First Trust Advisors LP boosted its holdings in Mercantile Bank Corp. (NASDAQ:MBWM) by 11.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,239 shares of the financial services provider’s stock after purchasing an additional 7,558 shares during the quarter. First Trust Advisors LP owned about 0.45% of Mercantile Bank worth $2,511,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ramsey Quantitative Systems grew its position in Mercantile Bank by 62.4% in the 3rd quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 1,658 shares during the period. ClariVest Asset Management LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at $209,000. Voya Investment Management LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at $263,000. Well Done LLC grew its position in Mercantile Bank by 35.5% in the 2nd quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 2,000 shares during the period. Finally, Macquarie Group Ltd. grew its position in Mercantile Bank by 72.0% in the 2nd quarter. Macquarie Group Ltd. now owns 10,776 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 4,510 shares during the period. 55.56% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on MBWM shares. BidaskClub downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Saturday, September 8th. ValuEngine cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Finally, Zacks Investment Research cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $39.00.
In other Mercantile Bank 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 in the company, valued at approximately $156,850. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.20% of the stock is currently owned by company insiders.
Shares of NASDAQ:MBWM opened at $31.82 on Friday. 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 1-year low of $29.60 and a 1-year high of $38.47. The firm has a market cap of $530.02 million, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.64 and a beta of 0.67.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. The business had revenue of $34.55 million for the quarter, compared to analysts’ expectations of $34.60 million. As a group, sell-side analysts forecast that Mercantile Bank Corp. will post 2.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, December 7th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, December 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.14%. Mercantile Bank’s dividend payout ratio (DPR) is 50.79%.
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Mercantile Bank 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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