Inceptionr LLC acquired a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,676 shares of the financial services provider's stock, valued at approximately $253,000.
Several other hedge funds have also recently bought and sold shares of MBWM. Quantbot Technologies LP bought a new position in shares of Mercantile Bank during the third quarter worth approximately $89,000. Y Intercept Hong Kong Ltd bought a new position in Mercantile Bank during the 3rd quarter worth $202,000. US Bancorp DE lifted its holdings in shares of Mercantile Bank by 11.2% during the fourth quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock worth $264,000 after buying an additional 599 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Mercantile Bank by 77.6% during the third quarter. BNP Paribas Financial Markets now owns 7,402 shares of the financial services provider's stock worth $324,000 after buying an additional 3,235 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of 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 valued at $376,000 after acquiring an additional 304 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the stock. Hovde Group upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their price target on Mercantile Bank from $56.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, January 22nd.
Get Our Latest Stock Report on Mercantile Bank
Insider Buying and Selling at Mercantile Bank
In related news, Director Robert B. Kaminski sold 3,000 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $49.14, for a total value of $147,420.00. Following the sale, the director now owns 16,810 shares of the company's stock, valued at $826,043.40. The trade was a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 7,500 shares of company stock worth $371,910. 3.08% of the stock is currently owned by company insiders.
Mercantile Bank Price Performance
NASDAQ MBWM traded down $0.50 during trading on Thursday, hitting $43.67. 34,872 shares of the company's stock were exchanged, compared to its average volume of 63,204. The company has a market cap of $708.81 million, a PE ratio of 8.82 and a beta of 0.98. 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 Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. The stock's 50 day moving average price is $46.80 and its two-hundred day moving average price is $46.19.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Research analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current year.
Mercantile Bank Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.37 per share. This is a boost from Mercantile Bank's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, March 7th. Mercantile Bank's payout ratio is 29.90%.
Mercantile Bank Company Profile
(
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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