Mercantile Bank (NASDAQ:MBWM) Sees Large Volume Increase

Mercantile Bank Co. (NASDAQ:MBWMGet Rating) saw an uptick in trading volume on Tuesday . 2,715 shares traded hands during mid-day trading, a decline of 90% from the previous session’s volume of 28,242 shares.The stock last traded at $34.87 and had previously closed at $35.36.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MBWM. Raymond James increased their target price on Mercantile Bank from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, October 19th. Hovde Group upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Thursday, July 28th. Piper Sandler reduced their target price on Mercantile Bank to $33.00 in a report on Thursday, September 29th. Finally, StockNews.com upgraded Mercantile Bank from a “hold” rating to a “buy” rating in a report on Thursday, October 20th.

Mercantile Bank Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $550.85 million, a price-to-earnings ratio of 10.78 and a beta of 1.01. The company’s 50-day simple moving average is $32.93 and its 200 day simple moving average is $32.94.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Friday, December 2nd will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.69%. The ex-dividend date is Thursday, December 1st. Mercantile Bank’s payout ratio is 39.75%.

Institutional Investors Weigh In On Mercantile Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Mercantile Bank in the first quarter valued at about $42,000. SWS Partners acquired a new stake in shares of Mercantile Bank in the first quarter valued at about $43,000. Amalgamated Bank acquired a new stake in shares of Mercantile Bank in the first quarter valued at about $65,000. Nisa Investment Advisors LLC grew its position in shares of Mercantile Bank by 14.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,990 shares of the financial services provider’s stock valued at $96,000 after purchasing an additional 370 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Mercantile Bank by 21.7% in the third quarter. UBS Group AG now owns 3,436 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 612 shares during the last quarter. 56.72% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Company Profile

(Get Rating)

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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