Mercantile Bank Co. (NASDAQ:MBWM) Position Lifted by Denali Advisors LLC

Denali Advisors LLC raised its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 126.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 17,000 shares of the financial services provider’s stock after purchasing an additional 9,500 shares during the period. Denali Advisors LLC’s holdings in Mercantile Bank were worth $654,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Voisard Asset Management Group Inc. acquired a new position in Mercantile Bank in the fourth quarter worth about $38,000. Tower Research Capital LLC TRC lifted its holdings in Mercantile Bank by 104.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock worth $72,000 after buying an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Mercantile Bank by 29.0% in the 3rd 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 in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Mercantile Bank by 214.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 2,911 shares during the last quarter. Finally, Truist Financial Corp acquired a new stake in shares of Mercantile Bank during the 4th quarter valued at approximately $219,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Piper Sandler upgraded shares of Mercantile Bank to a “hold” rating in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a research report on Wednesday, April 17th. Finally, Janney Montgomery Scott cut shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Mercantile Bank presently has a consensus rating of “Hold” and an average price target of $47.00.

Mercantile Bank Stock Down 2.3 %

MBWM stock opened at $39.21 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The firm’s 50-day simple moving average is $38.06 and its 200 day simple moving average is $38.05. The stock has a market cap of $632.07 million, a PE ratio of 7.60 and a beta of 0.98. 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 earnings per share (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 during the quarter, compared to the consensus estimate of $55.20 million. As a group, sell-side analysts predict that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Friday, June 7th were issued a $0.35 dividend. 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 currently 27.13%.

Mercantile Bank 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.