Banc Funds Co. LLC Has $10.88 Million Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Banc Funds Co. LLC decreased its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 20.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 244,452 shares of the financial services provider's stock after selling 61,395 shares during the period. Banc Funds Co. LLC owned 1.51% of Mercantile Bank worth $10,876,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new position in Mercantile Bank in the fourth quarter valued at $29,000. Quantbot Technologies LP lifted its holdings in shares of Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock worth $104,000 after acquiring an additional 297 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Mercantile Bank in the fourth quarter worth approximately $133,000. Sei Investments Co. purchased a new stake in Mercantile Bank in the fourth quarter valued at approximately $201,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Mercantile Bank during the third quarter worth approximately $202,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Mercantile Bank Stock Performance

NASDAQ MBWM traded up $0.90 during trading hours on Tuesday, hitting $41.16. The company had a trading volume of 25,118 shares, compared to its average volume of 65,554. Mercantile Bank Co. has a fifty-two week low of $32.92 and a fifty-two week high of $52.98. The firm has a market cap of $668.23 million, a P/E ratio of 8.35 and a beta of 0.86. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $44.12 and a 200-day simple moving average of $45.82.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The company had revenue of $57.20 million during the quarter, compared to analysts' expectations of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Equities analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.

Insider Buying and Selling at Mercantile Bank

In related news, Director Robert B. Kaminski sold 3,000 shares of the company's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $50.16, for a total value of $150,480.00. Following the completion of the sale, the director now owns 13,810 shares in the company, valued at approximately $692,709.60. This represents a 17.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 7,750 shares of company stock valued at $382,695. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MBWM has been the subject of a number of research analyst reports. Hovde Group raised Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods upped 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 22nd.

Mercantile Bank 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.