Connor Clark & Lunn Investment Management Ltd. Has $1.37 Million Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 83.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,301 shares of the financial services provider’s stock after buying an additional 14,263 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.19% of Mercantile Bank worth $1,368,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of MBWM. Thrivent Financial for Lutherans raised its stake in Mercantile Bank by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 40,807 shares of the financial services provider’s stock worth $1,784,000 after acquiring an additional 667 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Mercantile Bank by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 52,817 shares of the financial services provider’s stock valued at $2,309,000 after purchasing an additional 2,680 shares during the last quarter. Principal Financial Group Inc. increased its position in Mercantile Bank by 3.7% during 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 in the last quarter. Semanteon Capital Management LP lifted its stake in Mercantile Bank by 10.1% in the 3rd quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 528 shares during the last quarter. Finally, Trust Point Inc. boosted its position in Mercantile Bank by 15.1% in the third quarter. Trust Point Inc. now owns 11,636 shares of the financial services provider’s stock valued at $509,000 after buying an additional 1,523 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $50.10 on Wednesday. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. The stock has a market cap of $808.61 million, a PE ratio of 10.17 and a beta of 0.95. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The firm’s fifty day moving average price is $45.15 and its two-hundred day moving average price is $42.95.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. The business had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. During the same quarter in the prior year, the firm earned $1.30 EPS. On average, equities analysts expect that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a $0.36 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 2.87%. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.92%.

Insider Activity at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.51, for a total transaction of $198,040.00. Following the transaction, the director now directly owns 25,610 shares of the company’s stock, valued at approximately $1,267,951.10. The trade was a 13.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 4,500 shares of company stock worth $219,110 in the last quarter. 3.08% of the stock is owned by insiders.

About Mercantile Bank

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.