JPMorgan Chase & Co. Increases Stock Position in Mercantile Bank Corporation $MBWM

JPMorgan Chase & Co. grew its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 37.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,647 shares of the financial services provider’s stock after buying an additional 58,743 shares during the period. JPMorgan Chase & Co. owned 1.32% of Mercantile Bank worth $9,659,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MBWM. Royal Bank of Canada raised its stake in Mercantile Bank by 5.6% during the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock valued at $2,989,000 after buying an additional 3,621 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Mercantile Bank by 21.2% in the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after acquiring an additional 16,092 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Mercantile Bank by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock valued at $407,000 after acquiring an additional 382 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Mercantile Bank by 4.1% during the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock valued at $2,508,000 after acquiring an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Mercantile Bank by 21.0% in the 1st quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after purchasing an additional 2,772 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Trading Down 3.1%

Mercantile Bank stock opened at $50.33 on Friday. Mercantile Bank Corporation has a one year low of $37.76 and a one year high of $55.77. The business’s fifty day moving average is $51.64 and its 200 day moving average is $48.37. The stock has a market capitalization of $869.20 million, a PE ratio of 9.22 and a beta of 0.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.97.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.03. The business had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 13.54%. On average, sell-side analysts predict that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Friday, March 6th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, March 6th. Mercantile Bank’s payout ratio is currently 27.84%.

Wall Street Analyst Weigh In

MBWM has been the topic of several recent analyst reports. Hovde Group increased their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock 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 report on Monday, December 29th. Finally, Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Mercantile Bank presently has an average rating of “Moderate Buy” and an average price target of $56.75.

Mercantile Bank Company Profile

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.