Mercantile Bank Co. (NASDAQ:MBWM) Shares Bought by American Century Companies Inc.

American Century Companies Inc. increased its position in Mercantile Bank Co. (NASDAQ:MBWM) by 18.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 308,849 shares of the financial services provider’s stock after acquiring an additional 47,528 shares during the period. American Century Companies Inc. owned approximately 1.92% of Mercantile Bank worth $12,530,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Gradient Investments LLC acquired a new stake in shares of Mercantile Bank in the second quarter valued at approximately $28,000. Voisard Asset Management Group Inc. acquired a new stake in Mercantile Bank in the 4th quarter valued at approximately $38,000. EMC Capital Management bought a new stake in Mercantile Bank during the 1st quarter valued at $72,000. CWM LLC boosted its position in Mercantile Bank by 242.6% during the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,982 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position 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 worth $179,000 after acquiring an additional 392 shares during the period. 58.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Mercantile Bank Trading Down 5.6 %

Shares of Mercantile Bank stock opened at $44.00 on Friday. The business has a fifty day simple moving average of $45.11 and a 200-day simple moving average of $40.22. Mercantile Bank Co. has a fifty-two week low of $30.12 and a fifty-two week high of $51.21. The firm has a market cap of $709.32 million, a price-to-earnings ratio of 8.53 and a beta of 0.96. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03.

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

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.44 annualized dividend and a dividend yield of 3.27%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio is currently 27.91%.

Insider Activity

In other news, Director Robert B. Kaminski sold 2,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the sale, the director now directly owns 29,610 shares of the company’s stock, valued at $1,421,576.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total value of $96,020.00. Following the transaction, the director now directly owns 29,610 shares of the company’s stock, valued at $1,421,576.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Price sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the sale, the director now owns 21,556 shares in the company, valued at approximately $982,306.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,500 shares of company stock worth $490,933. Insiders own 3.08% of the company’s stock.

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.