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

Tudor Investment Corp ET AL boosted its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 34.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,163 shares of the financial services provider's stock after acquiring an additional 11,961 shares during the quarter. Tudor Investment Corp ET AL owned 0.29% of Mercantile Bank worth $2,098,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Picton Mahoney Asset Management acquired a new position in Mercantile Bank in the fourth quarter valued at about $29,000. Quantbot Technologies LP grew 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 in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Mercantile Bank during the fourth quarter worth $133,000. Sei Investments Co. bought a new position in shares of Mercantile Bank during the 4th quarter valued at approximately $201,000. Finally, Intellus Advisors LLC bought a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $243,000. 58.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on MBWM shares. 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 note on Wednesday, January 22nd. Piper Sandler lowered their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 22nd.

Mercantile Bank Price Performance

MBWM stock traded down $0.01 during trading on Tuesday, hitting $43.25. The stock had a trading volume of 46,327 shares, compared to its average volume of 65,120. The stock has a market capitalization of $702.16 million, a P/E ratio of 8.74 and a beta of 0.87. Mercantile Bank Co. has a twelve month low of $35.61 and a twelve month high of $52.98. The company's 50-day moving average price is $42.86 and its two-hundred day moving average price is $45.71. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its earnings results 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. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. The firm had revenue of $57.20 million during the quarter, compared to analyst estimates of $57.57 million. As a group, research analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.42%. Mercantile Bank's payout ratio is currently 30.71%.

Insider Activity at Mercantile Bank

In other Mercantile Bank 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 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 1,750 shares of company stock valued at $83,745. Insiders own 3.20% of the company's stock.

About Mercantile Bank

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.