Thrivent Financial for Lutherans Has $1.29 Million Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Thrivent Financial for Lutherans cut its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 29.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,900 shares of the financial services provider's stock after selling 11,907 shares during the period. Thrivent Financial for Lutherans owned about 0.18% of Mercantile Bank worth $1,286,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Mercantile Bank by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 196,324 shares of the financial services provider's stock worth $8,583,000 after purchasing an additional 8,413 shares during the last quarter. Cerity Partners LLC lifted its position in Mercantile Bank by 132.9% during the 3rd quarter. Cerity Partners LLC now owns 21,451 shares of the financial services provider's stock worth $938,000 after buying an additional 12,239 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Mercantile Bank in the 3rd quarter valued at about $89,000. FMR LLC increased its position in Mercantile Bank by 95.7% in the 3rd quarter. FMR LLC now owns 13,356 shares of the financial services provider's stock valued at $584,000 after acquiring an additional 6,531 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Mercantile Bank by 77.6% in the third quarter. BNP Paribas Financial Markets now owns 7,402 shares of the financial services provider's stock worth $324,000 after acquiring an additional 3,235 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Insider Buying and Selling at Mercantile Bank

In other 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 7,750 shares of company stock valued at $382,695. Corporate insiders own 3.08% of the company's stock.

Mercantile Bank Trading Down 1.4 %

MBWM stock traded down $0.56 during midday trading on Friday, reaching $39.45. The company's stock had a trading volume of 75,198 shares, compared to its average volume of 66,380. The business's 50-day simple moving average is $46.57 and its 200-day simple moving average is $46.11. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The stock has a market cap of $640.31 million, a PE ratio of 7.97 and a beta of 0.86. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 week high of $52.98.

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

Mercantile Bank Increases Dividend

The company also recently disclosed 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. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.36. The ex-dividend date was Friday, March 7th. This represents a $1.48 annualized dividend and a yield of 3.75%. Mercantile Bank's dividend payout ratio (DPR) is presently 29.90%.

Wall Street Analysts Forecast Growth

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

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.