Bank of New York Mellon Corp Lowers Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Bank of New York Mellon Corp trimmed its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 13.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,306 shares of the financial services provider's stock after selling 15,382 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Mercantile Bank worth $4,240,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MBWM. Quantbot Technologies LP acquired a new position in Mercantile Bank during the 3rd quarter worth approximately $89,000. Y Intercept Hong Kong Ltd acquired a new position in Mercantile Bank in the 3rd quarter valued at approximately $202,000. BNP Paribas Financial Markets increased its position in Mercantile Bank by 77.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,402 shares of the financial services provider's stock valued at $324,000 after acquiring an additional 3,235 shares during the period. Principal Financial Group Inc. increased its position in Mercantile Bank by 3.7% in the 3rd 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. Finally, Franklin Resources Inc. increased its position in Mercantile Bank by 12.9% in the 3rd quarter. Franklin Resources Inc. now owns 10,123 shares of the financial services provider's stock valued at $439,000 after acquiring an additional 1,154 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

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

Mercantile Bank Trading Down 0.7 %

Shares of NASDAQ:MBWM traded down $0.29 during trading on Friday, reaching $44.25. The stock had a trading volume of 179,027 shares, compared to its average volume of 62,877. The stock has a market cap of $718.22 million, a price-to-earnings ratio of 8.94 and a beta of 0.98. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 week high of $52.98. The firm's fifty day moving average is $46.99 and its 200 day moving average is $46.13. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. As a group, equities analysts forecast that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Friday, March 7th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.34%. Mercantile Bank's dividend payout ratio is currently 29.90%.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $49.14, for a total transaction of $147,420.00. Following the transaction, the director now owns 16,810 shares in the company, valued at approximately $826,043.40. This represents a 15.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 7,500 shares of company stock valued at $371,910 over the last ninety days. 3.08% of the stock is owned by corporate insiders.

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.