represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 1,750 shares of company stock valued at $83,745 in the last three months. 3.20% of the stock is owned by corporate insiders.

Mercantile Bank Stock Performance

NASDAQ MBWM traded up $0.01 during midday trading on Friday, hitting $43.91. The company had a trading volume of 13,416 shares, compared to its average volume of 64,704. Mercantile Bank Co. has a fifty-two week low of $35.61 and a fifty-two week high of $52.98. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The stock has a market cap of $712.88 million, a price-to-earnings ratio of 8.87 and a beta of 0.87. The firm has a fifty day simple moving average of $42.68 and a two-hundred day simple moving average of $45.69.

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

Mercantile Bank Dividend Announcement

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

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.