JPMorgan Chase & Co. Increases Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

JPMorgan Chase & Co. boosted its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 35.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 82,357 shares of the financial services provider’s stock after buying an additional 21,411 shares during the period. JPMorgan Chase & Co.’s holdings in Mercantile Bank were worth $3,601,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC grew its position in shares of Mercantile Bank by 99.2% during the 3rd quarter. Barclays PLC now owns 32,981 shares of the financial services provider’s stock worth $1,441,000 after buying an additional 16,423 shares in the last quarter. Geode Capital Management LLC grew its holdings in Mercantile Bank by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock worth $16,484,000 after acquiring an additional 14,202 shares in the last quarter. Cerity Partners LLC increased 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 valued at $938,000 after purchasing an additional 12,239 shares during the period. Jane Street Group LLC raised its holdings in shares of Mercantile Bank by 119.3% in the 3rd quarter. Jane Street Group LLC now owns 29,622 shares of the financial services provider’s stock valued at $1,295,000 after purchasing an additional 16,115 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Mercantile Bank by 108.7% in the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after purchasing an additional 90,802 shares in the last quarter. 58.63% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total value of $198,040.00. Following the transaction, the director now owns 25,610 shares of the company’s stock, valued at $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 is accessible through this link. Over the last ninety days, insiders sold 10,300 shares of company stock worth $521,218. 3.08% of the stock is owned by corporate insiders.

Mercantile Bank Trading Up 1.0 %

Shares of NASDAQ MBWM opened at $44.21 on Friday. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98. The business has a fifty day moving average price of $47.21 and a 200 day moving average price of $45.23. The stock has a market capitalization of $713.55 million, a P/E ratio of 8.88 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

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.