Tributary Capital Management LLC Has $9.54 Million Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Tributary Capital Management LLC lessened its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 20.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 247,727 shares of the financial services provider’s stock after selling 65,584 shares during the period. Tributary Capital Management LLC’s holdings in Mercantile Bank were worth $9,535,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MBWM. Assenagon Asset Management S.A. increased its stake in shares of Mercantile Bank by 95.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock worth $2,859,000 after acquiring an additional 34,567 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Mercantile Bank by 3.9% in the third quarter. Hsbc Holdings PLC now owns 9,059 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 338 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Mercantile Bank by 1.7% in the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock worth $24,724,000 after acquiring an additional 13,400 shares during the last quarter. Trust Point Inc. acquired a new position in shares of Mercantile Bank in the fourth quarter worth $375,000. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Mercantile Bank by 29.0% in the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after acquiring an additional 889 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

MBWM stock opened at $39.20 on Tuesday. The stock has a market capitalization of $631.90 million, a PE ratio of 7.72 and a beta of 0.98. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day moving average price of $37.95 and a 200 day moving average price of $38.04. Mercantile Bank Co. has a fifty-two week low of $26.95 and a fifty-two week high of $42.82.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.14 by $0.20. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. The business had revenue of $58.23 million for the quarter, compared to the consensus estimate of $55.20 million. Analysts forecast that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Friday, June 7th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.57%. The ex-dividend date was Friday, June 7th. Mercantile Bank’s payout ratio is 27.13%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MBWM shares. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a report on Wednesday, April 17th. Janney Montgomery Scott lowered Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Finally, Piper Sandler upgraded shares of Mercantile Bank to a “hold” rating in a research note on Tuesday, June 11th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.00.

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.