Mercantile Bank Corporation $MBWM Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 34.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,860 shares of the financial services provider’s stock after selling 3,654 shares during the period. Intech Investment Management LLC’s holdings in Mercantile Bank were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in Mercantile Bank by 56.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 10,369 shares of the financial services provider’s stock worth $481,000 after acquiring an additional 3,742 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Mercantile Bank during the 1st quarter worth about $460,000. Y Intercept Hong Kong Ltd increased its stake in Mercantile Bank by 41.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 14,292 shares of the financial services provider’s stock valued at $663,000 after buying an additional 4,203 shares during the period. Cubist Systematic Strategies LLC grew its holdings in shares of Mercantile Bank by 184.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 13,894 shares of the financial services provider’s stock valued at $604,000 after acquiring an additional 9,010 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Mercantile Bank by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider’s stock valued at $44,182,000 after acquiring an additional 147,299 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Nelson F. Sanchez bought 1,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average price of $43.50 per share, with a total value of $43,500.00. Following the completion of the purchase, the director directly owned 3,502 shares in the company, valued at $152,337. The trade was a 39.97% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.20% of the company’s stock.

Mercantile Bank Stock Down 1.0%

Shares of MBWM opened at $46.03 on Monday. The company has a 50-day simple moving average of $45.08 and a 200-day simple moving average of $46.10. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $748.09 million, a P/E ratio of 8.72 and a beta of 0.94. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $51.89.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.08. The company had revenue of $62.39 million for the quarter, compared to analyst estimates of $61.33 million. Mercantile Bank had a return on equity of 14.07% and a net margin of 23.05%. On average, equities research analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, December 5th. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.79%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Raymond James Financial reiterated an “outperform” rating and set a $52.00 price objective (down from $55.00) on shares of Mercantile Bank in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a report on Tuesday, October 14th. Finally, Zacks Research downgraded Mercantile Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 22nd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

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.