Banc Funds Co. LLC lessened its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 9.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 305,847 shares of the financial services provider's stock after selling 31,497 shares during the period. Mercantile Bank comprises 1.5% of Banc Funds Co. LLC's holdings, making the stock its 23rd largest holding. Banc Funds Co. LLC owned 1.89% of Mercantile Bank worth $13,372,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Mercantile Bank by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider's stock worth $30,997,000 after purchasing an additional 21,616 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Mercantile Bank by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider's stock worth $21,539,000 after acquiring an additional 8,100 shares in the last quarter. North Star Asset Management Inc. boosted its position in shares of Mercantile Bank by 0.7% during the 2nd quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider's stock worth $14,760,000 after acquiring an additional 2,532 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider's stock worth $12,530,000 after acquiring an additional 47,528 shares in the last quarter. Finally, LSV Asset Management boosted its position in shares of Mercantile Bank by 15.4% during the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider's stock worth $10,553,000 after acquiring an additional 34,725 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.
Insider Buying and Selling at Mercantile Bank
In other news, Director Robert B. Kaminski sold 4,000 shares of the firm's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the completion of the transaction, the director now owns 25,610 shares of the company's stock, valued at approximately $1,267,951.10. This trade represents a 13.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 10,300 shares of company stock worth $519,260 over the last quarter. Corporate insiders own 3.08% of the company's stock.
Mercantile Bank Price Performance
Shares of NASDAQ MBWM traded up $0.14 during trading hours on Monday, hitting $50.19. 33,783 shares of the stock were exchanged, compared to its average volume of 68,083. 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 company has a market cap of $810.07 million, a PE ratio of 10.05 and a beta of 0.95. The company's fifty day simple moving average is $45.56 and its two-hundred day simple moving average is $43.25. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The business had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. During the same quarter last year, the business posted $1.30 EPS. On average, sell-side analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current year.
Mercantile Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 2.87%. Mercantile Bank's dividend payout ratio is currently 28.92%.
Mercantile Bank Company 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.
Featured Stories
Before you consider Mercantile Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mercantile Bank wasn't on the list.
While Mercantile Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
