Mercantile Bank Co. (NASDAQ:MBWM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 11.2% in the fourth quarter, Holdings Channel reports. The firm owned 6,438 shares of the financial services provider’s stock after selling 816 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mercantile Bank were worth $260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Hsbc Holdings PLC boosted its stake in Mercantile Bank by 3.9% during the 3rd quarter. Hsbc Holdings PLC now owns 9,059 shares of the financial services provider’s stock worth $280,000 after purchasing an additional 338 shares during the period. Public Employees Retirement System of Ohio lifted its stake 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 during the period. Tower Research Capital LLC TRC lifted its stake in shares of Mercantile Bank by 104.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 904 shares during the period. Voisard Asset Management Group Inc. acquired a new stake in shares of Mercantile Bank in the 4th quarter worth $38,000. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Mercantile Bank by 13.9% in the 4th quarter. Wedge Capital Management L L P NC now owns 12,916 shares of the financial services provider’s stock worth $522,000 after acquiring an additional 1,578 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Down 1.8 %

Shares of NASDAQ MBWM opened at $39.84 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. Mercantile Bank Co. has a 52 week low of $26.95 and a 52 week high of $42.82. The firm has a 50-day moving average price of $37.95 and a 200 day moving average price of $38.04. The stock has a market capitalization of $642.26 million, a price-to-earnings ratio of 7.72 and a beta of 0.97.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.20. The company had revenue of $58.23 million during the quarter, compared to analysts’ expectations of $55.20 million. Mercantile Bank had a net margin of 25.58% and a return on equity of 16.39%. Equities research analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Friday, June 7th. Mercantile Bank’s dividend payout ratio is presently 27.13%.

Wall Street Analyst Weigh In

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

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.