Raymond James Financial Inc. bought a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,278 shares of the financial services provider's stock, valued at approximately $1,392,000. Raymond James Financial Inc. owned about 0.19% of Mercantile Bank as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MBWM. Quantbot Technologies LP purchased a new stake in shares of Mercantile Bank during the 3rd quarter worth approximately $89,000. Y Intercept Hong Kong Ltd purchased a new stake in Mercantile Bank in the third quarter valued at $202,000. US Bancorp DE lifted its position in Mercantile Bank by 11.2% in the fourth quarter. US Bancorp DE now owns 5,939 shares of the financial services provider's stock valued at $264,000 after acquiring an additional 599 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in 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 valued at $324,000 after acquiring an additional 3,235 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Mercantile Bank by 3.7% during the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock worth $376,000 after purchasing an additional 304 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.
Mercantile Bank Stock Performance
Shares of MBWM traded up $0.39 during mid-day trading on Monday, hitting $39.84. 102,426 shares of the company's stock were exchanged, compared to its average volume of 66,524. 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 business's 50 day moving average is $46.37 and its two-hundred day moving average is $46.07. The firm has a market capitalization of $646.64 million, a P/E ratio of 8.05 and a beta of 0.86.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. On average, equities analysts expect that Mercantile Bank Co. will post 4.83 earnings per share 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 given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.71%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.36. The ex-dividend date was Friday, March 7th. Mercantile Bank's dividend payout ratio (DPR) is 29.90%.
Analyst Ratings Changes
A number of brokerages recently issued reports on MBWM. Keefe, Bruyette & Woods upped their target price on 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 Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective for the company in a report on Wednesday, January 22nd.
View Our Latest Stock Analysis on MBWM
Insider Buying and Selling at Mercantile Bank
In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $50.16, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 7,750 shares of company stock valued at $382,695. 3.08% of the stock is owned by company insiders.
Mercantile Bank Company Profile
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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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