Cornercap Investment Counsel Inc. Sells 14,985 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Cornercap Investment Counsel Inc. trimmed its holdings in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 51.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,206 shares of the financial services provider's stock after selling 14,985 shares during the quarter. Cornercap Investment Counsel Inc. owned about 0.09% of Mercantile Bank worth $621,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Mercantile Bank by 3.7% during the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock worth $376,000 after acquiring an additional 304 shares during the last quarter. Semanteon Capital Management LP increased its position in Mercantile Bank by 10.1% in the third quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider's stock worth $251,000 after purchasing an additional 528 shares during the period. Trust Point Inc. raised its holdings in Mercantile Bank by 15.1% during the 3rd quarter. Trust Point Inc. now owns 11,636 shares of the financial services provider's stock worth $509,000 after purchasing an additional 1,523 shares during the last quarter. 626 Financial LLC acquired a new position in Mercantile Bank during the 3rd quarter valued at about $213,000. Finally, Creative Planning boosted its stake in shares of Mercantile Bank by 29.8% in the 3rd quarter. Creative Planning now owns 18,907 shares of the financial services provider's stock valued at $827,000 after purchasing an additional 4,336 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Insiders Place Their Bets

In other news, Director Michael H. Price sold 5,000 shares of Mercantile Bank stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the transaction, the director now directly owns 21,556 shares of the company's stock, valued at $982,306.92. This trade represents a 18.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert B. Kaminski sold 4,000 shares of the company'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 sale, the director now owns 25,610 shares of the company's stock, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,500 shares of company stock worth $446,960. Insiders own 3.08% of the company's stock.

Mercantile Bank Trading Down 0.7 %

Shares of NASDAQ:MBWM traded down $0.35 during trading on Friday, hitting $49.10. 52,195 shares of the company's stock were exchanged, compared to its average volume of 68,680. The firm has a 50-day moving average price of $44.44 and a two-hundred day moving average price of $42.43. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $51.31. The firm has a market cap of $792.47 million, a P/E ratio of 9.86 and a beta of 0.95. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its 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 firm had revenue of $93.08 million during the quarter, compared to analyst estimates of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same quarter in the previous year, the business earned $1.30 EPS. Equities analysts predict that Mercantile Bank Co. will post 4.87 earnings per share for the current year.

Mercantile Bank Dividend Announcement

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 paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.93%. The ex-dividend date is Friday, December 6th. Mercantile Bank's payout ratio is 28.92%.

Mercantile Bank Company 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.