Trust Point Inc. cut its holdings in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 51.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,685 shares of the financial services provider's stock after selling 5,951 shares during the quarter. Trust Point Inc.'s holdings in Mercantile Bank were worth $253,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of MBWM. Principal Financial Group Inc. boosted its holdings in shares of 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 worth $376,000 after purchasing an additional 304 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in Mercantile Bank by 0.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider's stock worth $3,310,000 after buying an additional 400 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Mercantile Bank by 3.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock worth $528,000 after buying an additional 430 shares during the period. CWM LLC increased its position in Mercantile Bank by 16.1% during the third quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock valued at $142,000 after acquiring an additional 450 shares during the last quarter. Finally, Semanteon Capital Management LP raised its stake in shares of Mercantile Bank by 10.1% in the third quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider's stock valued at $251,000 after acquiring an additional 528 shares during the period. Institutional investors own 58.63% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on MBWM shares. Keefe, Bruyette & Woods lifted their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note 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 on the stock in a research note on Wednesday, January 22nd.
Get Our Latest Stock Analysis on MBWM
Mercantile Bank Trading Up 0.0 %
Shares of NASDAQ MBWM traded up $0.02 during mid-day trading on Monday, reaching $49.70. The company had a trading volume of 55,408 shares, compared to its average volume of 68,850. The stock has a market cap of $802.66 million, a price-to-earnings ratio of 10.04 and a beta of 1.00. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 week high of $52.98. The business's 50-day moving average is $46.82 and its 200-day moving average is $45.71. 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 issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, topping 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%. 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 will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.37 per share. This is an increase from Mercantile Bank's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank's dividend payout ratio (DPR) is presently 29.09%.
Insider Buying and Selling at Mercantile Bank
In other news, Director Robert B. Kaminski sold 4,000 shares of the business's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the sale, the director now owns 25,610 shares in the company, valued at approximately $1,267,951.10. The trade was a 13.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 16,300 shares of company stock valued at $820,253 in the last ninety days. Corporate 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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