Envestnet Asset Management Inc. Grows Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Envestnet Asset Management Inc. boosted its position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 40.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,157 shares of the financial services provider's stock after acquiring an additional 16,600 shares during the period. Envestnet Asset Management Inc. owned 0.35% of Mercantile Bank worth $2,543,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN grew its stake in Mercantile Bank by 32.7% during the fourth quarter. Wells Fargo & Company MN now owns 44,802 shares of the financial services provider's stock valued at $1,993,000 after acquiring an additional 11,047 shares in the last quarter. Pitcairn Co. grew its stake in Mercantile Bank by 7.5% during the fourth quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider's stock valued at $295,000 after acquiring an additional 463 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Mercantile Bank by 6.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 70,043 shares of the financial services provider's stock valued at $3,116,000 after acquiring an additional 4,114 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock valued at $5,451,000 after purchasing an additional 40,175 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Mercantile Bank by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider's stock valued at $38,696,000 after purchasing an additional 2,252 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company's stock.

Insiders Place Their Bets

In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the transaction, the director now directly owns 11,810 shares in the company, valued at approximately $593,098.20. This represents a 7.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 1,750 shares of company stock worth $84,795. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MBWM shares. Hovde Group upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a research report on Wednesday, January 22nd. Piper Sandler lowered their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, January 22nd.

Mercantile Bank Trading Up 0.9 %

Shares of Mercantile Bank stock traded up $0.39 during trading on Monday, reaching $42.23. The company's stock had a trading volume of 42,530 shares, compared to its average volume of 65,637. Mercantile Bank Co. has a 52-week low of $35.61 and a 52-week high of $52.98. The company has a market cap of $685.60 million, a price-to-earnings ratio of 8.53 and a beta of 0.86. The firm's 50-day moving average is $43.42 and its two-hundred day moving average is $45.81. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $57.20 million during the quarter, compared to analysts' expectations of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, sell-side analysts anticipate that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be issued a $0.37 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 3.50%. Mercantile Bank's dividend payout ratio (DPR) is presently 30.71%.

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.