Mercantile Bank Co. (NASDAQ:MBWM) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 48.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 122,532 shares of the financial services provider's stock after purchasing an additional 40,175 shares during the period. JPMorgan Chase & Co. owned approximately 0.76% of Mercantile Bank worth $5,451,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MBWM. Vanguard Group Inc. boosted its position in Mercantile Bank by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider's stock valued at $38,696,000 after buying an additional 2,252 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Mercantile Bank by 17.6% in the 4th quarter. LPL Financial LLC now owns 10,841 shares of the financial services provider's stock valued at $482,000 after buying an additional 1,622 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Mercantile Bank during the 4th quarter valued at $133,000. Intellus Advisors LLC acquired a new stake in shares of Mercantile Bank during the fourth quarter worth $243,000. Finally, Sei Investments Co. bought a new position in shares of Mercantile Bank in the fourth quarter worth $201,000. Institutional investors and hedge funds own 58.63% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MBWM. Hovde Group raised shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price target for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, January 22nd.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $50.16, for a total transaction of $150,480.00. Following the sale, the director now owns 13,810 shares of the company's stock, valued at approximately $692,709.60. The trade was a 17.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 7,750 shares of company stock valued at $382,695. Company insiders own 3.20% of the company's stock.

Mercantile Bank Price Performance

MBWM traded up $1.17 during trading hours on Wednesday, hitting $42.84. The company's stock had a trading volume of 3,085 shares, compared to its average volume of 65,430. Mercantile Bank Co. has a 12 month low of $35.61 and a 12 month high of $52.98. The stock has a market cap of $695.51 million, a price-to-earnings ratio of 8.65 and a beta of 0.86. The business's 50-day moving average price is $43.97 and its 200-day moving average price is $45.79. 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 announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.02. The company had revenue of $57.20 million during the quarter, compared to analyst estimates of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Sell-side analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

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.