Bailard Inc. bought a new stake in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 14,801 shares of the financial services provider's stock, valued at approximately $658,000. Bailard Inc. owned about 0.09% of Mercantile Bank at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Mercantile Bank in the 3rd quarter valued at $89,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Mercantile Bank in the 3rd quarter valued at $202,000. US Bancorp DE grew its position in shares of Mercantile Bank by 11.2% in the 4th quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock valued at $264,000 after buying an additional 599 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Mercantile Bank by 77.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,402 shares of the financial services provider's stock valued at $324,000 after buying an additional 3,235 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Mercantile Bank by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock valued at $376,000 after buying an additional 304 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.
Mercantile Bank Stock Performance
Mercantile Bank stock traded down $0.18 during midday trading on Friday, hitting $45.57. 50,448 shares of the company's stock were exchanged, compared to its average volume of 63,253. Mercantile Bank Co. has a 12-month low of $33.46 and a 12-month high of $52.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market cap of $735.77 million, a price-to-earnings ratio of 9.21 and a beta of 0.98. The firm's 50 day simple moving average is $46.83 and its 200 day simple moving average is $46.16.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Equities research analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.
Mercantile Bank Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Friday, March 7th. This is a boost from Mercantile Bank's previous quarterly dividend of $0.36. Mercantile Bank's dividend payout ratio (DPR) is 29.90%.
Insider Transactions at Mercantile Bank
In related news, Director Robert B. Kaminski sold 1,000 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the sale, the director now owns 11,810 shares in the company, valued at $593,098.20. This trade represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 7,500 shares of company stock worth $371,910. Company insiders own 3.08% of the company's stock.
Analyst Ratings Changes
A number of research firms recently commented on MBWM. Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, January 22nd. Hovde Group raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research report on Wednesday, January 22nd.
Get Our Latest Research Report on Mercantile Bank
Mercantile Bank Profile
(
Free Report)
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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