Connor Clark & Lunn Investment Management Ltd. raised its stake in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 46.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,869 shares of the financial services provider's stock after buying an additional 14,568 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.28% of Mercantile Bank worth $2,041,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in MBWM. Principal Financial Group Inc. grew its position in shares of Mercantile Bank by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock valued at $376,000 after buying an additional 304 shares during the last quarter. Empowered Funds LLC grew its position in shares of Mercantile Bank by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 52,817 shares of the financial services provider's stock valued at $2,309,000 after buying an additional 2,680 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Mercantile Bank by 1.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 40,807 shares of the financial services provider's stock valued at $1,784,000 after buying an additional 667 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Mercantile Bank by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 196,324 shares of the financial services provider's stock valued at $8,583,000 after buying an additional 8,413 shares during the last quarter. Finally, Cerity Partners LLC grew its position in shares of Mercantile Bank by 132.9% in the 3rd quarter. Cerity Partners LLC now owns 21,451 shares of the financial services provider's stock valued at $938,000 after buying an additional 12,239 shares during the last quarter. Institutional investors own 58.63% of the company's stock.
Insider Buying and Selling
In related news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total transaction of $50,220.00. Following the transaction, the director now directly owns 11,810 shares of the company's stock, valued at approximately $593,098.20. This represents a 7.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 7,500 shares of company stock valued at $371,910. 3.08% of the stock is owned by company insiders.
Mercantile Bank Trading Down 0.7 %
Shares of Mercantile Bank stock traded down $0.29 on Friday, hitting $44.25. 179,027 shares of the company's stock traded hands, compared to its average volume of 62,877. 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 current ratio of 1.02 and a quick ratio of 1.01. The company has a fifty day moving average of $46.99 and a two-hundred day moving average of $46.13. The company has a market capitalization of $718.22 million, a price-to-earnings ratio of 8.94 and a beta of 0.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate 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, sell-side analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current year.
Mercantile Bank Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Friday, March 7th were paid a dividend of $0.37 per share. This is an increase from Mercantile Bank's previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Friday, March 7th. Mercantile Bank's dividend payout ratio is 29.90%.
Wall Street Analysts Forecast Growth
MBWM has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $56.00 to $57.00 and gave the company 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 on the stock in a research report on Wednesday, January 22nd.
View Our Latest Report on MBWM
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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