Semanteon Capital Management LP Invests $444,000 in Mercantile Bank Corporation $MBWM

Semanteon Capital Management LP acquired a new position in Mercantile Bank Corporation (NASDAQ:MBWM) during the 3rd quarter, Holdings Channel reports. The fund acquired 9,858 shares of the financial services provider’s stock, valued at approximately $444,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Tributary Capital Management LLC increased its holdings in Mercantile Bank by 92.6% during the 3rd quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock valued at $22,383,000 after acquiring an additional 239,193 shares in the last quarter. American Century Companies Inc. grew its position in shares of Mercantile Bank by 6.1% in the second quarter. American Century Companies Inc. now owns 452,827 shares of the financial services provider’s stock valued at $21,016,000 after purchasing an additional 26,202 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Mercantile Bank by 4.5% during the 2nd quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock worth $18,839,000 after purchasing an additional 17,580 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Mercantile Bank by 37.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after purchasing an additional 58,743 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Mercantile Bank by 19.0% during the 2nd quarter. AQR Capital Management LLC now owns 109,518 shares of the financial services provider’s stock worth $5,083,000 after purchasing an additional 17,473 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Trading Up 0.8%

NASDAQ MBWM opened at $54.12 on Monday. The company has a market cap of $929.78 million, a P/E ratio of 9.91 and a beta of 0.89. Mercantile Bank Corporation has a 12 month low of $37.76 and a 12 month high of $55.77. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.97. The company has a 50-day moving average of $51.04 and a 200-day moving average of $47.95.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. The firm had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. As a group, equities analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.56 annualized dividend and a dividend yield of 2.9%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is presently 27.84%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MBWM. Raymond James Financial set a $57.00 price target on Mercantile Bank in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research report on Monday, December 29th. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Hovde Group raised their price target on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.75.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.