Banc Funds Co. LLC cut its position in shares of Mercantile Bank Corp. (NASDAQ:MBWM) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,243,792 shares of the financial services provider’s stock after selling 72,434 shares during the quarter. Mercantile Bank accounts for about 2.5% of Banc Funds Co. LLC’s investment portfolio, making the stock its largest holding. Banc Funds Co. LLC owned about 7.50% of Mercantile Bank worth $41,505,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC acquired a new stake in Mercantile Bank in the third quarter worth $103,000. Ramsey Quantitative Systems increased its position in Mercantile Bank by 62.4% in the third quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock worth $144,000 after buying an additional 1,658 shares during the period. ClariVest Asset Management LLC acquired a new stake in Mercantile Bank in the second quarter worth $209,000. Voya Investment Management LLC acquired a new stake in Mercantile Bank in the second quarter worth $263,000. Finally, Well Done LLC increased its position in Mercantile Bank by 35.5% in the second quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock worth $282,000 after buying an additional 2,000 shares during the period. 55.56% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on MBWM shares. BidaskClub lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Saturday, September 8th. ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Finally, Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $39.00.
Shares of MBWM opened at $31.82 on Friday. The firm has a market cap of $518.57 million, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.60 and a beta of 0.67. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.75. Mercantile Bank Corp. has a one year low of $29.60 and a one year high of $38.47.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.61 EPS for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $34.55 million for the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. Sell-side analysts anticipate that Mercantile Bank Corp. will post 2.44 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Friday, December 7th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is 50.79%.
In other news, SVP Lonna Wiersma sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $31.37, for a total transaction of $31,370.00. Following the transaction, the senior vice president now directly owns 5,000 shares of the company’s stock, valued at $156,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by company insiders.
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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 for 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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