Cerity Partners LLC grew its stake in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 132.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,451 shares of the financial services provider's stock after purchasing an additional 12,239 shares during the period. Cerity Partners LLC owned approximately 0.13% of Mercantile Bank worth $938,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of MBWM. Inspire Investing LLC raised its stake in shares of Mercantile Bank by 218.8% during the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider's stock worth $1,210,000 after buying an additional 20,465 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Mercantile Bank by 108.7% in the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider's stock valued at $7,074,000 after acquiring an additional 90,802 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Mercantile Bank by 83.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,301 shares of the financial services provider's stock worth $1,368,000 after purchasing an additional 14,263 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Mercantile Bank by 18.2% in the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider's stock valued at $12,530,000 after purchasing an additional 47,528 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Mercantile Bank by 33.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,197 shares of the financial services provider's stock valued at $576,000 after purchasing an additional 3,544 shares during the period. Hedge funds and other institutional investors own 58.63% of the company's stock.
Mercantile Bank Price Performance
Shares of NASDAQ MBWM traded down $0.25 on Thursday, hitting $50.60. The company's stock had a trading volume of 55,439 shares, compared to its average volume of 68,222. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The company has a market capitalization of $816.68 million, a price-to-earnings ratio of 10.21 and a beta of 0.99. Mercantile Bank Co. has a 12-month low of $33.46 and a 12-month high of $52.98. The stock has a 50 day moving average of $46.00 and a 200-day moving average of $43.45.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The business had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. During the same period last year, the company posted $1.30 EPS. As a group, research analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current year.
Mercantile Bank Dividend Announcement
The firm 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. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Friday, December 6th. Mercantile Bank's payout ratio is 28.92%.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday.
Read Our Latest Report on MBWM
Insider Transactions at Mercantile Bank
In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the transaction, the director now owns 19,810 shares of the company's stock, valued at $1,025,167.50. This trade represents a 22.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 10,550 shares of company stock valued at $531,660. 3.08% of the stock is currently owned by corporate insiders.
About Mercantile Bank
(
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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