JPMorgan Chase & Co. Raises Stake in Mercantile Bank Co. (NASDAQ:MBWM)

JPMorgan Chase & Co. increased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 35.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,357 shares of the financial services provider's stock after purchasing an additional 21,411 shares during the quarter. JPMorgan Chase & Co. owned 0.51% of Mercantile Bank worth $3,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of MBWM. Principal Financial Group Inc. lifted its holdings in shares of Mercantile Bank by 3.7% during 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 period. Hotchkis & Wiley Capital Management LLC lifted its position in Mercantile Bank by 0.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider's stock valued at $3,310,000 after purchasing an additional 400 shares in the last quarter. CWM LLC grew its holdings in Mercantile Bank by 16.1% during the third quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock valued at $142,000 after purchasing an additional 450 shares during the period. 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 buying an additional 528 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Mercantile Bank by 2.7% in the second quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider's stock worth $1,027,000 after buying an additional 655 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the sale, the director now owns 19,810 shares in the company, valued at approximately $1,025,167.50. This represents a 22.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 10,300 shares of company stock valued at $521,218 in the last three months. Corporate insiders own 3.08% of the company's stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th.

Mercantile Bank Price Performance

Shares of MBWM stock traded up $0.45 on Friday, reaching $44.21. The company's stock had a trading volume of 50,735 shares, compared to its average volume of 65,908. The company has a market capitalization of $713.55 million, a price-to-earnings ratio of 8.88 and a beta of 1.01. The stock's fifty day simple moving average is $47.21 and its 200-day simple moving average is $45.23. 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 1 year low of $33.46 and a 1 year high of $52.98.

Mercantile Bank 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.