Connor Clark & Lunn Investment Management Ltd. Has $1.37 Million Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 83.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,301 shares of the financial services provider's stock after buying an additional 14,263 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.19% of Mercantile Bank worth $1,368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gradient Investments LLC bought a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $28,000. Mattson Financial Services LLC acquired a new stake in Mercantile Bank in the 2nd quarter valued at $28,000. EMC Capital Management bought a new stake in Mercantile Bank during the 1st quarter worth about $72,000. CWM LLC boosted its stake in shares of Mercantile Bank by 242.6% during the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider's stock worth $114,000 after buying an additional 1,982 shares during the last quarter. Finally, 626 Financial LLC bought a new position in shares of Mercantile Bank in the 3rd quarter valued at about $213,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the transaction, the director now directly owns 25,610 shares of the company's stock, valued at $1,267,951.10. The trade was a 13.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 4,500 shares of company stock valued at $219,110 in the last quarter. Company insiders own 3.08% of the company's stock.

Mercantile Bank Stock Up 0.9 %

MBWM traded up $0.43 on Wednesday, hitting $50.53. 57,941 shares of the company were exchanged, compared to its average volume of 68,258. The stock's fifty day moving average is $45.26 and its 200-day moving average is $43.02. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $52.98. The company has a market cap of $815.66 million, a PE ratio of 10.21 and a beta of 0.95. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.04. The business had revenue of $93.08 million during the quarter, compared to analysts' expectations of $56.83 million. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. During the same quarter last year, the company posted $1.30 earnings per share. Equities research analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank's dividend payout ratio (DPR) is 28.92%.

About Mercantile Bank

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.