Renaissance Technologies LLC decreased its position in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 6.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 510,813 shares of the financial services provider's stock after selling 32,773 shares during the quarter. Renaissance Technologies LLC owned 3.16% of Mercantile Bank worth $22,726,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in MBWM. Assenagon Asset Management S.A. bought a new stake in Mercantile Bank during the fourth quarter valued at $3,646,000. JPMorgan Chase & Co. raised its stake in Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider's stock worth $5,451,000 after acquiring an additional 40,175 shares during the period. Tributary Capital Management LLC lifted its holdings in Mercantile Bank by 16.2% in the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider's stock worth $12,790,000 after acquiring an additional 40,055 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Mercantile Bank in the fourth quarter valued at approximately $1,392,000. Finally, American Century Companies Inc. grew its holdings in shares of Mercantile Bank by 8.2% during the fourth quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider's stock valued at $17,349,000 after purchasing an additional 29,604 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
MBWM has been the subject of a number of recent research reports. Hovde Group upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 price objective for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 22nd.
Get Our Latest Stock Report on Mercantile Bank
Mercantile Bank Stock Performance
MBWM stock traded up $0.37 during trading on Friday, reaching $40.68. 52,405 shares of the company's stock were exchanged, compared to its average volume of 66,400. The firm has a market cap of $660.44 million, a PE ratio of 8.22 and a beta of 0.86. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 1-year low of $33.64 and a 1-year high of $52.98. The company's fifty day moving average price is $44.52 and its 200-day moving average price is $45.77.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, research analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, Director Robert B. Kaminski sold 1,000 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the sale, the director now owns 11,810 shares in the company, valued at $593,098.20. This represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 7,750 shares of company stock worth $382,695 over the last ninety days. Company insiders own 3.08% of the company's stock.
About Mercantile Bank
(
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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