Mercantile Bank Co. (NASDAQ:MBWM) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its position in Mercantile Bank Co. (NASDAQ:MBWM) by 26.8% in the 4th quarter, Holdings Channel reports. The firm owned 18,300 shares of the financial services provider’s stock after selling 6,700 shares during the period. Victory Capital Management Inc.’s holdings in Mercantile Bank were worth $739,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its position in Mercantile Bank by 95.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock worth $2,859,000 after purchasing an additional 34,567 shares during the last quarter. ClariVest Asset Management LLC acquired a new position in Mercantile Bank in the 3rd quarter valued at about $703,000. American Century Companies Inc. raised its stake in Mercantile Bank by 15.0% during the 3rd quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock valued at $5,104,000 after acquiring an additional 21,587 shares during the last quarter. Vanguard Group Inc. lifted its position in Mercantile Bank by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock worth $24,724,000 after acquiring an additional 13,400 shares during the period. Finally, Trust Point Inc. purchased a new position in shares of Mercantile Bank in the 4th quarter valued at approximately $375,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MBWM shares. Janney Montgomery Scott downgraded Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Mercantile Bank in a report on Wednesday, April 17th. Finally, Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a report on Monday, March 4th.

Mercantile Bank Trading Down 0.7 %

Shares of MBWM stock opened at $39.10 on Thursday. The business’s fifty day moving average price is $37.29 and its 200 day moving average price is $37.70. The firm has a market capitalization of $630.29 million, a PE ratio of 7.58 and a beta of 0.98. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank Co. has a 1-year low of $25.12 and a 1-year high of $42.82.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.20. Mercantile Bank had a net margin of 25.58% and a return on equity of 16.39%. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $55.20 million. As a group, sell-side analysts forecast that Mercantile Bank Co. will post 4.79 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.58%. Mercantile Bank’s payout ratio is 27.13%.

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.