Charles Schwab Investment Management Inc. Sells 6,362 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Charles Schwab Investment Management Inc. decreased its holdings in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 189,962 shares of the financial services provider's stock after selling 6,362 shares during the period. Charles Schwab Investment Management Inc. owned about 1.18% of Mercantile Bank worth $8,451,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Quantbot Technologies LP bought a new position in Mercantile Bank during the third quarter valued at approximately $89,000. Y Intercept Hong Kong Ltd bought a new position in shares of Mercantile Bank during the 3rd quarter valued at $202,000. US Bancorp DE raised its holdings in shares of Mercantile Bank by 11.2% during the 4th quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock valued at $264,000 after purchasing an additional 599 shares in the last quarter. BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 3,235 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Mercantile Bank by 3.7% in the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock worth $376,000 after purchasing an additional 304 shares in the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock traded up $0.05 during trading on Thursday, reaching $44.85. The company's stock had a trading volume of 66,784 shares, compared to its average volume of 62,932. Mercantile Bank Co. has a one year low of $33.46 and a one year 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 firm has a market cap of $727.96 million, a price-to-earnings ratio of 9.06 and a beta of 0.98. The business's fifty day moving average price is $47.08 and its 200-day moving average price is $46.15.

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Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. As a group, equities research analysts predict that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.30%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.36. The ex-dividend date was Friday, March 7th. Mercantile Bank's dividend payout ratio (DPR) is currently 29.90%.

Insider Transactions at Mercantile Bank

In related news, Director Robert B. Kaminski sold 3,000 shares of the company's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $50.16, for a total value of $150,480.00. Following the completion of the transaction, the director now directly owns 13,810 shares in the company, valued at approximately $692,709.60. This represents a 17.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 7,500 shares of company stock worth $371,910. 3.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on MBWM. Keefe, Bruyette & Woods boosted their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 22nd. Hovde Group upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a report 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.