ClariVest Asset Management LLC Purchases 796 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

ClariVest Asset Management LLC lifted its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 3.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,250 shares of the financial services provider’s stock after purchasing an additional 796 shares during the quarter. ClariVest Asset Management LLC owned 0.15% of Mercantile Bank worth $984,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Gradient Investments LLC acquired a new position in Mercantile Bank during the second quarter worth $28,000. Voisard Asset Management Group Inc. acquired a new stake in shares of Mercantile Bank in the 4th quarter worth about $38,000. EMC Capital Management acquired a new stake in shares of Mercantile Bank in the 1st quarter worth about $72,000. CWM LLC lifted its position in Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 1,982 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Mercantile Bank by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 392 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MBWM has been the topic of a number of recent research reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler raised their price objective on Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $52.00.

Insider Activity

In related news, Director Robert B. Kaminski sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the transaction, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Michael H. Price sold 5,000 shares of Mercantile Bank stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares in the company, valued at $982,306.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $48.73, for a total transaction of $146,190.00. Following the sale, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The disclosure for this sale can be found here. Insiders sold 10,500 shares of company stock valued at $490,933 in the last three months. Company insiders own 3.08% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $42.72 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $689.50 million, a PE ratio of 8.28 and a beta of 0.96. The stock’s 50 day moving average price is $44.46 and its 200-day moving average price is $39.86. Mercantile Bank Co. has a twelve month low of $30.12 and a twelve month high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.17. The firm had revenue of $88.56 million during the quarter, compared to the consensus estimate of $56.23 million. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. During the same quarter in the prior year, the company earned $1.27 EPS. On average, equities analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.37%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 6th. Mercantile Bank’s payout ratio is presently 27.91%.

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.